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Page 1 of 1 <br /> <br />DATE: November 8, 2021 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> <br />FROM: Dave Perrault, City Administrator <br /> <br />SUBJECT: LMCIT Request for Payment <br /> <br />Budgeted Amount: Estimated Amount: Funding Source: <br />N/A $261,460.38 Risk Management Fund <br /> <br />Council Should Consider <br /> <br />Motions to approve, table, or deny the following: <br /> <br />• LMCIT Request for Payment in the amount of $261,460.38 <br /> <br />All items need a simple majority for action unless otherwise noted. <br /> <br />Background <br /> <br />The League of Minnesota Cities Insurance Trust (LMCIT) is requesting payment from the City <br />in the amount of $261,460.38 for the City’s share of the litigation brought against the City by the <br />County. The City’s insurance did cover a majority of the costs, but the City is liable for a portion <br />of the cost. The attached memo from LMCIT breaks down the charges. Note the request for <br />payment is by November 4th, but LMCIT is aware of this going to Council on November 8th and <br />a payment will be issued later in the week. <br /> <br />Budget Impact <br /> <br />This will come from the City’s Risk Management Fund, which has a cash balance of <br />approximately $435,368. While these dollars are sufficient to cover the payment to LMCIT, the <br />City will want to monitor the Risk Management Fund to ensure it has sufficient balances going <br />forward. <br /> <br />Attachments <br /> <br />Attachment A: LMCIT Letter <br />CONSENT ITEM – 3E <br /> <br /> MEMORANDUM <br />