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Garfield County approves $105,615 budget supplement for cap insurance premium
Summary
County finance staff requested and the board approved a $105,615 budget supplement to cover a higher-than-estimated CTSI cap insurance premium for 2026; staff said the increase reflected stronger revenue in 2022–23 used by underwriters and higher loss runs.
County finance staff requested a budget supplement of $105,615 to cover the final 2026 cap (property/liability) insurance premium billed through CTSI. Brian Lee told commissioners the final invoice arrived after budget work and was higher than initial estimates; he said the insurer calculates premiums using revenue and loss figures from 2022 and 2023, and Garfield County saw a roughly 29% revenue increase in those years driven by property taxes and investment interest.
Commissioners questioned whether inflation or federal policy changes explained the jump; staff replied the primary drivers were property tax and interest revenue plus a modest increase in the county's loss run. The board approved the budget supplement by motion, and staff said they will reconvene a cross-departmental group to explore market alternatives for cap coverage.
Why it matters: The supplement increases the county's 2026 expenditures by a six-figure amount and reflects broader market and revenue trends that affect municipal insurance costs.
Next steps: County staff will reconvene the review group to examine marketplace options and return recommendations to the board.
