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(A) Each department will contribute to the Insurance Non-Reverting Fund monthly. The amount due shall be based upon a contribution formula adjusted yearly according to the recommendations of the Controller.
(B) Monies contributed to the fund shall be disbursed on insurance claims and fixed expenses for the self-funded program pursuant to the claim approval procedure utilized for other city disbursements.
(C) The non-reverting fund may only be used for the purposes identified in division (B) above. Funds accumulated will remain in the insurance fund to be used for future costs.
(D) If the funds are totally depleted the Council will appropriate adequate funds to replenish the fund minimum balance.
(E) The fund minimum balance should be no less than the recommended amount used for self-funded programs which is normally four months contribution.
(Ord. 1-1996, passed 2-6-1996; Am. Ord. 29-2004, passed 10-19-2004)