Finance Committee Agenda and Packet 2012 02 20

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City Council Finance Committee Meeting Minutes 01/17/12 Page 2 of 5 The Finance Director handed out a letter from the City auditors, Eide Bailly, which stated that they will merge with Wipfli, a Wisconsin-based CPA firm on June 1, 2012 and will become EBWipfli. A copy of the letter can be located in the packet of the January 17, 2012 Finance Committee Meeting. INSURANCE RENEWAL FOR 2012 Deputy City Manager, Heather Balser presented the results of the review of proposals submitted to the City for 2012 property and liability coverage as well as the proposal to renew Workers Compensation coverage. The Deputy City Manager stated that Traveler’s will continue to be the City’s insurance carrier for 2012 but that the premiums would increase by $66,479. The increase is primarily related to an increase for the Flood Zone A properties coverage. Pinnacol Assurance was selected to continue Worker’s Compensation coverage for the City with an affordable premium that decreased $7,765. Ms. Balser informed the Committee that $290,000 was budgeted for the 2012 property and liability coverages and that there will be a shortage of $45,631 which will be appropriated from the General Fund, the Water Utility Fund and the Wastewater Utility Fund. The Finance Director stated that a 2012 budget amendment would be presented to Council in April. The Finance Committee approved the 2012 premiums of $335,631 for Travelers and $118,151 for Pinnacol. A copy of the premium summary and analysis can be located in the packet of the January 17, 2012 Finance Committee Meeting. NON-PROFIT FUNDING REQUESTS FOR 2012 In December, the Finance Director provided the Mayor and each Councilmember a binder containing the requests for grants for 2012 and a schedule of the grants from the City of Louisville from 2005 through 2009. The Committee unanimously approved 2012 grants as follows: Association for Community Living in Boulder County $500 Boulder Community Housing – Senior Assistance $1,000 Boulder Community Housing – Family Self-Sufficiency $500 Clinica Campesina $5,000 3