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City finance outlines insurance deductibles, FEMA process and project accounting for recovery costs
Summary
Finance staff said the city has started project accounting for claims, will inspect municipal losses with adjusters and expects FEMA public‑assistance reimbursement processes to take months to years; insurance deductibles include a $10,000 tree deductible and a $50,000 property deductible.
The city’s finance staff described the insurance, FEMA and accounting steps that must follow the tornado.
Staff established a project accounting system to log city expenses, mutual‑aid bills and donated resources, because FEMA and state processes require detailed documentation. The finance office will inspect city‑owned property with insurance adjusters and inventory damages; staff said municipal property losses are being prioritized for immediate inspection and that the city will start insurance inspections the day after the meeting.
Officials provided preliminary deductible figures: tree coverage carries a $10,000 deductible with a maximum coverage amount noted under the city policy; vehicle coverage uses a $1,000 deductible for an incident and property coverage carries a $50,000 deductible. The finance director said the FEMA application process for public assistance typically begins within nine months and reimbursements can take 18–24 months or longer; by contrast the city’s prior event (2007) produced roughly $250,000 in FEMA reimbursement after a two‑year process.
Staff emphasized accurate logging of volunteer hours, donated materials and equipment — recorded at the command center — because those in‑kind values may be used to satisfy required matching shares for public‑assistance grants. The city is coordinating with RMU (a component unit with a separate tax ID) and other public entities, and staff said some costs will be paid from reserves initially while FEMA/state claims proceed.
