- Receive and file the FY 2021-22 third Quarter Budget report; and
- Adopt a Resolution, as amended by Staff Agenda Correspondence, entitled, “A Resolution of the City Council of the City of San Luis Obispo, California, approving an amendment to the 2021-22 Budget Allocation,” with the added sections shown in italics below:
WHEREAS, the City created an Insurance Fund which aggregates insurance-related expenses including insurance premiums and payment of claims for workers’ compensation and excess liability and related costs; and
WHEREAS, the 2021-23 Financial Plan provides for the Insurance Fund to manage the fluctuations in the insurance programs with a reserve for the Liability Excess Insurance Program maintained at approximately 75% funded confidence level based on the prior five-year average claims experience; and
WHEREAS, the funds within the reserve for the Liability Excess Insurance Program are insufficient to cover anticipated claims and related expenses for the rest of the 2021-22 fiscal year; and
WHEREAS, the Insurance Fund balance is sufficient to cover these costs so that current transactions can take place in a timely manner.
SECTION 2. The 2021-22 budget is hereby amended to appropriate $150,000 of the City’s Insurance Fund balance to cover anticipated claims and related expenses for the remainder of FY 2021-22.