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FORM B-1 2023 ADJUSTMENTS TO BASE BUDGET <br />DEPARTMENT #: 451 FUND: 202 <br />NAME:ROOKERY ACTIVITY CENTER <br />7 <br />Account #:4322 Amount (neg if decrease)$2,500 <br />POSTAGE <br />Description of Adjustment: <br />Benefits if done: <br />Implications if not done: <br />8 <br />Account #:4361 Amount (neg if decrease)$16,290 <br />INSURANCE <br />Description of Adjustment: <br />Benefits if done: <br />Implications if not done: <br />Postage for mailers <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 driver of <br />the increase in the premium through August 2023 is due to property premiums more than doubling during the last <br />renewal due to inflation in the replacement cost value. <br />69