1996 AGN JUL 02 I17 - Laserfiche WebLink

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MAY -22-1996 12:08 FROM CITY OF COLTON RDA TO CITY MANAGER P.06 Reserve $=AD S=1000 $72.400 128243 FWW lw"d The Fk=cW Fogeesst hmrpmsWd a 1% Co=cil Contingawy RWWW for all f1w Yes" Of the 1;orecast TOW,"= owtrihWon irk FY 1995-96 mounts 10 =0.0()D- Gworal Uawly Inwarurme Fund City COUUCU Iriscal p0jjW. Maintain a reserve equal to three tiUW 1118 Self 1nWW RAMWIOU (SIR) Tne 1993 LTFp projeeW a find balance deficit of $1 .1 raillim and a rsser" "quirernmA Of defi - meow am ft revenue strem go the AW has been $1.2 miWom The fund bslaa�a cit to cover caft nw reserve requirement isset by the risk sharing pool, 0=V in"filcialt a aw- county Cities Risk Management AuthWty (OCCRMA), W which ** City bdongs as insured entity. The 1993 LTFP recomm, j, j Im annual trarigga ftm the Cleveral Pund to this Rind of S448,000 oVCr dW DCA fiVO YWS in order to balance the ftmd wd estabUsh the reser". The 1994 L7Tp recommended the CiWs SM be reduced from S",000 to $250,000 as a result of the decline in p=ik= for == M=XM over the past seiverd yam the reduc.don in claim ag=W the CIM and the growing terWency to % , hM more risk to insurance pools. In the CjWs caw dwe was on gvw more compallft arr=wt. that is, the wldkns* bawom *0 smandreserwrequiternents. vritbansiRofs4oO.00O,th--ruerver*qwramewwusl-2 mffion. Tberoductionofthe SM to WO,000 reduced the reserve requiramewto S750,00, and allowed the City to reduce the fund deficit and establish IL 101eme wfth 2 less $"= 'Mpwt an scarce dollar rMurces. Tw Fy 1993.94 Budget 1provided for a minder of S270,00% noting that R $18nificOn't Okule"t If risk, .ay ft City PoUce Demonent, being contmtcd to the County waWd lower tba C1" putgx" liability. Ibis contribution came fim a Ono Ume revenue sourc- *-o phase out of the R., .ho S. Ckaft Fire & Medical Rmrm. Mic fund deftit was reduced. but *0 C11Y Cam no oloser to establishing a =serve until laur in ft year when the accrued dain" against the CitY vvm raduced ftm S 1.69 aMon to S 1.2 million as a result of SO= Cl*'Tng being closed and AVON%,