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City Council Finance Committee <br />Meeting Minutes <br />01/21/14 <br />Page 2 of 5 <br />None. <br />APPROVAL OF DESIGNATED PLACES FOR POSTING PUBLIC MEETING <br />NOTICES <br />The Finance Director presented to the Finance Committee recommendations for <br />posting of notices of public meetings which designation must be made at the first <br />regular meeting of each calendar year. <br />The Finance Committee voted unanimously to approve the locations designated. <br />Council Member Keany stated he had received an inquiry from a resident <br />regarding posting of meeting agendas in the Daily Camera. Member Keany <br />asked if the City Manager or staff could check on the cost of such publications. <br />The locations for posting of notices and corresponding narrative can be located <br />in the packet of the January 21, 2014 Finance Committee Meeting. <br />2014 INSURANCE RENEWAL <br />Deputy City Manager, Heather Balser presented to the Finance Committee a <br />summary of the renewal coverage quotes received and the negotiations by Flood <br />and Peterson on behalf of the City to secure favorable premiums for 2014. <br />Ms. Balser stated that several notable changes to certain lines of coverage on <br />the City's policy provided for a premium of $319,866 from Traveler's which is <br />$78,334 less than the budgeted amount. The changes included the overall flood <br />amount from $4m to $2m with increases to certain areas and reductions in <br />others. <br />The Worker's Compensation premium from Pinnacol increased to $139,422 for <br />2014. This is $18,932 above the budgeted amount. Mr. McMillan of Flood and <br />Peterson indicated that similar increases have been observed for multiple <br />jurisdictions. <br />Overall, Ms. Balser summarized for the Finance Committee that the City's 2014 <br />property and casualty coverage as well as worker's compensation will be <br />$59,402 under budget for 2014. <br />Council Member Keany asked if the new policies revisions and premiums were <br />already in effect and if Flood and Peterson received a commission based on the <br />City's premiums. Ms. Balser stated that all the policies became effective January <br />1, 2014, but that if the City Council wished to have any coverages amended, <br />changes could be made. Mr. McMillan stated that they will work to move up the <br />3 <br />