Central Marin Police Authority

Transcription

1 Central Marin Police Authority Staff Report TO: FROM: Central Marin Police Council Management Committee, Central Marin Police Authority Council Cathy Orme, Finance Director DATE: February 8, 2018 RE: Mid-Year Budget Review ACTION REQUESTED That Council receive the report, oral presentation, and approve the additional budget funding for the Insurance Fund. DISCUSSION Staff will present a slide presentation and facilitate a general discussion about the Agency s General Fund and Insurance Fund mid-year budget. For the General Fund, both revenues and expenditures are on track at mid-year. The Insurance Fund records claims for liabilities and worker s compensation. Budgeting for these claims can be difficult due to the nature of the claims. Historically, the Agency has budgeted $300,000; $100K for liabilities and $200K for worker s compensation. As shown on the seven year Insurance Fund graph, both liability and worker s compensation claims have huge variances from year to year. At mid-year, the Authority is aware of several claims (both liability and worker s compensation) that have not been paid, but will be recorded in this fiscal year. Once these unpaid claims are recorded, this will put the Insurance Fund in a deficit financial position. The Management Committee is requesting a mid-year budget adjustment of $198,527 for the Insurance Fund to cover the cost of the anticipated deficit. The portion for each contributing City is $66,176. According to the Amended Joint Powers Agreement, Section 6.3 and 2.3 (e) (i), the budget may only be modified by a unanimous vote of the full Police Council. Business Item C

2 STAFF RECOMMENDATION Central Marin Police Authority Staff Report That Council receive the presentation and approve the additional funding for the Insurance Fund and adopt resolution Respectfully submitted, Daniel Schwarz Todd Cusimano Dave Donery Management Committee Management Committee Management Committee Cathy Orme Finance Director Attachments: 1. General Fund Summary 2. Insurance Fund Expenditures for Seven Years 3. Insurance Fund Unfunded Expenditure FY 2017/18 4. Resolution No Business Item C

3 Business Item C -Attachment 1

4 Business Item C -Attachment 2

5 Business Item C -Attachment 3

6 CENTRAL MARIN POLICE AUTHORITY RESOLUTION NO. 2018/04 A RESOLUTION OF THE CENTRAL MARIN POLICE COUNCIL OF THE CENTRAL MARIN POLICE AUTHORITY ADOPTING AN AMENDED BUDGET FOR THE FISCAL YEAR WHEREAS, the Central Marin Police Council, at its meeting of May 4, 2017, reviewed and approved the proposed fiscal year Central Marin Police Authority Budget; and WHEREAS, the approved Budget for fiscal year was $11,893,069, of which the Town of Corte Madera will pay $3,298,129 annually, the City of Larkspur will pay $3,680,225 annually, and the Town of San Anselmo will pay $4,113,515 annually, based on the Funding Formula outlined in the proposed budget; and WHEREAS, the proposed amended budget would increase the overall budget by $198,527 to cover an estimated underfunding of the Insurance Fund, of which the Town of Corte Madera would pay an additional $66,176 annually, and the City of Larkspur would pay an additional $66,176 annually, and the Town of San Anselmo would pay an additional $66,176 annually, and NOW, THEREFORE, IT IS HEREBY RESOLVED, that the Central Marin Police Council approves of and adopts the amended FY budget of the Central Marin Police Authority; and IT IS HEREBY CERTIFIED, that the forgoing resolution was duly introduced and adopted at a public meeting of the Central Marin Police Council of the Central Marin Police Authority held on the 8th day of February 2018 by the following vote, to wit: ********** AYES: NOES: ABSENT: ABSTAIN: ATTEST: Zaneta Feleo, Authority Clerk Central Marin Police Authority Ann Morrison, Council Chair Central Marin Police Authority Business Item C Attachment 4