HomeMy WebLinkAbout1995-06-27 - AGENDA REPORTS - YEAR END BUDGET ADJUSTMENT (2)AGENDA REPORT
City Manager Approval
Item to be presente by
CONSENT CALENDAR
DATE: June 27, 1995
SUBJECT: 1994-95 Year End Budget Adjustment Legal Services
DEPARTMENT: City Manager
Each year the City budgets funds to cover all costs associated with the use of the City Attorney legal
services. Over the last several years, the City has consistently budgeted approximately $744,000 for
such services. Approximately $120,000 of this amount is budgeted within Self Insurance/Risk
Management, a separate fund, to address all attorney costs and other professional fees associated
with the defense of the City in liability matters. For year in 1994/95 it is necessary to shift monies
budgeted, yet not utilized, for attorney fees from the General Fund to the Self Insurance/Risk
Management Fund to cover additional billings anticipated through the end of the fiscal year.
This action will not increase this year's total budeet for le2at services -rather it will redistribute
monies to another fund. In addition to the transfer, it is also necessary to increase revenues and
appropriations for the Self Insurance/Risk Management Fund (26) by $66,028. This is required to
adjust the budget for monies expended defending the City on a liability matter. In this instance it was
necessary for the City pay the initial legal fees. The insurance carrier of Scottsdale Insurance has
since agreed to pickup the City's defense and pay all costs associated with this claim.. This includes
reimbursing the City for all costs incurred to date.
Wo 061W 3V I aQ W -W e
That the City Council authorize the Director of Finance to transfer funds from 01-5000-260,
Community Development Legal Services, in the amount of $63,000 and funds from 01-4600-260,
Finance Department Legal Services, in the amount of 13,000 to the Self Insurance/Risk Management
fund (26), In addition, increase revenues and appropriation in account 26-3820, Risk Management
Miscellaneous Revenues, and 26-4201-294, Self Insurance, by $76,000 respectively. Finally,
authorize the Director of Finance to increase revenue account 26-3820 by $66,028 to record
anticipated reimbursement of costs and increase appropriations in 26-4201-294 by $66,028 to cover
funds previously expended.
A«� APPROWED
�-' Item: 3,