09 - Risk Management DivisionRISK MANAGEMENT DIVISION
This division accounts for the property and liability insurance coverage for the City and is
managed by the Finance Director.
STAFFING
■ None
EXPENDITURES
The City is a member of the League of Minnesota Cities Insurance Trust (LMCIT), which is a
self-insurance pool. The insurance period covers February 1 through January 31 of the
following year. The City has the following coverages: municipal package (auto, crime,
performance bond, equipment breakdown, property and equipment), open meeting law, liquor
liability, no-fault sewer backup, workers compensation, and volunteer accident. State
Legislature sets limits for the tort liability and the City has chosen not to waive that liability.
The annual dividend from the pool, which is based on a combination of premium size and loss
experience, is received in December of each year and used to offset the expenditures in this
division.
CITY OF GOLDEN VALLEY
2023 - 2024 OPERATING BUDGET
DIVISION: Insurance (007)
PROGRAM: Risk Management (1115)
2020
2021
2022
2022
2023
2023
2024
OBJECT DESCRIPTION
ACTUAL
ACTUAL
ADOPTED
ESTIMATED
CONCEPT
ADOPTED
CONCEPT
Supplies and Services
Insurance:
6365 General Liability Coverages
$318,902
$269,420
$355,000
$355,000
$360,000
$370,000
$380,000
TOTAL Supplies and Services
318,902
269,420
355,000
355,000
360,000
370,000
380,000
TOTALS
$318,902
$269,420
$355,000
$355,000
$360,000
$370,000
$380,000