(A) There is hereby established within the general fund a health claims risk retention reserve account. At the close of each fiscal year, the general fund annual budget surplus for health insurance, as determined by the official audits performed pursuant to § 35.017(Z) of this chapter, shall be transferred by the Finance Officer to a special nonlapsing health claims risk retention reserve account. The Finance Officer is hereby directed to establish the health claims risk retention account in which to transfer funds from any general fund undesignated fund balance.
(B) There is hereby established within the general fund a workers' compensation risk retention reserve account. At the close of each fiscal year, the general fund annual budget surplus for workers' compensation insurance, as determined by the official audits performedpursuant to § 35.017(Z) of this chapter, shall be transferred by the Finance Officer to a special nonlapsing workers' compensation risk retention account in which to transfer funds from any general fund undesignated fund balance.
(C) There is hereby established within the general fund a casualty and general risk liability risk retention reserve account. At the close of each fiscal year, the general fund annual budget surplus for casualty and general liability insurance, as determined by the official audits performed pursuant to § 35.017(Z) of this chapter, shall be transferred by the Finance Officer to a special nonlapsing casualty and general liability risk retention reserve account. The Finance Officer is hereby directed to establish the casualty and general liability risk retention reserve account in which to transfer funds from any general fund undesignated fund balance.
(D) The general fund annual budget surplus for health insurance, workers compensation insurance or casualty and general liability insurance shall be determined on an individual, line-item basis as the difference between the annual general fund-wide budget in excess of the annual general fund-wide expenditures, respectively.
(E) In the event an annual budget deficit shall occur in the health insurance workers' compensation insurance or casualty and general liability insurance individual line-item, the Finance Officer shall transfer funds from the respective risk retention account to the general fund undesignated fund balance, as necessary, to cover the deficit.
(F) If, after the requirements of divisions (A) and (E) of this section have been met and the balance in the health claims risk retention reserve account exceeds 25% of the subsequent fiscal year's general fund appropriation, then the excess shall be transferred into the severance reserve account subject to the requirements of division (I) of this section.
(G) If, after the requirements of divisions (B) and (E) of this section have been met and the balance in the workers' compensation risk retention reserve account exceeds reserve requirements, as determined by the most recent actuarial report, then the excess shall be transferred into the casualty and general liability risk retention reserve account subject to the requirements of division (I) of this section.
(H) If, after the requirements of divisions (C) and (E) of this section have been met and the balance in the casualty and general liability risk retention reserve account exceeds reserve requirements, as determined by the most recent actuarial report, then the excess shall be transferred into the health claims risk retention reserve account subject to the requirements of division (I) of this section.
(I) In no event shall funds be transferred into a risk retention reserve account if the balance in the account is at the maximum balance as determined in divisions (F), (G), and (H) of this section.
(J) In the event that each risk retention account is funded to the maximum balance as determined in divisions (F), (G), and (H) of this section, the Finance Officer shall not transfer any additional funds into the accounts and shall transfer any excess funds to the general fund undesignated fund balance.
(K) No available balance in a risk retention reserve account shall be utilized for any purpose other than those authorized herein, without the specific approval of two-thirds of the Aldermen-elect.
(Ord. passed 11-6-02)