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City to renew property and liability coverage with PEP; budget shortfall prompts supplemental appropriation request
Summary
City staff presented a $257,530 renewal quote from the Public Entities Pool (PEP) for property and liability insurance and requested emergency legislation to appropriate an additional $29,300 to cover the increase.
City staff told the Committee of the Whole on July 10 that the city’s property and liability insurance through the Public Entities Pool (PEP) will expire July 31 and that the renewal quote for Aug. 1 through the next policy year is $257,530, an increase of about $38,000 over 2024.
The finance director (Aneta) and staff said the increase reflects market conditions and additional exposures from…
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