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Item No: 8F <br />T�T� �T ��l Meeting Date: April 14, 2014 <br />MOLN—NDS V ILVY Type of Business: Consent Agenda <br />Administrator Review: <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8241 Authorizing Insurance Policies for the Year <br />January 2014 through December 2014. <br />The attached Resolution 8241 authorizes staff to purchase insurance policies with the <br />League of Minnesota Cities Insurance Trust (LMCIT) and to make payment of the premiums <br />and commission as they become due. <br />The January 1 renewal date has delayed receipt of our policy from the League of Minnesota <br />Cities Insurance Trust as there are a number of cities with the same date. The League has a <br />difficult time processing that many applications. The cost of our property and liability policy <br />Increased by $12,495 as a result of rating changes by the LMCIT. Those cities that have <br />police departments will bear a larger share of the pooled costs. <br />The premium for workers' compensation has increased by $37,942 in 2014. This is the result <br />of a rate increase of 10% by LMCIT and a large change in our experience mod. Our mod <br />changed from 1.01 in 2013 to 1.29 in 2014. We continue to receive non-smoking rates for <br />the police department as they continue to be 90% smoke free. The overall affect will be an <br />increase of $50,437 over 2013. <br />Staff recommends approval of resolution 8241 authorizing the purchase of insurance policies <br />for the year January 1, 2014 through December 31, 2014. <br />Respectfully submitted, <br />Mark Beer <br />