HomeMy WebLinkAbout15.F.8. 2006 Workers Compensation Insurance
15: F~
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CITY OF SHAKOPEE
Memorandum CONSENT
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: 2006 Workers Compensation Insurance
DATE: December 15, 2005
Introduction
The Workers Compensation policy for the City and Utilities
Commission is up for renewal.
Background
This is a routine item that the work comp policy for the
city renews on January 1. The renewal is with the same
terms as last year, namely with a $500 deductible on medical
coverage.
The deposit premium last year was $174,742 and this year it
is $193,433. The rates increased for most classifications.
Actual cost is based on the actual wages calculated after
the end of the year. For the city's share of the cost,
there is $161,350 across all funds in the 2006 budget.
After splitting the cost with SPUC, the city share for 2006
will be about $161,450 of the $193,433 deposit. Actual
premium cost split for 2006 is determined after the workers
compensation audit.
The League of Cities Insurance Trust has an excellent
program.
Action
Move to approve the renewal of the workers compensation with
the League of Cities Insurance Trust for a deposit premium
of $193,433.
f&J
Gregg Voxland
Finance Director
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