The purpose of the Risk Management Trust Fund is to provide for the payment of benefits, losses and claims as set forth in Arizona Revised Statutes § 11-981(A) which shall include legal defense costs, administrative costs, claims adjusting costs, losses (including those related to workers’ compensation, personal injury or property damage), reserves for anticipated losses and lawsuits, insurance costs (including premiums), external audit and other expenses related to the operation of the City’s self-insurance program.
The Risk Management Trust Board is composed of five members appointed by the City Council for staggered terms. No more than one member on the Board may be a member of the City Council and no more than one may be an employee of the City. The Risk Management Trust Board shall meet at least once a year and shall make recommendations thereafter to the City Council, through the City Manager, regarding the investment and administration of the Trust Fund. The Board shall submit an annual report to the City Council through the City Manager relating to the status of the Trust Fund and making other recommendations that the Board deems necessary and appropriate. The Board meets as needed, typically in May-June, at 5 p.m., in the Tempe Public Library, 3500 S. Rural Rd., Tempe. (City Code, Chapter 2, Article VII, Division 1; Ordinance No. 2012.47 (PDF))