The trustees, following consultation with the administrator, shall annually recommend to the mayor and council the level of funding necessary to achieve and maintain adequate trust funds. The determination of the appropriate amount of funding for the trust shall be made annually and shall be solely within the discretion of the mayor and council. The trust shall be funded by allocation of funds from general fund and non-general fund departments. General public liability funds shall be based upon the administrator's analysis of claims history and pending claims. The trust may also be funded by gifts, grants, any special taxes levied to satisfy judgments, payment of claims or other involuntary indebtedness and by monies recovered from litigation, statutory liens, recovery from insurers, subrogation and salvage value of damaged property, and interest earned on the funds held by the trust. Additionally, the trust may be funded through other available financial techniques and methods permissible under state or federal law and authorized by the trustees and the mayor and council.
(Ord. No. 11832, § 2, 5-4-21)