[Adopted 5-6-1991; amended in its entirety 12-2-2002]
There shall be a fund created to be known as
the "Self Insurance Workers' Compensation Fund" to incorporate all
income and expenses associated with the City of Middletown's and its
Board of Education's self-insured workers' compensation program.
Such income to the fund shall include but not
be limited to the amount budgeted by the Common Council for workers'
compensation in each fiscal year, investment return accrued with respect
to retained reserves and retrospective and experience-rated insurance
premium refunds relating to workers' compensation, subrogation returns
and indemnity checks processed by the City's Third-Party Administrator,
and heart and hypertension and such expenses to include but not be
limited to insurance premiums, retentions (deductibles and self-insurance),
administration and staffing relating to workers' compensation and
such other expenses as are properly incurred incident to the operation
of a self-insured workers' compensation program.
Expenditures shall only be made from the fund
for the City's self-insured workers' compensation program by the Director
of Finance in accordance with the directions of the City's Third-Party
Administrator of the City's workers' compensation program and the
City's Risk Manager. Said fund shall be subject to normal budgetary
procedures and appropriation action, provided that due consideration
shall be given to the recommendations of the City's Risk Manager and
any actuary hired by the City to review said fund and the City's self-insured
workers' compensation program, in taking such action with respect
to said fund.
