HomeMy WebLinkAbout5.F.3. 2009 Workers Compensation Insurance
CITY OF SHAKOPEE S. F. 31
Memorandum Ct~,!i}~S~~~~'l.~
. Uj~'. I{.,,, ,q I
~.'l: . .!~l .'~'"~ It( lJ l ;.
, ; " ~ti'li '
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: 2009 Workers Compensation Insurance
DATE: December 12, 2008
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 $305,138 and this year it
is $334,597. The rates have increased for 2009.
Actual cost is based on the actual wages calculated after
the end of the year. After splitting the cost with SPUC,
the city share for 2009 will be about $271,425 of the
$344,597 deposit. Actual premium cost split for 2009 is
determined after the workers compensation audit.
For the city's share of the cost, there is $243,560 across
all funds in the 2009 budget plus an estimated $25,000 that
would be charged to the Sewer and Surface Water funds for a
total of $268,560.
The League of Cities Insurance Trust has an excellent
program and has almost no competition for this market.
Action
Move to approve the renewal of the workers compensation with
the League of Cities Insurance Trust for 2009 and a deposit
premium of $334,597.
Grt:J<OXland
Finance Director
h, \ finance \docs \insure \ workcomp