Title
Resolution authorizing an emergency appropriation from the Fund 206 Risk Management/Liability Insurance Fund reserves in the amount of $2,363,935 for claims exceeding the amount appropriated in the fiscal year (FY) 2015 budget.
Staff Summary
· Claims settled during FY 2015 have been greater than the amount budgeted and will exceed what was appropriated in FY 2015.
· All of these claims were adequately reserved in the Risk Reserve that is calculated and specifically set aside for this purpose.
· This resolution appropriates funds in Fund 206 Risk/Liability Insurance for settled claims in the amount of $2,363,935 from the fund balance in Fund 206 Risk Management/Liability Insurance Fund; the remaining fund balance after this transaction is estimated to exceed $7,000,000 million.
Body
R E S O L U T I O N
WHEREAS, the Lake County Board appropriates funds in the Risk Management/ Liability Insurance Fund (Fund 206); and
WHEREAS, the fiscal year 2015 Budget did not include sufficient funds for claims settled and to be settled in 2015; and
WHEREAS, sufficient reserves have been set aside for these and all claims in a Risk Reserve that is calculated and funded specifically for this purpose; and
WHEREAS, an emergency appropriation in an amount of $2,363,935 is necessary for fiscal year 2015 to provide for settled claims.
NOW, THEREFORE, BE IT RESOLVED, by this Lake County Board, that an emergency appropriation in the amount of $2,363,935 is hereby authorized in the fiscal year 2015 budget in Liability Insurance, 206-1440010-72180, which will be funded from Fund 206 Risk Management/Liability Insurance Fund balance.
DATED at Waukegan, Illinois, on July 14, 2015.