HomeMy WebLinkAboutR-11402 approving an amendment to the 2022-23 Budget Allocation in the Insurance Fund Fiscal Year 2022-23R 11402
RESOLUTION NO. 11402 (2023 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, APPROVING AN AMENDMENT TO THE 2022-
23 BUDGET ALLOCATION FOR FISCAL YEAR 2022-23
WHEREAS, in accordance with the San Luis Obispo City Charter Section 802, the
City Manager submitted the 2021-23 Financial Plan to Council for its review and
consideration on June 1, 2021; and
WHEREAS, on June 7, 2022, the Council approved and appropriated the 2022-23
budget allocation including operating expenditures, debt service, and capital
improvement plan budget (Resolution No. 11332, 2022 Series); and
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 2022-23 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.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
DocuSign Envelope ID: 49B40CE2-D184-4693-AD33-CA1BC651AA0F
Resolution No. 11402 (2023 Series) Page 2
R 11402
SECTION 1. The 2022-23 budget is hereby amended to appropriate $550,000 of
the City’s Insurance Fund balance to cover anticipated claims and related expenses for
the remainder of FY 2022-23.
Upon motion of Council Member Pease, seconded by Vice Mayor Marx, and on
the following roll call vote:
AYES: Council Member Francis, Pease, Shoresman, Vice Mayor Marx, and
Mayor Stewart
NOES: None
ABSENT: None
The foregoing resolution was adopted this 21st day of March 2023.
___________________________
Mayor Erica A. Stewart
ATTEST:
________________________
Teresa Purrington
City Clerk
APPROVED AS TO FORM:
________________________
J. Christine Dietrick
City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of San Luis Obispo, California, on ______________________.
___________________________
Teresa Purrington
City Clerk
DocuSign Envelope ID: 49B40CE2-D184-4693-AD33-CA1BC651AA0F
3/23/2023 | 10:47 AM PDT