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i so°old Dr.o <br /> FINANCE DEPARTMENT I ` :re'art <br /> ORANGE COUNTY <br /> GORDON.R. BAKER <br /> DIRECTOR <br /> MEMORANDUM <br /> To: County Manager • . <br /> From: Finance Director/id <br /> • Re: Budget Amendment Insurance Coverage <br /> Date: December i, 1985 <br /> Based upon the information received today from the Purchasing and Central Services <br /> Director, a budget amendment of $73,176 will be needed to fund the General Compre- <br /> hensive Liability; Auto Liability, and EMS Malpractice Insurance. (See computation <br /> below for a breakdown.) • <br /> It appears now that we will receive full funding of revenue sharing for the 1985-86 <br /> fiscal year. If so, we could budget an additional $128,500 in revenue sharing funds. <br /> If we use$73,176 for the insurance coverage, this will leave a balance of approximately <br /> $55,000 in revenue sharing funds for other purposes. Alsq we still have approximately <br /> $32,000 in contingency. <br /> Based on the compromise reached by the joint Senate-House Conference, we will be. <br /> able to budget one revenue sharing payment in the 1986-87 budget. This payment <br /> will reflect the proposed 8% decrease. Thus,we could budget approximately119,000. This <br /> would represent a revenue loss of almost $580,000 from the current fiscal year. <br /> Increase <br /> Budgeted Actual (Decrease) <br /> Gen. Comp. Liab. $15,000 $84,340 $69,340 <br /> Auto Liab. 39,975 89,344 49,369 <br /> Unemployment 50,000 10,122 (39,878) <br /> Law Enforcement Liab. 20,000 -10,000* (10,000) <br /> EMS Malpractice -0- 4,345 4,345 <br /> $124,975 $198,151 $73,176 <br /> * This is an estivate based on preliminary quotes that Pam received: today.. She is <br /> confident that $10,000 will be the maximum amount needed for this coverage. <br /> Note: Keep in mind that other policies that are up for renewal at a later date (such <br /> as Umbrell a Policy) may require another budget amendment. These calculations. are based <br /> on the best informliation available at this time. <br /> I i <br /> 106 EAST MARGP RET LANE • HILLSBOROUGH,NORTH CAROLINA 27278 • 919/732-8181 <br />