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FORM B-1 2023 ADJUSTMENTS TO BASE BUDGET <br />DEPARTMENT #: 494 FUND: 601 <br />NAME:WATER OPERATING <br />4 <br />Account #:4330 Amount (neg if decrease)$1,500 <br />TRAVEL/TUITION <br />Description of Adjustment: <br />Benefits if done: <br />Implications if not done: <br />5 <br />Account #:4345 Amount (neg if decrease)$1,738 <br />PAYMENT PROCESSING <br />Description of Adjustment: <br />Benefits if done: <br />Implications if not done: <br />6 <br />Account #:4360 Amount (neg if decrease)$14,990 <br />INSURANCE <br />Description of Adjustment: <br />Benefits if done: <br />Implications if not done: <br />Employees will be better prepared with skills, education and safety. <br />Continue current level of operations and skill set. <br />Credit card and ACH processing fees due to new customers and existing customers utilizing electronic payment <br />methods. <br />Cost of accepting credit card and ACH utility billing payments. <br />LMCIT Insurance Coverage (General Liability, Property, and Excess Liability). <br />Liability - LMCIT suggests cities allow for possible rate increases in the range of 5 to 10% in part to account for <br />inflationary considerations, towards the higher end for members with police liability or excess liability limits as the <br />reinsurance market for excess limits is a bit in flux. <br />Property - LMCIT suggests given the reinsurance uncertainty and increasing inflation, for budgeting purposes cities <br />may want to allow for a 3 to 8% increase for property coverage rates on average. <br />Assumption is built from known premium through August 2023 and a 10% increase for renewal. The biggest drivers of <br />the increase in the premium through August 2023 is due to: <br />-Property premiums more than doubling during the last renewal due to inflation in the replacement cost value <br />-Total budgeted expenditures higher in the Water Fund in 2022 compared to 2021 <br />Increase opportunities for employee training and safety. <br />97