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Staff reports modest insurance renewal increase; A&P early‑pay discount and penalties tracked
Summary
Marsh told the council the city's general insurance renewal presents a modest net change (roughly a 6.544% renewal figure described) and explained the new A&P penalty/discount lines—early‑pay discounts reduce reported revenue while penalties began in July and are tracked separately.
Marsh summarized two administrative items: the general insurance renewal and the Advertising & Promotion (A&P) early‑pay/penalty accounting.
On insurance, Marsh said staff received renewal amounts and adjusted coverages (for example, limiting deductible buyback and removing some lift stations from the buyback). He gave an overall renewal figure: "the all in all in all, the amount for the renewal is 6.544%" and noted the renewal is about 1.6% higher than last year’s actuals but about 3.2% below the current budgeted amount.
On A&P, Marsh said staff is now separately tracking early‑pay discounts (a 2% option allowed by state law) as contra‑revenue and penalties for late payment as a separate revenue line that started in July. He gave YTD penalty totals and said the early‑pay discounts equate to roughly 1.1% (about $229 for the month and a cumulative $465 YTD in the sample presented).
No vote was taken; staff will continue to refine line‑item breakout and consult the mayor and council as necessary.
