Finance Committee Agenda and Packet 2010 02 16

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City Council Finance Committee Meeting Minutes 01 /19/2010 Page 2 of 4 APPROVAL OF DESIGNATED PLACES FOR POSTING PUBLIC MEETING NOTICES The Finance Committee approved the places for posting notices of meetings as City Hall (749 Main Street), the Recreation/Senior Center (900 West Via Appia), the Police/Municipal Court Building (992 West Via Appia), the Library (951 Spruce Street), and on the City's web site at www.louisvilleco.gov . LIABILITY, PROPERTY INSURANCE AND WORKER'S COMPENSATION INSURANCE COVERAGE Rhonda Welborn presented a summary of the coverage and premiums for 2010- 2011. The renewal from One Beacon represents an increase of $4,459.00 for property and liability coverage based on an audit and subsequent increase of the value of City property. The rates also reflect and increase of $3,787.00 in the Worker's Compensation premium for 2010-2011. Rhonda informed the Committee that this increase was based on the experience rating which increased in 2009 (30 claims in 2008 as compared to 32 claims in 2009). The City Manager stated that Department Directors have been instructed to work with Human Resources and the Safety Committee to identify and implement strategies to minimize claims. Also proposed, was a more comprehensive tracking of incidents and claims by City staff. The Mayor instructed staff to inquire how increasing certain deductibles could improve the City's premium and Councilman Sackett directed staff to inquire on rates if partial self-insured. A summary of the coverage and rates can be located on the City's website at www.louisvilleco.gov. COMMUNICATION FROM EIDE BAILEY The Finance Director provided the Committee with a letter from Eide Bailly LLP, the City's independent auditor as prescribed in Statements of Auditing Standards No. 114. The letter can be located on the City's website at www.louisvilleco.gov. UPDATE ON INVESTMENT MANAGEMENT SERVICES PROCUREMENT PROCESS AND RECOMMENDATION 3