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HomeMy WebLinkAbout107-95 RESOLUTION• RESOLUTION NO. 1n7 -q5 A RESOLUTION AUTHORJZ1NG A BUDGET ADJUSTMENT INCREASING THE FUNDING FOR SETTLEMENT CLAIMS MADE AGAINST THE CITY'S LIABILITY POLICY BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the Council hereby authorizes a budget adjustment in the amount of $100,682 mcreasing funding for settlement claims made against the city's liability policy Settlements, Acct. No. 1010 6600 5311 09 by decreasing Use of Fund Balance, Acct. No. 1010 0001 4999 99. A copy of the budget adjustment is attached hereto marked Exhibit "A" and made a part hereof. PASSED AND APPROVED this 15th day of August , 1995. ATTEST/:: By: Traci Paul, City Clerk APPROVED: By: //, /i ; z - red Hanna, Mayor City of Fayetteville, Arkansas Budget Adjustment Form Budget Year 1995 Department General Government Division: Miscellaneous Program. Miscellaneous Project or Item Requested: Additional funding is requested to increase the settlements budget for General Fund. Justification of this Increase: The City has received notification of claims filed against the City's liability insurance policy. The City has averaged less than three claims per year for the last two years. Thus far in 1995 the City has received notification of fifteen claims. The cost of the claims settled this year is $20,138 at an average of $6,712. If the remaining claims are settled for the average amount an additional $80,544 will be needed for a total adjustment of $100,682. Date Requested August 15, 1995 Adjustment # Projec or Item Deleted: None. Use of fund balance is proposed to fund this request. Justification of this Decrease: Sufficient balance remains to comply with City policy after approval of this request. Settlements Increase Account Name Amount Account Number Project Number 100,682 1010 6600 5311 09 Decrease Account Name Amount .Account Number Pro eco t Number Use of Fund Balance 100.682 1010 000] 4999 99 Approval Signatures Reque 7 -a8 -95 —ZO 7.c Budget Coo dinator Department Director tm yti v \ Admin. S Mayor' 7/l Budget Office Use Only Type: A 8 C D F Date of Approval Posted to General Ledger Entered in Category Log Budget Office Copy