§ 2-1684. Insurance revolving fund.

(a)

Establishment; purpose. There is hereby established a permanent fund to be known as the insurance revolving fund, for the purpose of purchasing insurance and distributing the cost of insurance premiums and apportioning insurance losses and recoveries that may occur in any activity or department conducted by the city. Such fund shall be administered by the director of finance, who shall be the disbursing officer thereof.

(b)

Receipts and expenditures. The insurance revolving fund shall be created by advances from the general fund or other funds as may be approved by the council. Such advances shall be in an amount sufficient to pay the premiums due in any one fiscal year, or of any other amount that may be made available by the council. All insurance premiums expended for or chargeable against any operation of any department or activity of the city shall be paid from the insurance revolving fund. Periodically during the life of any insurance policy, the pro rata portion of the premium of such policy shall be allocated and charged against the funds of the department and division of the city against which such premium is properly chargeable, such allocation and charge to be made by the director of finance upon the books of the city. If at any time this fund shall be discontinued, the advances made to such fund shall be returned to the funds from which such advances were made.

(c)

Budget; nature of fund. The insurance revolving fund shall be operated under a budget adopted by the city council in the same manner as other city funds; provided, however, that such fund shall be deemed a permanent special fund continuing from year to year unless and until modified or vacated by the council. It is the intent that such fund shall be in the nature of a revolving fund and the charges and credits affecting the fund shall be undisturbed at the end of each fiscal year and the balances which may be shown upon its accounts in the nature of surplus shall not revert to the general fund but shall remain to the credit of the insurance revolving fund without the necessity of reappropriation but subject to appropriation within the fund.

(Admin. Code 1967, § A11.42)