Monday November 4, 2024 Finance Committee Meeting

[City Clerk]

Minutes from the Monday November 4, 2024 Finance Committee Meeting Present –Alderwoman Christia Simmons, Alderwoman Charlene Moore, Finance Manager Christie Connor and City Clerk Susan Colden. Alderwoman Clay and Fire Chief Landry were also present. There were no public comments. Alderwoman Simmons called the meeting to order and introduced Coy Duplantis and Stacey Bienvenu with Brown and Brown. Ms. Stacey Bienvenu addressed the committee first. She directed the group to review the current plan and stated that Blue Cross Blue Shield was only going to a 2.5% increase for next year. For coverage for just an employee the total cost would rise to $621.74 from a current level of $606.56 and the employee’s cost would go from $45.49 to $46.63. The committee thought this plan would be a good choice rather than raising deductibles just to lower the cost to the city since the city’s portion is only $12.98 more per employee. Ms. Bienvenu also noted that the coverage through Lincoln for employee life insurance and short-term disability will not increase next year. Next Coy Duplantis addressed the committee. The information he is still waiting on is general liability, auto and public officials and EBL. He also stated that for the property the broker said will either a decrease or flat. There was a discussion concerning the companies that he is still looking for quotes with and if it is a change in deductibles or a retention. The Fire policy will have a small increase, mostly from the auto and Coy said if the City wants the deductible for portable equipment could be raised but the group felt that it was not enough savings to justify the higher expense the City would need to pay for damages. Worker’s Comp is showing an increase of over $13,000 because the experience modifier what increased. Coy said he is working to get some credits but the majority of the increase is due to one claim. Crime is flat and equipment breakdown is up slightly Coy did have 2 other options for Equipment Breakdown coverage and the Hartford would reduce the cost by $1,500 which the committee favored. At this point Alderwoman Simmons adjourned the Finance meeting and moved back to the Policy and Personnel Meeting. The committee returned to the finance meeting agenda and Alderwoman Simmons reported that this month we are not going to do an actual to budget comparison because the only P & L we have available is the August 2024 since the September bank reconciliations have not been completed. The group was also told that the cash flow analysis had to be revised and the large number of operating transfers that need to be made. The sales tax was down 23%. With no other business to discuss the meeting was adjourned.



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Carol Bourgeois Jr., Mayor
ATTEST:



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Susan Colden City Clerk