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CCP 02-13-1995
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CCP 02-13-1995
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<br /> I <br /> I. CITY OF ARDEN HILLS <br /> I MEMORANDUM <br /> I DATE: February 9, 1995 <br /> I TQ, tiiJ Bri,. F,;.i.,,,, Ci" Admi..,,,,", <br /> FROM j(r-f Terrance R. Post, City Accountant <br /> I SUBJECT: Review of LMCIT Property/Casualty and Excess Liability Costs <br /> I With Council being asked to approve the 1995 liability coverage payment to the League <br /> of Minnesota Cities Insurance Trust (LMCIT) in the amount of $64,483.00, at the 2/13/95 <br /> I Council meeting, I thought it would be beneficial to review the recent cost history for <br /> this budget expendirure element. <br /> I 1. Cost Allocation <br /> Beginning in 1992, liability insurance costs have been divided equally between <br /> the General Fund (#101); the Water utility (#602); and the Sanitary Sewer utility <br /> .e (#602). Dividends have also been distributed on the same basis that costs were <br /> allocated. <br /> I 2. Gross CostlDividend Historv (without respect to allocations between the <br /> three funds noted above) <br /> Percent Chg. <br /> I Year Total Premium from previous vr. Dividend Net Cost <br /> 1992 $69,354 8.6% $(24,646) $44,708 <br /> I 1993 63,639 (8.2%) (21,339) 42,300 <br /> 1994 61,545 (3.3%) (25,947) 35,598 <br /> 1995 64,483 4.8% * * <br /> I *Not yet determined <br /> I 3. 1995 Bud~et vs. Actual <br /> Property/Casually and Excess Liability costs (AlC #3610 and iVC #3615) are <br /> I budgeted at $65.030 in 1995, With gross cos1 actual at $6{483. it appears that a <br /> 5547 or .8% positive variance has occurred. <br /> I As in prior years, no LMCIT dividend revenue was budgeted in 1995 because of <br /> the uncertainty of this revenue source. Dividends are available as a result of <br /> I- positive group claims experience and not able to be estimated eighteen months in <br /> advance. <br /> I <br />
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