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Finance committee approves $71,000 workers' compensation premium adjustment after audit
Summary
The Finance Committee approved payment of an audit-based premium adjustment from Cobb Allen for the 2024–25 policy period; staff said the adjustment resulted from an audit of employee counts and classifications and the amount was presented as $71,000.72.
The Homewood City Finance Committee voted 3-0 June 30 to approve an audit adjustment notice from Cobb Allen for workers' compensation insurance covering the policy period Feb. 1, 2024, to Feb. 1, 2025.
Staff explained the insurer audited employee counts, classifications and payroll exposures for the policy period and determined an additional premium adjustment was due. The presenting staff member said the adjustment amount is $71,000.72 and described the process as a routine post‑policy audit to align premiums to actual exposures.
Committee members discussed timing and the audit process; staff said the adjustment results from changes to positions, salary levels and employee counts during the policy period and that periodic audits are standard underwriting practice. A motion to approve the premium adjustment was made and passed by voice vote, recorded as “Aye. 3 to 0.”
