6.1c ERMUSR 06-13-2023Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO:
FROM:
ERMU Commission
Melissa Karpinski — Finance Manager
MEETING DATE:
AGENDA ITEM NUMBER:
June 13, 2023
6.1c
SUBJECT:
Staff Update
ACTION REQUESTED:
None
DISCUSSION:
We received our property and liability insurance renewal for July 1, 2023 to July 1, 2024.
The total premium decrease is approximately 7.28% from prior year; $152,378
compared to $164,345. This is mainly due to methane gas powerplant decommissioning
which is partially offset by a 5% rate increase and inflation. A breakdown of the
premium decrease is below.
Premium
Coverage
2023
2022
% Change
Property
$
57,458
$
48,709
17.96%
Mobile Property
$
1,688
$
1,447
16.66%
First Party C ber
$
5,897
$
5,897
0.00%
Municipal Liability
$
33,470
$
29,224
14.53%
Auto Liability
$
4,030
$
3,589
12.29%
Auto Physical Damage
$
3,848
$
3,423
12.42%
Bond
$
592
$
596
-0.67%
Equipment breakdown
$
45,395
$
71,460
-36.47%
Total Premium
$
152,378
$
164,345
-7.28%
• ERMU's payroll Specialist is working on the implementation of benefits enrollment
within iVUE Connect Financials — HR.
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