City Council

8E.Finance – Approve Memorandum of Understanding with Public Risk\nInnovation Solutions and Management (PRISM), Approve Annual\nPremium Renewal of Insurance Coverage, and Authorize the Mayor\nas the City’s Signatory. Expenditure: Not-to-Exceed $5,971,900\n(Non-General Fund).\nRecommendation of the Finance Director that City Council:\n1. Approve the Memorandum of Understanding with Public Risk\nInnovation Solutions and Management (PRISM), in the amount of\n$4,906,000 plus a 10% contingency in the amount of $490,600,\nfor a total not-to-exceed amount of $5,396,600, for the annual\npremium renewal of excess (GL2) and optional excess liability\n(OEL) coverage, for a one-year (1) period beginning\nJuly 1, 2026 and ending July 1, 2027; and\n2. Approve the annual premium renewal of excess workers’\ncompensation coverage from PRISM in the amount of $523,000,\nplus a 10% contingency in the amount of $52,300, for a total\nnot-to-exceed amount of $575,300 for a one-year (1) period\nbeginning July 1, 2026 and ending\nJuly 1, 2027; and\n3. Authorize the Mayor as the City’s signatory for the Memorandum\nof Understanding.