08-17-05 Personnel & Finance - Laserfiche WebLink

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i T Mr. Farrell stated that the former Jelly's Bar would involve a local grant and 80% federal funds. He further noted that an endowment of $5 million is needed which would generate $250,000 annually. Council Member Kelly thanked Mr. Farrell for his presentation and then called for a presentation on Internal Service Funds. Internal Service Fund-Liability Insurance Reserve (Fund#226) 2006 Revenues $2,342,460 2006 Increase $ 49,306 2.2% 2006 Expenditures $2,342,320 2006 Increase $ 65,067 2.9% Internal Service Fund- Self-Funded Employee Benefits (Fund#711) 2006 Revenues $13,193,374 2006 Increase $ 1,397,391 11.8% 2006 Expenditures $13,189,851 2006 Increase $ 1,606,742 13.9% Tom Skarbek, Director of Budgeting & Financial Reporting reviewed the budget summary pages, addressing workers compensation, self-insurance claims, etc. Sharon McBride then provided a powerpoint presentation to the Committee and provided a paper copy of the"2005 Trends&2006 Budget" (copy attached). City Controller M. Catherine Fanello provided a 2-page "Liability Insurance Cost Allocation Summary-2006" (Copy Attached)and summarized it with the committee. In response to a question from Council Member Kuspa,Mr. Leone noted that each police officer pays an amount per pay check to cover a portion of the liability costs for their take home car. The Controller noted that$59,800 is the total collected annually from the officers. Susan Wallace and Margaret Hartsaugh, a representative of Gibson Insurance, noted that the figures in Fund# 711 are conservative. One persons has been lasered out at $350,000; and two others may possibly each have expenses of $200,000. The underwriters will reassess the situation by the end of the year. The 3rd party administrator (TPA) fee is $244,000. North American Administrators was the lowest of four(4)bids at 5%. They noted that Indiana has the 4th highest cancer rate in the nation. Life insurance is up 10% and includes fire and police pensioners. In response to a question from Council Member Puzzello, Ms. Wallace stated that she would contact SBCS about their insurance program. The city's cafeteria plan is funded at $565,000 with$525,000 of that amount being used. It was noted that at the end of the 3rd quarter the city will have updated data in this area and that another presentation would be given to the Council. August 17,2005 Personnel and Finance Committee Meeing Minutes -page 3-