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Home My WebLink AboutOrdinance 17160-09-2006Ordinance Nn.1`~]60-09-2006 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THI= INSURANCE FUND IN Tl~t'= AMOUNT OF $23Q,9a2.81 FROM AVAILABLE FUNDS DUE TO SUBROGATION AND RECOVERY FROM COMMERCIAt_ INSURANCE COVERAGE, FOR THE PURPOSE OF FUNDING INSURED PROPERTY AND LlRBILITY LOSSES; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCI=S 1N CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE' CITY OF FORT WORTH, TExAS: SECTION 1. That in addition to those amounts allocated to the various City departments far Fiscal Year 2d©5- 2QQ6 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Insurance Fund in the amount of $236,902.81 from available funds due to subrogation and recovery from commercial insurance coverage, far the purpose of funding insured property and liability lasses. SECTION 2. That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void far any reason by a court of competent jurisdiction, such decision, opinion ar judgment shall in no way impair the remaining portions, sections, ar parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect. s1=cTION ~. That this ordinance shali be cumulative of Ordinance No. 16582 and all other ordinances and appropriations amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting prnvisions of said prior ordinances and appropriations are hereby expressly repealed. SECTION 4 This ordinance shall take effect upon adoption. APPR ED AST F AND LEGALITY: Assistant City Attorney ADOPTED AND EFI=ECTIVE: Se ternber z9 2006 SUppLEMENTAL AppROpRIA7101V and TRA~I3FER FY 2U0 Qtrs. FE 71 Subrogation and Commercial Revenue With Reoavery Due Qperating Funds Sustaining A Loss Self-Funded Fund Subrogation (A) Commercial Insurance Pro ram g GOIVIEVIENT [nsuranae (B } {C} General Fund $ 88,225.D7 $ 102,440.00 GG 01 Crime Control & Prevention laistrict $ 9,375AD GR79 Water & Sewer $ 10,374.00 $ 2,599.fl0 PE 45 Municipal Gall Fund $ 5,000.00 PE 39 Municipal Airports Fund $ 90D.D0 PE 40 Engineering $ 11,989.74 P[ 19 Subtotal $ 120,863.81 $ 110,039.80 Total Recovery (A+B) $ 120,863.81 Total Self-Funded Insurance Program $ 110,039.00 TransferlAppropriation Total $ 230,902.81 APPROPREATION TRANSFER.TMPLT 9114/2008 City ~f F®r# 1VI/®rtl~, Texas y~ r aid unit rr~ur~it COUNCIL ACTION: Approved on 9/19/2006 -Ordinance No, 17160-09-2006 DATE: Tuesday, September 19, 2006 LOG NAME; 9 3RISKFUND06 REFERENCE N®.: ~~G-15402 SUBJECT: Adopt Supplemental Appropriation Ordinance fnr the Risk Management Fund and Transfer Amounts to Funds for the Insured Property and Liability Losses RECOM~d1ENDAT'LON: It is recommended that the City Council: 1. Adapt the attached supplemental appropriation ordinance by increasing estimated receipts and appropriations in the Risk Management Fund by $230,902.81, and from available funds due to subrogation recovery; and 2. Authorize the transfer of $230,902.81 from the Risk Management Fund to various funds as listed an the attached table. DISCUSSIiON: Throughout the year, the Finance-Risk Management Division collects subrogation revenue from individuals who have caused damage to City property, or are responsible for occupational injuries to City employees from their insurance companies. Annually, the City Cauncil is requested to appropriate these revenues and to transfer them to the City operating fund that has sustained the loss. In addition, these City operating funds are entitled to be reimbursed, far losses covered by the City's self funded insurance program administered by the Finance-Risk Management Division. Approval of the recommendations of this Mayor and City Cauncil Communication affects that reimbursement for losses covered by the self-funded insurance program. The Finance-Risk Management Division has collected unappropriated subrogation revenue totaling $120,863.81. No un-appropriated money was collected from commercial insurance policies owned by the City. Pursuant to policy, these funds are being transferred from the Risk Management Fund, where they were originally recorded, to the various funds sustaining the losses as revenue. Additionally, the various operating funds are entitled to the transfer of $110,039.00 from the City's selffunded insurance program for losses covered by that program. These transfers fatal $230,902.81. Affected funds include the General Fund, Crime Control & Prevention District Fund, Water & Sewer Fund, Municipal Golf Fund, Municipal Airports Fund and the Engineering Fund. Logname: 13RISKFUNDOb Page 1 of 2 FISCAL INFORMATIONICERTIFICATION: The Finance Director certifies that upon adoption of the attached supplemental appropriation ordinance, funds will be available in the current operating budget, as appropriated, of the Risk Management Fund. The transfer of funds from the Risk Management Fund will be recorded as revenue in the General, Crime Control & Prevention District, Water & Sewer, Municipal Golf, Municipal Airports, and Engineering Funds. TO FuncllAccountlCenters GG01 472071 0150000 GR76 472(}71 03521 D0 F'E45 472071 0601000 PE39 472071 0804005 PE40 472071 0551000 P119 472071 0301000 FE71 481142 0137140 FE71 538070 0137140 FROM FundlAccountlCenters 1~ 9D,865A7 FEr71 538070 0137140 ~.9 375.()0 $12.$73.00 5 000.00 900,00 X11.989.74 230 902.81 X230 90, 2.81 X230 902.81 Sularnitted for Cit Mana er's Office brr: Ori inatin ®e artment Head: Acllcllitional Inforrnatian Contact: Karen Montgomery (6222} Richard Zavala (Acting} (8617) Nancy McKenzie (7744) Lagname: 13RISKFUND06 Page 2 of 2