HomeMy WebLinkAboutItem 14 - Flood Contingency StrategyFlood Contingency Strategy
July 21, 2015
presented by
Greg Jordan
Agenda
Flood Contingency
Insurance
City Costs
�, Fixed costs vs. additional costs
➢FEMA
Recommendation
G'E:2.E� 'T' \m E,
Flood Contingency - Goals
➢Fully restore trails, streets, and fields
Minimize fiscal impact to City
Maximize FEMA assistance
GRAREYI-NE.
Recover lost revenue, flood insurance
Plan for worst-case scenario
10,000,000
2,000,000
Flood Contingency - Plan
$10 Million Contingency Fund
4
Insurance
�, Maximum Flood $2 million
Includes $1 million "loss of revenue"
Meeting with adjusters
Staff expects full $2 million
Receipt of funds FY1 5 into FY1 6
5
City Cost
�, Fixed costs
Planned expenses, day-to-day operations
When reassigned, may count toward 25%
match
Some fixed costs are included in "total cost"
�, Additional Costs
Would not have incurred, net new
Repair, cleanup (i.e. streets, trails, fields)
)�. Total Cost > Additional Costs
FEMA
)�, Project size
Projects < $125,000
City can receive immediate funding prior to
initiation
25% match required
. Projects > $125,000
Funds received as work is completed, post request
25% match required
Recommendation
Summary
Insurance
City
FEM
T 0 TAI
�, Recom
Tra n sf(
portion
Remail
ndation:
$2,1001000
L to fund City
ed post incident
Flood Contingency Strategy
July 21, 2015
presented by
Greg Jordan