Title
An Ordinance Amending Part 5 (Claims Management), Article 5 (Finance Management Procedures), Chapter 1 (Administration, Personnel and Finance) of the Code of the City of Colorado Springs 2001, As Amended, Pertaining to Claims Management
Presenter:
John Hunter, Manager Financial Planning & Risk, Colorado Springs Utilities
Travas Deal, Chief Executive Officer, Colorado Springs Utilities
Body
Summary:
Colorado Springs Utilities (Utilities) requests approval of amendments to Part 5, Article 5, Chapter 1 of the City Code pertaining to claims management and administration of claims reserve funds.
The City currently administers a claims reserve fund on Utilities' behalf. Currently under City Code, the City has a claims reserve fund that is administered for the City and Utilities. The proposed amendments would create a second, separate claims reserve funds for Utilities that would be independently administered by and for Utilities. The proposed amendments also: (i) clarify the administration, management, settlement, and oversight of liability claims and reserve funds for the City and Utilities, and (ii) aligns the Code with best practices for governance and claims management.
Background:
Part 5, Article 5, Chapter 1 of the City Code governs the administration of claims management activities and reserve funds used for liability claims involving the City and Utilities. During a review of claims administration practices, staff identified provisions that appear to be a legacy from the period when Utilities operated as a City department and did not have its own Chief Financial Officer (CFO).
Previous Council Action:
N/A
Financial Implications:
The proposed amendments do not create new funding requirements.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
The proposed amendments were developed through coordination among Colorado Springs Utilities Financial Planning and Risk, Utilities leadership,...
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