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Trust Tips is a resource for members of the Trusts administered by the Florida League of Cities. Here you’ll find tips and other information from the Florida Municipal Insurance Trust, Florida Municipal Investment Trust, Florida Municipal Loan Council and the Florida Municipal Pension Trust Fund.
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In this issue:
- Tips for limiting litigation costs when budgeting
- Bonds from the Florida Municipal Loan Council issued to nine entities
- Hometown Health: a free, effective service for FMIT health members
- FMIT/SynergyNDS: On your side when disaster strikes
- Palm Beach Gardens awarded matching safety grant
- Five tips to avoid the dangers of public WiFi
- Tackling the opioid epidemic
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FMIT New Member Welcome
The Florida Municipal Insurance Trust provides insurance services for close to 600 members in the state, and welcomes its three newest members:
Kissimmee Utility Authority
Sanford Community Redevelopment Agency
Okaloosa Gas District
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$69.5 million in excess premiums returned to members
In 2016, members of the Florida Municipal Insurance Trust that are renewing their property insurance will share in a combined $4.5 million refund approved by the board of trustees. The FMIT is member-owned and is governed by city officials. Rather than going to shareholders, as is the case with traditional insurance companies, excess premiums totaling $69.5 million have been returned to FMIT members since 2007.
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Florida Municipal Loan Council Bonds Benefit
Nine Florida Entities
The Florida Municipal Loan Council (FMLC) recently announced the closing of its 25th series of fixed-rate bonds, issuing $24.52 million in bonds to nine Florida Cities. The Town of Bay Harbor Islands, the City of Belle Isle, the Town of Eatonville, the Town of Lake Park, the City of North Miami, the Town of Oakland, the City of Port Richey, the City of St. Augustine Beach and the City of Valparaiso were able to refinance existing debt and finance new capital projects with the bonds. The refinancing portion of the bonds saved the municipalities a total of $2.385 million.
The FMLC was created to give local governmental entities the ability to finance or refinance projects on a cooperative and cost-effective basis. It has issued more than $1 billion in bonds to 58 municipalities since 1998. By pooling loans, participating borrowers benefit from economies of scale associated with large scale financings. The program offers many advantages including higher credit rating on bonds, longer amortization schedules and lower costs of issuance. Additionally, ongoing bond administration services are provided post-closing including continuing disclosure, investing of loan proceeds, member statements and arbitrage rebate calculations.
The FMLC offers a fixed rate bond program with a minimum loan size of $1 million and terms of repayment up to 30 years. The proceeds from this program can be used for a variety of purposes including capital improvements, renovations, fixed asset additions or refinancing of existing debt. In addition to the bond program, bank loan and equipment financing programs are also available.
The Florida Municipal Loan Council is now accepting applications for its 26th Series of Bonds to be issued in Spring 2017! To learn more, please contact Molly Hall.
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Lawsuits and City Budgets
This recent article from
Governing magazine reports on how lawsuits are straining city budgets throughout the United States.
While Florida is a fairly litigious state, primarily South Florida, the Sunshine State has a sovereign immunity cap for state and local governments that limits the amount to be paid out to a plaintiff to $200,000 each person / $300,000 each occurrence. There are also laws that cap attorneys’ fees if they are awarded.
What can your city do to limit litigation costs when budgeting?
Jessica Sheets, the League’s property and liability claims manager, offers these tips. When looking at budgets and litigation costs, it’s important to understand the following:
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Your risk management plan. Know if you have high deductible policies or are self-insured. For either, appropriately budget using past loss history and annual inflationary increases.
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If you choose to self-insure, have sound and detailed litigation budgets and agreed fee arrangements with defense attorneys.
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Training can prevent claims, but it’s typically the first area to get cut during difficult economic times. To save money, consider partnering with a peer city for training.
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Law enforcement and employment liability claims are the most expensive. So, it’s wise to budget training in these areas.
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Loss prevention training for public works and parks department employees is important as they are the eyes for the city in the field. It’s essential that these employees notice problem areas and take proactive steps to make repairs.
The crux of liability claims is whether the city was on “notice” of a certain condition – whether actual (city knew or didn’t know) or constructive (city should have known) notice.
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Hometown Health
is a cost-free, incentive-based wellness program that is easily incorporated into your workplace – training and tools included. It is available to cities participating in FMIT group health plans.
Benefits include:
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- Onsite Health Screenings
- Online Health Assessments and completion of biometric health screening ($25 gift card)
- Completion of a variety of healthy activities including the WebMD Health Assistant tool, biannual wellness challenges and telephonic health coaching ($100 gift card)
Learn more.
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Preventative screening compliance has increased for the following since the program's 2012 launch:
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Helping Cities through Hurricane Matthew
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“I can’t say enough about how impressed we are with the Synergy disaster response team. They are a true value to the FMIT property program.”
- Karen Temme, risk manager, Town of Palm Beach
The FMIT partners with SynergyNDS for its disaster preparedness, response and recovery efforts. Disaster benefits are available to all FMIT member cities.
Throughout Hurricane Matthew, we were on the ground, often within command centers, performing pre-assessments, providing satellite radios and immediately assessing damages in the storm’s wake.
Learn more.
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Five Tips to Avoid
the Dangers of Public WiFi
An article on Property Casualty 360 highlights tips for public WiFi safety:
- Use a VPN
- Be sure to use encrypted websites
- Secure your computer
- Be careful when shopping
- Limit access to social media websites
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Tackling the Opioid Epidemic
According to the Centers for Disease Control and Prevention
, more people died from drug overdoses in 2014 than any year on record, and more than 60 percent of those deaths involved an opioid.
According to a
recent article, healthcare workers aren’t the only ones who can solve the opioid crisis. Patients, employers and insurers all play a role in the problem… and must be part of the solution.
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City of Palm Beach Gardens
Awarded Matching Safety Grant
In November, the City of Palm Beach Gardens was awarded an FMIT Safety Grant in the amount of $5,663, based on an application request detailing the need to repair the fence surrounding the Allamanda Gopher Tortoise Preserve.
The Matching Safety Grant Fund helps FMIT members obtain safety and health equipment, as well as continuing education classes, immunizations and lifeguard training. To be awarded a safety grant, members must complete a
request form.
During 2015-2016, 83 members were awarded a total of $261,617 in safety grants. Since its inception, the program has awarded nearly $2 million in grants to 226 members.
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Risk Control: upcoming training calendar and online courses
In 2015, more than 450 training classes were held throughout the state. We also offer online training on 23 class subjects ranging from asbestos awareness to personal protection equipment and welding safety. This month, on December 6-7, MOT training will be held at the beginner and advanced levels in two counties.
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