Agenda Text
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Requesting approval of a transfer of a total of $100,000 of available funds in various Salaries Accounts and the Interest on Notes-BAN Account, for the Flood Costs-Insurance Deductible Account, to fund the deductible for the building insurance policy following the July 10 flood.
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Official Text
To the Honorable Board:
I respectfully request that your Honorable Board approve a transfer in the amount of one hundred thousand dollars ($100,000.00) from the below specified accounts to Org. 5060, Flood Costs - Insurance Deductible to fund the $100,000 deductible payment required by the building insurance policy in force with Zurich North America Claims. The payment will fund the first $100,000 in damages resulting from the July 10, 2010 flood that ravaged the City.
Available funds for this transfer result from unfilled positions in the budget since July 1, 2010 and debt service monies available based on a reduction in short term interest rates.
FROM:
Engineering Salaries -0140351-51100 $9,056
Assessing Salaries -0114151-51100 $ 3,668
Health Salaries -0151251-51100 $ 19,048
Executive Salaries -0112151-51100 $ 2,750
OSPCD Trans. Salaries -0118551-51100 $ 3,633
OSPCD Admin.Salaries -0118251-51100 $1,192
SomerStat Salaries -0112251-51100 $2,914
Law Salaries -0115151-51100 $ 3,433
Traffic & Parking Salaries -0129351-51100 $ 5,000
Interest on Notes-BAN -6501-59240 $ 49,306
TO:
Flood Costs-Insurance Deductible $100,000
Respectfully Submitted,
Joseph A. Curtatone
Mayor