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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