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Home My WebLink AboutORD 3792CITY OF RENTON, WASHINGTON ORDINANCE NO. 3792 AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON CREATING A NEW FUND KNOWN AS "INSURANCE FUND" AND PROVIDING FOR THE APPROPRIATION AND TRANSFER OF FUNDS THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN AS FOLLOWS: SECTION I: There is hereby created and established a fund to be known as the "Insurance Fund." Said fund is created for the purpose of accounting for insurance costs for employee Industrial Insurance, employee Unemployment Compensation and Liability/Property Insurance. Insurance costs include premiums, claims payments, service fees and any other related costs and/or insurance coverages as may be determined necessary. from general City of Renton tax sources for support of General Govern- mental Funds. Self-supporting funds including Water/Sewer Utility, Airport and Equipment Rental Funds shall provide their portion of support to said Insurance Fund. SECTION III; The Director of Finance is hereby authorized and directed to provide for the following appropriation and transfer: See Exhibit "A" attached hereto and made a part hereof as if fully set forth SECTION IV: This Ordinance shall be effective upon its passage, approval and five days after its publication. PASSED BY THE CITY COUNCIL this fit-.h day of February, 1984. SECTION II: Sources of revenues to the fund shall be derived Maxine E. Motor, City Clerk APPROVED BY THE MAYOR this 6 th day of February, 1984. Lawrence J. Wasren, City Attorney Date of Publication: February 10, 1^84 EXHIBIT "A" CITY OF RENTON, WASHINGTON ORDINANCE NO. 3792 ORDINANCE CREATING THE "INSURANCE FUND" AND PROVIDING FOR APPROPRIATION AND TRANSFER OF FUNDS AS FOLLOWS: TRANSFER FROM: CUMULATIVE RESERVE #3467 (Insurance Reserve) a/c 117/272.00.00.00 (Actual Beginning Fund Balance 1/1/84) $108,546.78 a/c 117/000/311.10.00.00 (Real & Personal Property Tax Estimate) .... 48,000.00 a/c 117/000/361.10.00.00 (Investment Interest Estimate) 7,000.00 NOTE: This twnsaction wilt close Cam. Reserve Fund #3467. $163,546.78 TRANSFER FROM: UNEMPLOYMENT COMPENSATION FUND a/c 608/272.00.00.00 (Actual Beginning Fund Balance 1/1/84) ... $ 16,812.90 a/c 608/000/311.10.00.00 (Real & Personal Property Tax Estimate) .... 16,000.00 a/c 608/000/361.10.00.00 (Investment Interest Estimate) 600.00 NOTE: Tkl6 transaction wltl close Unemployment Compensation Fund. $ 33,412.90 TOTAL TRANSFERS FROM $196,959.68 TRANSFER & APPROPRIATE UNTO: INSURANCE FUND (Revenue Estimates): 502/000/308.00.00.00 Beginning Fund Balance $125,359.68 {B&glnning Fund Balances pwm Cum. Res.. #3467 and Unemployment Compensation Fundi.) 502/000/310.00.00.00 Taxes 502/000/311.10.00.00 Real & Personal Property Taxes 64,000.00 [Pnopehty Tax Estimates {fwm Cam. Res. #3467 and Unemployment Compensation Fundi,.) 502/000/360.00.00.00 Miscellaneous Revenue 502/000/361.10.00.00 Investment Interest 7,600.00 [Investment Interest Estimates {hjom Cum. Res. #3467 and Unemployment Compensation Funds.) SUB-TOTAL TRANSFERS UNTO $196,959.68 ESTABLISH REVENUE ESTIMATES FOR THE FOLLOWING ACCOUNTS; ACTUAL REVENUES TO BE DERIVED FROM CITY OPERATING FUNDS AS NOTED BELOW: .502/000/390.00.00.00 Other Financing Sources 502/000/393.10.00.00 Interfund Insurance Contributions 11.00.00 Employee Industrial Insurance 11.00.01 General Government/Employee Ind. Ins $ 8,280.72 11.00.02 Water/Sewer Utility/Employee Ind. Ins. 1,068.48 11.00.03 Airport/Employee Ind. Ins 50.64 11.00.04 Equipment Rental/Employee Ind. Ins 144.00 SUB-TOTAL $ 9,543.84 (Revenae souAce 1& Employee Payroll Deduction; Supplemental Pension Rate - i .0418 = .0209 x HOUAS Wonked.) -2- EXHIBIT "A" - Cont. CITY OF RENTON, WASHINGTON ORDINANCE NO. 3792 Ordinance creating the "Insurance Fund" and providing for appropriation and transfer of funds - Continued. Establish Revenue Estimates for the following accounts - Continued. 502/000/393.10.00.00 Interfund Insurance Contributions - Cont. 12.00.00 Industrial Insurance Premiums 12.00.01 General Government/Industrial Insurance $ 94,176.00 12.00.02 Water/Sewer Utility/Industrial Insurance 16,116.00 12.00.03 Airport/Industrial Insurance 1,118.00 12.00.04 Equipment Rental/Industrial Insurance 2,275.00 SUB-TOTAL $113,685.00 [Employer Industrial Insurance allocations In the 1984 Budget; a Warrant Transfer will be made firom all operating fjund Industrial Insurance account*; said monies will be receipted Into the Insurance Fund.) 502/000/393.13.00.00 Unemployment Compensation Premiums 13.00.01 General Government/Unemployment Compensation . $ -— 13.00.02 Water/Sewer Utility/Unemployment Compensation — 13.00.03 Airport/Unemployment Compensation — 13.00.04 Equipment Rental/Unemployment Compensation ... — (Supporting resources transferred to Insurance Fund from Unemployment Compensation Fund - Beginning Fund Balance, Property Tax. Estimate and Investment Interest Estimate.) 502/000/393.14.00.00 Liability/Property Insurance Premiums 14.00.01 General Government/Liability-Property $169,843.00 14.00.02 Water/Sewer Utility/Liability-Property 19,682.00 14.00.03 Airport/Liability-Property 7,437.00 14.00.04 Equipment Rental/Liability-Property 39,436.00 SUB-TOTAL $236,398.00 (Liability/Property Insurance Premium allocations In the 1984 Budget; a Warrant Transfer villi be made from operating fund Insurance accounts; said monies will be receipted Into the Insurance Fund.) GRAND TOTAL - RESOURCES TO THE INSURANCE FUND $556,586.52 -3- EXHIBIT "A" - Cont. CITY OF RENTON, WASHINGTON ORDINANCE NO. 3792 Ordinance creating the "Insurance Fund" and providing for appropriation and transfer of funds - Continued TRANSFER & APPROPRIATE UNTO: INSURANCE FUND (Expenditure Appropriations): 502/000/00.000.00.00.00 Insurance Fund 04.000.00.00.00 Finance Department 501.00.00.00 Classified Proprietary Services 98.00.00 Insurance Program $250,000.00 20.00 Personnel Benefits 20.17 Industrial Insurance Claims/Gen. Govt --- 20.18 Industrial Insurance Claims/Water/Sewer Util. 20.19 Industrial Insurance Claims/Airport — 20.20 Industrial Insurance Claims/Equipmt. Rental 20.21 Unemploymt. Compensa./Gen. Govt 20.22 Unemploymt. Compensa./Water/Sewer Util. ... 20.23 Unemploymt. Compensa./Airport — 20.24 Unemploymt. Compensa./Equipmt. Rental 40.00 Other Services & Charges (Professional Services) 41.02 ArmTech Services 6,000.00 41.15 Gallagher Bassett Services 16,730.00 41.47 Other Professional Services — 46.00 Insurance Claims Costs 46.02 Liability/Property Claims/Gen. Govt 46.03 Liability/Property Claims/Water/Sewer Util. 46.04 Liability/Property Claims/Airport 46.05 Liability/Property Claims/Equipmt. Rental . 46.06 Arthur Gallagher Program 136,870.00 49.00 Miscellaneous (Premium Costs) 49.65 Broker Fees 2,940.00 49.66 Washington State Tax 2,460.00 49.67 Self-Insurance Bond 3,000.00 49.68 Other Miscellaneous Insurance Costs 502/000/00.508.00.00.00 Ending Fund Balance 138,586.52 GRAND TOTAL - INSURANCE FUND EXPENDITURE APPROPRIATIONS . $556,586.52 NOTE: J) $250,000.00 Is appropriated to cover the several insurance claims expense categories, shown'above with no appropriations. Expenses will be charged against the proper Insurance claim accounts. -4-