Agenda Packets - 1996/02/05 - Laserfiche WebLink

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• FINANCE DEPARTMENT REPORT JANUARY-DECEMBER, 1995 • The 1995 Budget Book was completed and distributed in January . • In April Kitty Hickok enrolled employees in the PEIP Health Plan and conducted the open enrollment for our dental plan with Health Partners. Both plans renewal date is May 1, 1995. • Department prepared and submitted many reports from all levels of governments. • New water meter software program was started in 1995. The last meter reading cards were sent out in October. • Work was completed on the 1994 financial statements and annual audit in the latter part of May. The auditors presented the financial statements and their management letter. • The City's experience modifier for workers compensation insurance was been changed to .72 from .75 for our 1996/1996 policy. That means an additional 3% discount off standard premiums. • The City set a new collection policy for non-payment of utility charges, in early June. • The Department assisted Golf Course personnel with the cash receipt process, which included selecting a new cash register and setting cash handling procedures at the golf course. • • The City renewed coverage on its property and casualty and liability insurance policies. A deductible of$10,000, compared to the previous deductible of$5,000, was chosen by Council for the renewal. That option resulted in an annual premium savings of$10,100. On the workers compensation policy the option of a$5,000 deductible on medical payments only was chosen for 1995/1996. A discount of$5,652 was given for selection of that option. The City received the Certificate of Achievement for Excellence in Financial Reporting. The 1996 Budget was set with no tax levy increase.