RESOLUTION 87-18847 RESOLUTION NO. 87_18847
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, PROVIDING
FOR THE 4TH AMENDMENT TO THE FY 1986/87
BUDGETS FOR THE GENERAL AND SELF INSURANCE
FUNDS; MAKING PROVISION FOR INCREASING THE
RESERVED AMOUNT IN THE SELF—INSURANCE
RESERVE BY $600,000 WITH FUNDING PROVIDED
FROM THE UNRESERVED GENERAL FUND BALANCE.
WHEREAS, on November 20, 1985, the City Commission of the City
of Miami Beach adopted Resolution No. 85-18291, creating the Self
Insurance Fund for the purpose of self-insuring the City; and,
WHEREAS, Touche Ross and Co. completed an actuarial study of the
Self-Insurance fund on April 6, 1987 and that report recommended an
additional $928 ,732 be reserved for the payment of claims against the
City of Miami Beach; and,
WHEREAS, the Administration analyzed this recommendation and
included additional factors in other areas of the self-insurance
budgets and concludes that $600, 000 should be added to the
Self-Insurance Reserve Fund; and,
WHEREAS, it has been determined that such funds are available in
the unreserved General Fund Balance.
NOW THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, that the City Commission of the City of
Miami Beach hereby amends the FY 1986/87 Budgets for the City of
Miami Beach, by increasing revenues as follows:
CURRENT AMENDED
BUDGET INCREASE BUDGET
GENERAL FUND
General Fund Balance $3, 654 , 311 $600 , 000 $4 , 254 , 311
INTERNAL SERVICE FUNDS
Self-Insurance $4 , 873, 502 $600 , 000 $5, 473, 502
AND BE IT FURTHER RESOLVED BY THE CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, that the City Commission of the City of
Miami Beach hereby further amends the FY 1986/87 Budgets for the
City of Miami Beach, by increasing expenditure appropriations as
follows :
CURRENT AMENDED
BUDGET INCREASE BUDGET
GENERAL FUND
Unclassified
Premiums & Deductibles $0 $600 , 000 $600 , 000
INTERNAL SERVICE FUNDS
Self Insurance $4 ,873, 502 $600 , 000 $5, 473 , 502
PASSED and ADOPTED THIS 6th day of May 1987 .
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Attest by:
FORM APPROVED
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City Clerk LEGAL
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PM!.BEgcr FLORIDA 3 3 1 3 9
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OFFICE OF THE CITY MANAGER CITY HALL
ROB W.PARKINS 1700 CONVENTION CENTER DRIVE
CITY MANAGER TELEPHONE: 673-7010
COMMISSION MEMORANDUM NO. 4'S S 1
DATE: May 6, 1987
TO: Mayor Alex Dao - and
Members of t. - City Corn ►Issi
4IL
FROM: Rob W. Pa kins •'
City Manage '
SUBJECT: FOURTH AMEND NT TO THE FY 1986/87 BUDGETS FOR THE
GENERAL AND SELF INSURANCE FUNDS.
An actuarial study of the Self-Insurance Fund ' s liability accounts
was requested by the City and was recently completed by Touche Ross
and Co. Touche Ross was requested to provide actuarial findings on
the following:
o the projected financial status of the self-insurance fund
on 9/30/87 .
o the amounts necessary to adequately fund the
self-insurance program' s claim liabilities for the 1987/88
fiscal year .
Based on their review of five ( 5) years previous claim experience,
Touche Ross determined and recommended that an increase of $928,732
will be necessary to support the fund.
Due to savings in other areas of the self-insurance fund ' s budget
not examined by the actuary, it will only be necessary to transfer
$600,000 from the unreserved General Fund balance to meet the
actuarial requirement .
ADMINISTRATION RECOMMENDATION
The Administration recommends that the City Commission adopt the
attached Resolution amending the FY 1986/87 Budgets of General and
Self Insurance Funds providing for a $600,000 increase in the Self
Insurance reserves to be funded from the unreserved General Fund
balance.
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AGENDAxi
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DATE
ORIGINAL
RESOLUTION NO. 87-18847
(Providing for the 4th amendment to the
FY 1986/87 Budgets for the General and
self insurance funds; making provision
for increasing the reserved amount in
the self-insurance reserve by $600,000
with funding provided from the unreserved
General Fund Balance)
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