Title
Ordinance in the Amount of $483,590 Amending the FY16-17 Employee Risk Retention Fund Budget
Body
Department: Financial & Administrative Services
Council District: All
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Richard Lusk, Finance Director 373-2077
Contact 2 and Phone: Rosetta Davidson, Assistant City Attorney 373-2320
PURPOSE: To amend the FY 16-17 Employee Risk Retention Fund budget, in the amount of $483,590, to provide sufficient appropriations for a workers’ compensation claims payment.
BACKGROUND: In May 2017, the NC Industrial Commission approved a workers’ compensation settlement in the amount of $509,153, to be paid to a City of Greensboro employee regarding an October 2010 incident. The City will pay $25,563 from existing appropriations to satisfy the $600,000 self-retention amount for this claim with the balance of $483,590 being reimbursed to the City by Safety National, our excess workers’ compensation insurance provider. The claims payments total $1,083,590.
BUDGET IMPACT: The City will be reimbursed $483,590 from our excess workers’ compensation insurance provider to fund this increase in appropriations.
RECOMMENDATION / ACTION REQUESTED: The Finance Department requests City Council approval of the attached budget ordinance amending the FY 16-17 Employee Risk Retention Fund budget in the amount of $483,590.