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Council reauthorizes LARM insurance option after administrator explains discount structure
Summary
Council approved Resolution 2026-11 renewing coverage with the League Association of Risk Management (LARM); Administrator Schmidt explained the 5% discount applies to the first year only and recommended recommitting to secure the initial discount.
The council approved Resolution 2026-11 to renew the city's insurance arrangement with the League Association of Risk Management for a discount option that requires 180 days' written notice to terminate. Administrator David Schmidt reviewed the previous three-year commitment and explained that the 5% discount the city believed applied across all three years in 2025 actually applies only to the first year, with the discount stepping down in subsequent years.
Schmidt said the structure is "the 5% applies to the first year, and then the second year it drops to 4%, and the final year would drop to 2%." He recommended recommitting to the three-year term if the council values retaining the higher initial discount. Council voted unanimously to approve the resolution at the July 14 meeting.
