ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Amending the City of Peoria 2022-2023 BIENNIAL BUDGET, Related to the Use of General Fund Balance in an Amount Not to Exceed $350,000.00 in 2022, for WORKER’S COMPENSATION CLAIMS.
Body
BACKGROUND: Staff recommends worker’s compensation budgets during the biennial budget process based off known claims and their expected timelines. During 2022, claims are being settled at a faster rate than what staff had budgeted. To cover the rest of the anticipated settled claims during 2022, staff is requesting amending the 2022-2023 biennial budget in the amount of $350,000.
FINANCIAL IMPACT: The additional funding will allow staff to continue working on closing open claims during 2022.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: Provide additional funds to the worker’s compensation budget
IMPACT IF DENIED: May delay payment of worker’s compensation claims
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
DEPARTMENT: Finance