City Manager Robert Layton said that as he was assembling possible solutions to the city water utility’s dire financial situation, he considered borrowing money from the city’s self-insurance funds.
But he decided against it because of the potential for unexpectedly high insurance claims to lead to yet more problems. “We could put ourselves in jeopardy,” he said today.
For example, City Finance Director Kelly Carpenter said the city is about to report that the July hailstorm led to roughly $4 million in claims. Read More