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Renew Citywide Insurance Program and Policies Procured through Independent Cities <br />Risk Management Authority and Arthur J. Gallagher <br />August 6, 2024 <br />Page 4 <br />Actuarial valuation as of June 30, 2024 <br />$18,367,000 <br />$35,595,000 <br />Estimated fund balance as of July 1, 2024 <br />$18,304,735 <br />$13,954,070 <br />Estimated Shortfall <br />$62,265 <br />$21,640,930 <br />After appropriation adjustment, the following table summarizes the funds budgeted and <br />available for estimated premium and administrative costs. Staff will continue to propose <br />increases to internal service charges in future budget cycles to reduce the estimated <br />shortfall, which will primarily be borne by the General Fund. <br />Accounting <br />Fund <br />Accounting Unit — <br />r <br />Year ea <br />Unit — <br />Description <br />Account No. <br />Amount <br />Account No <br />Description <br />08209054- <br />Workers <br />Workers <br />$ 1,300,000 <br />2024-25 <br />64010 <br />Compensation <br />Compensation, <br />Insurance Payment <br />08009051- <br />Liability & <br />Liability & Property <br />$ 9,640,380 <br />2024-25 <br />64010 <br />Property <br />Insurance, Insurance <br />Insurance <br />Payment <br />APPROPRIATION <br />ADJUSTMENT <br />2024-25 <br />08009051- <br />Liability & <br />Liability & Property <br />$ 2,200,000 <br />64010 <br />Property <br />Insurance, Insurance <br />Insurance <br />Payment <br />Total: <br />$ 13,140,380 <br />EXHIBIT(S) <br />1. Joint Exercise of Powers Agreement for Insurance and Risk Management <br />Purposes <br />2. Agreement For Consultant Services Between City of Santa Ana and Arthur J. <br />Gallagher Risk Management Services LLC <br />3. ICRMA Member Contribution Invoice — Santa Ana — Invoice # 4373 <br />4. Arthur J. Gallagher Risk Management Services, LLC — Invoice # 5195470 <br />Submitted By: Lori Schnaider, Executive Director of Human Resources <br />Approved By: Alvaro Nunez, Acting City Manager <br />