Oct 2, 2026Board meeting
Budget and Finance Advisory Committee Committee Meeting
The committee discussed the management of liability claims payments, noting a significant increase in settlements and the volatility of the liability claims account. Presentations focused on recommendations to stabilize these accounts, including the implementation of annual actuarial studies to improve budget projections, the modernization of claims management systems, and the potential procurement of commercial insurance to mitigate financial risk. The discussion also addressed the challenges of the city's self-insured status and the difficulty of joining regional risk pools due to the city's large scale and unique risk profile.