Finance Committee Agenda and Packet 2023 04 20

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Insurance Costs/Reimbursement Insurance Repayments Received (as of Jan. 30, 2023) $2,675,154.48 Invoices/Expenses Submitted for insurance Business Income loss submitted for insurance (Claim u$1,932,377.70 under review) $3,945,889.47 $- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 *Figures have not changed since prior month Summary: The City has several different teams working on the financial impacts of the Marshall Fire, with a goal to provide the finance committee with a clear and comprehensive summary. The City Manager's office and Finance staff meet weekly on ensuring documentation is being assembled and communication with FEMA is regularly occurring. This team meets with project managers, risk management, and the planning department on a twice monthly or monthly basis to keep track of the progress of the projects and financial impacts. Unfortunately, all of this requires considerable time. On the financial side, the major emphasis is receiving the final insurance commitments. This has to be completed before FEMA reimbursement requests can be closed out. The City has to work with the State for our share and ensure we can reconcile the monies FEMA provides. None of these reimbursements are easily reconciled payments to invoices. Simultaneously, staff is beginning the analytical work of identifying all costs, including those that are anticipated as well as those costs that are addressed through City funding sources such as permit fees. The lessons learned phase is underway, but again, is a continuous process. This topic has now been placed on the monthly Finance Committee agenda to ensure transparent and uninterrupted communication of the actions occurring regarding this significant work effort for policy makers and City staff. 13/71