Title
A Resolution to Adjust FY19 Insurance Expense Account Budgets
Summary
Description of Topic:
During the budget process, the Finance Department estimates the insurance expense accounts based upon prior year information. Once the insurance bill is received, adjustments and redistributions need to be made to accounts to record actual expenses per department. A list of the adjustments are attached. The total net expense increase to the insurance accounts is $0.00.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, the Finance department estimates the insurance expense accounts based upon prior year information, and
WHEREAS, once the insurance bill is received, adjustments need to be made to the accounts to record actual expenses per department, and
WHEREAS, the net expense increase to the insurance accounts is $0.00.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves the request to redistribute funds to the budgeted insurance expense accounts based upon the actual invoice received per the attached document with the net result to the insurance total expense being $0.00.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.