Item 4CApprove Resolution No. 10-045, Naming a Successor Trustee for the City of Southlake Insurance Trust.
Item 4C
Background
Texas Insurance Code requires a premium tax
Municipalities may be exempted if insurance provided through a single, non-profit trust
City of Southlake Insurance Trust
Established August 21, 2007
Trust Agreement & Trustees approved
Amended August 4, 2009 to comply with guidance from the Texas Comptroller
Savings estimate of $52,000 annually
Background
Currently Named Trustee has Resigned
Previous HR Director Kevin Hugman
Trust Requires City Appoint Successor Trustee
Current HR Director Stacey Black
Financial Considerations
The Insurance Trust saves the City approximately $52,000 in annual premium taxes.
Recommendation
Approve Resolution No. 10-045, Naming a Successor Trustee for the City of Southlake Insurance Trust.
Questions?
Stacey Black
(817) 748-8063