RESOLUTION 2003-171

 

A RESOLUTION AUTHORIZING THE TRANSFER OF $49,000 FROM HEALTH/LIFE INSURANCE CONTRIBUTIONS ACCOUNTS TO FINANCE PROPERTY, LIABILITY INSURANCE ACCOUNT

 

WHEREAS, the Village’s Employee Health contribution increased in FY03-04 to 12%; and

 

WHEREAS, the Village has realized savings by using Blue Cross Blue Shield of Illinois for employee insurance coverage; and

 

                 WHEREAS, the Village has had a lower Self-Insurance Run Out on the old insurance plan; and

 

WHEREAS, funds are available from the following health insurance accounts:

               

101002

-

510080

 $   1,479

 

103034

-

510080

 $      866

101003

-

510080

      1,046

 

103035

-

510080

         944

101005

-

510080

      1,731

 

103036

-

510080

    14,679

102040

-

510080

      9,197

 

103037

-

510080

      4,509

103030

-

510080

         866

 

106006

-

510080

      4,509

103031

-

510080

      1,731

 

106066

-

510080

      1,659

103032

-

510080

      2,379

 

051007

-

510080

         432

103033

-

510080

         973

 

 

 

 

 

 

WHEREAS, a transfer of funds is needed in the Finance Property, Liability Insurance Account due to substantial increases in our insurance rates which were brought on by higher property values, increased payroll and the hardening insurance market.

 

NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF VERNON HILLS, LAKE COUNTY, ILLINOIS:

 

THAT, the Finance Director is directed to transfer $49,000 from the various accounts listed above for Finance Property, Liability Insurance Account (0101005-520720).

 

                Dated this 4th Day of November, 2003.

 

Adopted by roll call vote as follows:

 

AYES:  6-  Cashman, Duros, Koch, Hebda, Weil, Williams

NAYES:  0- None

ABSENT AND NOT VOTING:  0- None

 

                                                                                                                                ______________________________

                                                                                                                                     Roger L. Byrne

                                                                                                                                 Village President

 

PASSED:  11/04/2003

APPROVED:  11/04/2003

 

ATTEST:

 

__________________________

           Jeanne M. Schwartz

           Village Clerk