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The city manager shall obtain and maintain in force such policies and contracts of insurance or fidelity bonds as are necessary to protect the city from severe financial or property loss subject to the following policy:
(a) The city may assume the risk of loss when:
(1) In the judgment of the city manager, insurance coverage is not obtainable at a reasonable premium;
(2) In the judgment of the city manager, the estimated amount of a potential single property loss from a particular risk is less than $100,000.00;
(3) Deductible or excess coverage is obtainable provided that the total dollar amount of loss retention annually or per occurrence for all policies in force shall not exceed $5 million.
(b) The city may obtain full or partial insurance coverage for its exposure to all liability claims other than those arising from workers compensation; provided, however, such liability coverage includes the cost of claims investigation and litigation when such costs are not anticipated in the city budget.
(c) When coverage is obtained through a licensed agent or broker or association thereof, such procurement and other services shall be governed by a written agreement with the city.
(d) Placement of insurance coverage shall be limited to companies which maintain policyholder reserves in excess of $12 million and are rated B+ or better in "Bests" published ratings of insurance companies.
(Ord. 4274 § 2 (part), 1995)
In accordance with Article III, Section 12 and Article IV, Section 12 of the Charter, the city manager shall have full charge of all accounting and billing in all departments. The form in which the budget is adopted shall be recommended by the city manager and shall determine the method to be followed in all accounting by all representatives and administrative agents of the city. The system of accounts, financial procedures and controls so established or maintained shall conform to generally accepted principles of municipal and utilities accounting and shall be in such detail as will provide for proper management of the city's resources and complete information on its financial affairs and shall be readily susceptible to audit.
In accordance with Article VII, Section 2 of the Charter, in addition to the general fund, separate funds or accounting entities shall be maintained for each city-owned public utility. Separate funds shall also be maintained as required to comply with the direction of the Government Accounting Standards Board or any other applicable accounting standards. The system of accounts shall clearly reflect the resources, obligations, reserves and unappropriated balance of each fund.
(Ord. 4274 § 2 (part), 1995)
Each fiscal year the city council may transfer from the natural gas utility to the general fund an amount equal to 18% of the gross revenues of the gas utility received during the fiscal year two fiscal years before the fiscal year of the transfer. At its discretion, the city council may decide to transfer a lesser amount. The projected cost of the transfer shall be included in the city’s retail natural gas rates as part of the cost of providing gas service.
(Ord. 5582 § 1, 2022)
The council shall provide for an independent, annual audit or more frequent audits as it deems necessary of the transactions and accounts of all officers and employees having the authority to collect, disburse, have custody of or otherwise manage public money, records or property. Such audits shall be made by a nonresident, certified public accountant or firm of such accountants who have no personal interest, direct or indirect, in the affairs of the city government.
(Ord. 4274 § 2 (part), 1995)
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