HomeMy WebLinkAbout1994 Resolution No. 077•
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RESOLUTION NO. !l!l
SERIES OF 1994
A RESOLUTION AME NDING THE APPKOVED 1994 BUDGET AND APPROPRIATING
MONIES FOR THE CITY OF ENGLEWOOL , COLORADO.
WHEREAS , the City Co uncil of the City of Englewood, Colorado, desir es lo make cert.sin
changes lo the 1994 Annual Budget; and
WHEREAS , the Risk Management Self-Insurance Fund pays premiums and claims
an d th en bill th e City's various fund s for ins uranc e co\'erage ; and
WHEREAS, due lo large and un expected clai ms settlements in previou s years the Risk
Management Self-In s urance Fund has been significantly depleted; and
WHEREAS , funds are required to be transferred from vurious funds to increase the
resources of the Ri sk Managem ent Self-Insurance Fund;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLO RADO, THAT :
l:lft.ww....l. '!'he City of Englewood 1994 Budget is hereby amended as follows:
$mute of Funds ·
General Fund Ba~ance
Water Fund R,,tained Earnings
Sewer Fund R,,tained Earnings
BiCity WWTP Fund f,etained Earnings
Golf Course Fund Reuined Earnings
Se rvicecenter Fund Retained Earn ings
Use of Funds :
Risk Management Self-Insurance Fund
$ 77,988
$ 30,072
$ 8,.128
$ 82,015
$ 10,641
$ 6,215
$215,289
~-The City Manager and the Direclor of Financial Services are h erehy
authorized to make the above change to the 1994 Budget of the City of glewood .
ADOPTED AND APPROVED this 17th day o
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Dille
Octobe r 17, 1994
INITIATED BY
STAFF SOURCE
COUNCIL GOAL
COUNCIL COMMUNICATION
A1endil Item
11 e
Subject Risk Managemenl
Funds Transfer
Depanment of Financial Serv ices
Fran k Gryglewicz, D i rector of Financial Services
N/A
ISSUE/ACTION PROPOSED
Staff re quests Council 's approval of a resolution transferring funds from the General, Water,
Sewe r, Littl et on/Englewood WWTP , Golf Course, and Servicenter funds . A funds transfer is
needed to increase the Risk Management Self-Insurance Fund 's reserves due to large and
une xpected claims paid .
PREVIOUS COUNCIL ACTION
None .
BACKGROUND
The Risk Management Self-In surance fund pays premium s and claims , and bills the City 's various
fund s for in surance coverage . Du e to large and un expected claims settl ements in
previou s years , th e Ri sk Management Self-Insurance fund has significantly depleted its resourc es .
For th is reason , fund s are required to be tran sferred .
STAFF ANALYSIS
Staff feel s the tran sfer of funds will make the Risk Management and Self-Insurance Fund
fi nanciall y soun d tor future City in surance act ivities .
RNANOALIMPACT
The follow ing funds will transfer fund s to the Risk Management and Self-Insurance Fund, and
the!efore reduce their fund balances or retained earnings :
General Fund :
Water Fund :
Sewer Fund :
L/EWWTP :
Golf Course :
Servicenter:
$77,988
$30,072
$8,328
$8 2,015
$10,641
$6,245
Total tran sferred to Risk Management and Self-Insurance Fund : $215,288
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