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T0: Mayor & Council <br />FROM: Finance Director -Treasurer Brager <br />DATE: November 24, 1986 <br />RE: ADDITIONAL PREMIUM FOR WORKER'S COMPENSATION <br />INSURANCE POLICY <br />In a previous memorandum costs of additional premiums for past <br />worker's compensation insurance policies were discussed. <br />Those additional premiums were billed as a consequence of <br />audits of payroll records for the policy periods involved. <br />Copies of those audits were provided our present worker's <br />compensation insurance carrier. Our carrier has billed the <br />City an additional $5,922 for the present policy period and <br />cited the aud.+'.ts as evidence that the current premium was too <br />low. I have discussed this matter with our insurance agent <br />and we have come to the conclusion that the City owes this <br />additional premium to the insurance company. Premiums are <br />being paid on an installment basis. The additional premium is <br />due in three installments payable on November 1, December 1 <br />and January I. Since two of these premiums are due in 1986 <br />the insurance budget will be over by $3,995. Therefore, I <br />request Council authorize a budget transfer in this amount <br />from the Contingency Account to the Insurance Account in that <br />amount. <br />RECOMMENDATION: Authorize a transfer of $3,995 from <br />Account 100-120-4910 Contingency to Account 100-190-4480 <br />Insurance for additional worker's compensation insurance <br />premiums. <br />DB/ds <br />