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Committee approves $4.45 million FY24-25 auto and liability insurance premium

2590912 · January 6, 2025
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Summary

The committee approved payment of the FY24–25 auto and general liability insurance premium totaling $4,450,932.04, a sum above the general manager’s signing authority; staff said funds are available in the operating budget.

The Sweetwater Authority Finance and Administration Committee on Jan. 6 approved payment of the FY24–25 auto and general liability insurance premium in the amount of $4,450,932.04.

Staff said the premium exceeds the general manager’s signing authority and requested committee approval to make the annual payment; staff confirmed funds for the payment exist within the operating budget and within the line item. One committee member asked whether the budget covered the premium; staff replied there was sufficient funding in the line item and noted the budgeted figure of $447,000 in the packet and characterized the difference as roughly $3,500 higher than that line amount as presented (transcript comments reflect those line-item figures; staff clarified there is sufficient funding overall).

Director Martinez moved to approve the premium payment; the mayor seconded. A roll-call vote recorded aye from Directors Martinez, Morrison and Yamani and the motion passed unanimously.