From
Lisa Norris, Human Resources Director
Title
Quarterly Risk Fund Review
Presenter
Lisa Norris, Human Resources Director
Recommended Action
Review
Analysis
Risk Fund (Attachment, page 1): The Risk fund finished the year well, ending with a positive operating balance of $1,802,280 (green column, row 49). Notable items we have discussed impacting the fund this year are as follows:
- Revenues came in at $4,783,182 (green column, row 14) - about $2.1 over the modified budget of $2,658,133. This was resultant from Insurance Recoveries (row 9) received of $1.58 million for the year.
- These insurance recoveries were primarily from the current and prior year's losses related to hail storms and flooding.
- Expenditures for the year totaled $3,389,850 (green column, row 39), which as $701,474 over the budgeted amount of $2,688,376. Primary losses shown in the green column 3 (versus the budgeted column 2) were in "Auto related losses" row 24 and "Property Losses" in row 29.
- We were able to use a substantial amount of one-time money to fund safety equipment, security updates and city-wide repairs for several of our departments as shown in rows 40-44. Safety items included one-man barricades in Streets; dive gear, electrical extractor, EMS jackets, SCBA gear, stretchers and thermal imaging cameras for Fire, along with a few other items. We are fortunate to be able to use Risk funds for some of these one-time purchases that help our departments and staff stay safe and reduce injuries.
Workers Compensation (Attachment pages 2-4): Overall, our total workers compensation occurances/incidents have increased over last year, but the good news is that severity decreased to $2,638 on average per claim. Workers compensation total costs paid out in fiscal year 15/16 versus 14/15 decreased slightly by 3 percent from $292,199 to $284,472.
Liability and Property (Attachment pages 5-6):
Liability and Auto-Property costs for the fourth quarter of fiscal year ...
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