TITLE
AN ORDINANCE AUTHORIZING SUPPLEMENTAL APPROPRIATIONS; WAIVING SECOND READING - Workers Compensation Fund
BODY
WHEREAS, the City is self-insured for workers’ compensation claims and carries excess compensation insurance to indemnify part of a claim’s loss if it were to reach certain thresholds; and
WHEREAS, a bi-annual premium amount is set by the excess compensation carrier based on an estimation of the upcoming total annual payroll amounts; and
WHEREAS, the 2024 excess compensation policy renewal was budgeted with an 11 percent increase; however, annual payroll amounts in 2023 ended higher than projected at a 13 percent increase; and
WHEREAS, due to this difference, the budgeted amount for the 2024 policy term has a shortfall of $12,732; and
WHEREAS, the excess compensation carrier performed an annual audit of estimated to actual payroll amounts, of which the amount previously paid for the 2023 policy term is also short by $5,000 due to the same increase in payroll for 2023; and
WHEREAS, due to the amount owed for 2023, the administration requests waiver of second reading.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That funding in the amount of seventeen thousand seven hundred thirty-two dollars ($17,732) is hereby supplementally appropriated from the unappropriated, unencumbered balance of the Workers Compensation Fund (9000) as follows:
90005000.5205 - Workers Comp Contract Services: $17,732
Section 2. That the second reading is hereby waived and this Ordinance shall be in full force and effect after passage by Council and on date of signature of approval by the Mayor.