A. A dedicated, special revenue fund is created, to be known as the risk management fund. The purpose of the fund is to finance all costs of the risk management program. Revenue for the fund may include charges from other funds which have an insurable risk, as determined by the mayor in consultation with the risk manager and the budget director. Such charges may further be allocated between departments, in recognition of the actual source and distribution of losses, so as to encourage operations managers to prevent such losses.
B. Annual appropriations to the risk management fund shall be sufficient to cover all costs of the risk management program, including, but not limited to, annual insurance premiums, reciprocal insurance fees, settled claims or final judgments against any retained liability risk, other uninsured losses and a contribution to a reserve for incurred but unpaid claims against any retained liability risk and other potential loss against retained risk. It shall be the goal of the city to maintain at all times a loss reserve equal to at least four (4) times the maximum retained risk per occurrence. (Ord. 2197 § 1, 1986)