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Committee approves $71,000 workers' compensation premium adjustment after audit
Summary
Committee authorized payment of a premium adjustment of roughly $71,000 following an insurance audit that reclassified employee exposures for the 2024 policy period.
The Homewood City Finance Committee on June 30 approved payment of a workers' compensation premium adjustment arising from an insurer audit of the 2024 policy period.
Staff explained the insurer conducts periodic audits of payroll exposure and employee classifications after the policy period. The packet and discussion referenced an adjustment figure the committee recorded in the meeting as $71,000.75; staff described the audit as retroactive to the policy period Feb. 1, 2024, to Feb. 1, 2025. City staff said the audit reflects changes in employee counts, job classifications and wage increases that affect the city's exposure and premium calculation.
Committee members asked procedural questions about timing and audit process; staff said the audit timing aligns with how the insurer verifies exposure and that the committee needed to authorize the refund/payment resolution to avoid interest accrual or to process an owed refund. Committee moved to accept the premium adjustment; the motion passed by voice vote (3-0). Staff indicated the adjustment will be processed in accordance with the insurer's audit results and that city staff will handle related administrative steps.
