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RESOLUTION NO.R-74-23 <br /> A RESOLUTION OF THE CITY COUNCIL OF COLTON, CALIFORNIA <br /> AMENDING THE FY 2023-24 BUDGET FOR PREMIUMS FOR FY 2023-24 <br /> 3 INSURANCE COVERAGE THROUGH THE PUBLIC ENTITY RISK <br /> MANAGEMENT AUTHORITY(PERMA)RISK POOL <br /> 4 <br /> 5 WHEREAS, the City of Colton ("City") is a municipal corporation duly organized and existing <br /> 6 pursuant to the Constitution and laws of the State of California; and, <br /> 7 <br /> WHEREAS, in FY 2022-23, the City of Colton joined the PERMA Insurance JPIA after nine (9) <br /> 8 <br /> years of procuring needed insurance coverage for the City through brokered commercial insurance.;and, <br /> 9 <br /> 10 <br /> WHEREAS, due to the nature of the hardening California insurance market, the PERMA Insurance <br /> 1 <br /> Pool and the City of Colton did not obtain final hard numbers until after the FY 2023-24 Fiscal Year Budget <br /> 1 approval during the City Council meeting on June 6,2023;and, <br /> 13 <br /> 14 WHEREAS,the FY 2023-24 budget was adopted with the preliminary estimated PERMA premiums <br /> 15 of$2,378,000 in account# 607-6040-8601-2440-0000-000, and the finalized PERMA premium cost for <br /> 16 FY 2023-24 is approximately$2,915,000 to fund the City's coverages;and, <br /> 17 <br /> 1 WHEREAS, the FY 2023-24 budget was adopted on June 6, 2023 and an additional appropriation <br /> 8 <br /> is necessary to cover the increased premium. <br /> 19 <br /> 70 <br /> l NOW, THEREFORE BE IT RESOLVED, DETERMINED, AND ORDERED BY THE CITY <br /> COUNCIL FOR THE DISTRICT,AS FOLLOWS: <br /> 73 <br /> Section 1 The above recitals are true and correct. <br /> 24 <br /> 25 <br /> Section 2 To amend the FY2023-24 budget to appropriate from reserve balance in the various <br /> 26 <br /> allocated funds and increase revenues and appropriations in the Insurances Fund to ensure sufficient <br /> 27 appropriations are available for PERMA premium payments as follows: <br /> 78 <br />