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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 2024 - 2025 OPERATING BUDGET DIVISION: Insurance (007) PROGRAM: Risk Management (1115) 2024 % 2025 2021 2022 2023 2023 2024 2024 2025 OVER 2023 Over 2024 OBJECT DESCRIPTION ACTUAL ACTUAL ADOPTED ESTIMATED CONCEPT ADOPTED CONCEPT ADOPTED PROPOSED Supplies and Services Insurance: 6365 General Liability Coverages $269,420 $277,610 $370,000 $370,000 $380,000 $380,000 $400,000 2.70% 5.26% TOTAL Supplies and Services 269,420 277,610 370,000 370,000 380,000 380,000 400,000 2.70% 5.26% TOTALS $269,420 $277,610 $370,000 $370,000 $380,000 $380,000 $400,000 2.70% 5.26%