RESOLUTION TO AUTHORIZE UNALLOCATED INSURANCE RENEWAL & BUDGET ADJUSTMENT

Resolution #20-2025 — 2025-05-30

WHEREAS

• Unallocated Insurance includes Property, Boiler & Machinery, Inland Marine, General Liability, Cyber Liability, Public Officials, Law Enforcement, Business Auto, OCP DPW, Perm 33, Perm 17 & Excess Liability Insurance coverage, and
• the current Village insurance coverage expires on May 31, 2025; and
• the Village has now received the renewal proposal from our insurance broker Marshall & Sterling; and
• the renewal premium is $98,745.81, which is an $11,460.11 increase from last year; and
• the Fund Balance for the General Fund as of 5/31/24 was $575,962.75 or 23.7% of the adopted 2025-26 budget and our Fund Balance Policy calls for the Fund Balance to be between 15% - 25%.

RESOLVED

• the Village Board of Trustees authorizes the Mayor to accept the proposed insurance renewal; and
• the additional $11,460.11 cost will be paid with Fund Balance. This extra cost in addition to the Fund Balance used in the budget of $37,347.50, puts the Fund Balance at approximately 21.6%, which is well within the Fund Balance policy range.