HomeMy WebLinkAbout07/13/1983 FC minutesVillage of Mount Prospect FINANCE COMMISSION
100 S. Emerson
Mount Prospect, Illinois 60056 JULY 13, 1983
Minutes
Mayor Krause called the meeting to order at 7:30 PM.
Commissioners present were Smilanic, Brandeis, Davies and Holderried.
Also present was Trustee Van Geem, Assistant Village Manager Hedges,
Director of Management Services Hedstrom and one citizen.
Mayor Krause discussed the content of the material to be covered and
also stated that the Mayor and Village Board looked forward to receiving
a recommendation from the Commission as to how the Village should operate
their Property and Casualty insurance coverage beginning January 1, 1984.
The Mayor also stated that the Village Board would like the recommendation
in late July or early August so that the Village Board is in a position of
taking formal action at their regularly scheduled August 16, 1983 meeting.
If necessary, Mayor Krause stated that she could call a special meeting
later in August.
Director of Management Services Hedstrom then provided some background and
history on Mount Prospect's current insurance plan which is through member-
ship in the "Intergovernmental Risk Management Agency (IRMA). IRMA is an
agency currently made up of 37 suburban municipalities whose five year term
• - ends on December 31, 1983. The purpose of the agency is to provide property
and casualty insurance coverage on a self-insured basis with a municipality
paying the first $1,000 of each claim, the agency paying the next $249,000
and Lloyds paying the next $9,750,000.
Since the continuing agency will commence on January 1, 1984, communities
interested in remaining members are required to adopt and file ordinances
stating their intentions by September 1, 1983.
Hedstrom then went over the three possible options open to Mount Prospect
which are (1) remain in IRMA, (2) operate on a completely self-insured basis
or (3) obtain conventional coverage. A question and answer period and
general discussion followed, the outcome of which is that additional data
is to be mailed to Commission members.
The Mayor scheduled the next meeting for July 27, 1983 at 7:30 PM.
Meeting was adjourned at 9:25 PM.