Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Council Finance topic
No spam. Unsubscribe anytime.
Council approves insurance renewals and vehicle financing; four insurance items renewed with flat or reduced premiums
Summary
The council approved annual renewals for several city insurance policies with modest premium decreases, and authorized financing for procurement of 15 police/code vehicles that were previously budgeted in the CIP.
At the March 11 meeting the City of Homestead approved four routine finance items in a consolidated sequence: three property insurance renewals, terrorism insurance and a vehicle financing authorization.
City staff summarized the purchases in an abbreviated staff report. The council approved by voice vote: the purchase of property insurance covering City Hall, the police station and the city cyber room (one-year term, approximately 10% premium reduction); property insurance for non‑power‑plant city properties (approximate 9.5% premium reduction); property insurance covering city power plants and substations (approximate 5% premium reduction); and terrorism insurance (renewal with no premium change).
Council also approved financing through Truist for 15 vehicles (13 Ford Interceptors for police and two Ford Maverick pickups for code compliance). Staff said the vehicles were previously authorized in the capital improvement plan and budget; the financing authorizes the funding instrument to complete the purchases. The motion to finance the vehicles was moved by the vice mayor and seconded by another council member and passed with no recorded opposition.
No member of the public addressed these items during the public hearings; councilors had no substantive changes to the staff recommendations and approved each item in sequence.
