Finance Committee Agenda and Packet 2013 02 18

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City Council Finance Committee Meeting Minutes 01/22/13 Page 2 of 3 APPROVAL OF DESIGNATED PLACES FOR POSTING PUBLIC MEETING NOTICES The Finance Committee voted unanimously to approve the posting of notices of public meetings. The notice of posting can be located in the packet of the January 22, 2013 Finance Committee Meeting. INSURANCE RENEWAL FOR 2013 Deputy City Manager, Heather Balser presented the results of the City issues Request for Proposal (RFP) for Property, Casualty, and Workers Compensation Insurance Brokerage Services. Three companies submitted proposals and Flood and Peterson was selected as the City’s insurance broker based on their comprehensive proposal and lower commission rate. The Deputy City Manager stated that Flood and Peterson was able to negotiate with Traveler’s to successfully obtain a 4% rate increase from the initial 11% increase quoted. The 2013 premium will be $348,211 and the budgeted amount is $369,380, a $21,169 savings. Ms. Balser stated that future savings could occur if remediation of certain “high hazard” property areas, deemed to be in the FEMA flood zone maps, can be addressed. Pinnacol Assurance was selected to continue Worker’s Compensation coverage for the City with a 2013 premium of $126,185. Ms. Balser stated that the City has decided to enroll in the Loss Control Dividend Plan, included in the new premium, and has the potential to return a dividend to the City of up to $30,000 assuming the City’s Experience Modifier remains low, as it has over the past 3 years. The Finance Director stated that a 2013 budget amendment would be presented to Council at a later date. The Finance Committee approved the 2013 premiums of $348,211 for Travelers and $126,185 for Pinnacol. A copy of the premium summary and analysis can be located in the packet of the January 22, 2013 Finance Committee Meeting. NON-PROFIT FUNDING REQUESTS FOR 2013 The Finance Director provided the details of the Non-Profit Grant Program recommended by the Finance Committee at the December 17, 2012 meeting. 3