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FORM B-1 2023 ADJUSTMENTS TO BASE BUDGET <br />DEPARTMENT #: 432 FUND: 101 <br />NAME:GOVERNMENT BUILDINGS <br />B-1 & B-2 TOTAL $1,475 TOTAL B1 CHANGES $1,475 <br />1 <br />Account #:4361 Amount (neg if decrease)($4,525) <br />INSURANCE <br />Description of Adjustment: <br />Benefits if done: <br />Implications if not done: <br />2 <br />Account #:4383 Amount (neg if decrease)$6,000 <br />HEAT <br />Description of Adjustment: <br />Benefits if done: <br />Implications if not done: <br />Increase heating budget to adjust for rise in natural gas prices <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. <br />58