HomeMy WebLinkAbout42-00 RESOLUTION•
RESOLUTION NO. 42-00
MICROFILMED
A RESOLUTION APPROVING A BUDGET ADJUSTMENT FOR
$50,000 TO PAY THE DEDUCTIBLE FOR THE CLAIM
SUBMITTED ON THE TOWN CENTER TO SCOTTSDALE
INSURANCE FOR PROFESSIONAL LIABILITY.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS'
Section 1. That the City Council hereby approves a budget adjustment for $50,000 to pay
the deductible for the claim submitted on the Town Center to Scottsdale Insurance for professional
liability. A copy of the budget adjustment is attached hereto marked Exhibit "A" and made a part
hereof.
P SSED AND APPROVED this 4th day of April , 2000.
CPL. ,
ATTEST!, t
By: SA AM,
Heather Woodruff, City Cle
APPROVED,:
By:
7444.6./
F ed Hanna, Mayor
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CROSS REFERENCE:
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City of Fayetteville, Arkansas
Budget Adjustment Form
Budget Year
2000
Department:
Division:
Program:
General Government
Miscellaneous
Miscellaneous
Date Requested
03/20/2000
EXHIBIT A
Adjustment #
*hal
Project or Item Requested:
Funding is requested to pay the deductible for the Town
Center Lawsuit.
Project or Item Deleted:
None. use of fund balance is proposed for this adjustment.
Justification of this Increase:
The City has insurance through Scottsdale Insurance and the
policy has a $50,000 deductible. The insurance company has
invoiced the City for expenses paid inconjunction with the
Town Center lawsuit.
Justification of this Decrease:
Sufficient cash & investments exist in General fund to fund
planned expenditures, fund this request and comply with City
policy.
Increase Expense (Decrease Revenue)
Account Name Amount
Settlements 50, 000
Account Name
Use of Fund Balance
Account Number Project Number
1010 6600 5311 09
Decrease Expense (Increase Revenue)
Amount
Account Number
50,000 1010
0001 4999
99
Project Number
Approval Signatures
Requested :
A I
rdy •
:U.: • Man r
Departm ector
Date
Date
13 'hp
Date
Mlename
Budget Office Use Only
Type: A 13
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Entered in Category Log
Blue Copy: Budget & Research / Yellow Copy: Requester
rri
STAFF REVIEW FORM
X AGENDA REQUEST
CONTRACT REVIEW
GRANT REVIEW
For the Fayetteville City Council meeting of April 4, 2000
FROM:
Peggy Vice Purchasing Administrative Services
Name Division Department
ACTION REQUIRED: Approve a budget adjustment for $50,000 to pay the
deductible for the claim submitted on the Town Center to Scottsdale Insurance
for the deductible for professional liability.
COST TO CITY:
$50,000.00
Cost of this Request
1010-6600-5311.09
Account Number
N/A
Project Number
$ 157,500.00
Category/Project Budget Category/Project Name
$ 157,500.00
Settlements
Funds Used To Date Program Name
$ -0- General
Remaining Balance Fund
BUDGET IEW:
Itu g t Coordinator
Budgeted Item X Budget Adjustment Attached
Administrative Services Director
CONTRACT/GRANT/LEASE REVIEW:
LAytAtie
-QLL-p_st
Purchasing Manager
J --ego
GRANTING AGENCY:
Date Internal Auditor
-0-0
Date ADA Coordinator
Date
Date
Date
STAFF RECOMMENDATION:
D'vision Head
f.
De rtment Director
Staff recommends
vices Director
Mayor
approval.
73-DSD-C3C)
Date Cross Reference
2t2() '0 0 New Item: Yes No
Date
'1O4V Prey Ord/Res #:
Date
Orig Contract Date:
• S TAP
ABVI
POP.-
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FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
•
TO: Mayor Hanna and City Council Members
THRU: John McGuire, Administrative Services Director
FROM: Peggy Vice, Purchasing Manager -Rukits
DATE: March 20, 2000
RE. Town Center Lawsuit- Deductible for Professional Liability Insurance
The City has a professional liability policy with Scottsdale Insurance to protect City Staff,
Council Members and Board Members in the amount of $1,000,000 for each wrongful act and an
annual aggregate of $3,000,000. The deductible is $50,000 for each claim.
A budget adjustment in the amount of $50,000 from General Fund Balance into the Settlements
account is required to pay the deductible of $50,000 in the Town Center Lawsuit claim.
'42a
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FAYETTEVAALE
THE CITY .OF FAYETTEVILL ARKANSAS
DEPARTMENTAL CORRESPONDENCE
•
To: Peggy Vice, Purchasing
From: Heather Woodruff, City Clerk
Date: April 6, 2000
Attached is a copy of the resolution approving a budget adjustment to pay for the deductible for
the claim submitted by Scottsdale Insurance. The original will be microfilmed and filed with the
City Clerk.
cc: Steve Davis, Budget and Research
Yolanda Fields, Community Development
Marilyn Crammer, Accounting
4.9
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RESOLUTION NO, 42-00
A RFSOLUTION APPROVING A BUDGET ADJUSTMENT FOR
$50,000 TO PAY THE DEDUCTIBLE FOR THE CLAIM
SUBMITTED ON THE TOWN CENTER TO SCOTTSDALE
INSURANCE FOR PROFESSIONAL LIABILITY.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1. That the City Council hereby approves a budget adjustment for $50,000 to pay
the deductible for the claim submitted on the Town Center to Scottsdale Insurance for professional
liability. A copy of the budget adjustment is attached hereto marked Exhibit "A" and made a part
hereof.
SED AND APPROVED this 4th day of April , 2000.
ATTEST! • t t
By: PaA A 1 ele
Heather Woodruff, City Cle
APPROVED:
By:
F ed Hanna, Mayor