City of Oakwood, Ohio
Notes to the Basic Financial Statements
For The Fiscal Year Ended December 31, 2024
retention remained unchanged from the prior 2 years. Effective November 1, 2019, the Plan's casualty retention remained unchanged. The Plan's property retention increased to 33% of the first $1,000,000 property treaty from 30% the prior two treaties.
A complementary excess treaty will respond by reimbursing the OPRM 33% of the loss value between $200,000 and $1,000,000. Effective November 1, 2020, the Plan's casualty retention remains unchanged and the Plan's property retention increased to 55% of the first $1,000,000 property treaty. A complementary excess treaty will respond by reimbursing the OPRM 55% of the loss value between $200,000 and $1,000,000. Effective November 1, 2021, the Plan's casualty retention remains unchanged and the Plan's property retention increased to 65% of the first $1,000,000 property treaty. A complementary excess treaty will respond by reimbursing the OPRM 65% of the loss value between $200,000 and $1,000,000. Members are only responsible for their self‐retention (deductible) amounts, which vary from member to member. Effective November 1, 2022, the Plan's casualty retention remains unchanged and the Plan's property retention increased to 100% of the first $200,000 property treaty and remains unchanged in 2023. Members are only responsible for their self‐retention (deductible) amounts, which vary from member to member.
OPRM had approximately 800 members as of December 31, 2024.
The City pays an annual premium to OPRM for this coverage. Insurance will cover up to the limits as stated below:
| Coverage Type | Per Occurrence | Annual Aggregate | Deductible |
|---|---|---|---|
| General liability | $ 6,000,000 | $ 8,000,000 | $ 1,000 |
| Employers liability | $ 6,000,000 | $ 6,000,000 | N/A |
| Employee benefits liability | $ 6,000,000 | $ 8,000,000 | N/A |
| Law enforcement officers liability | $ 6,000,000 | $ 8,000,000 | $ 2,500 |
| Public official liability | $ 6,000,000 | $ 8,000,000 | $ 2,500 |
| Automobile liability | $ 6,000,000 | N/A | Comprehensive - $500 Collision - $1,000 |
| Cyber liability | $ 1,000,000 | $ 1,000,000 | $ 10,000 |
| Malicious act liability | $ 1,000,000 | $ 1,000,000 | $ 25,000 |
There were no reductions in insurance coverage during the year in any category of risk. Settled claims did not exceed insurance coverage in each of the past three years.
The City pays the State Workers’ Compensation System a premium based on salaries paid. The City also provides medical, dental, vision and life insurance to all full‐time employees. In 2024, the City paid approximately 90% of the premiums for medical coverage, approximately 80% of the premiums for dental insurance, and 100% of the premiums for life insurance. The City is self‐insured for vision insurance. Vision payments were $6,969, $5,949, and $9,366 for the years ended December 31, 2024, 2023, and 2022, respectively.
City employees earn vacation leave at varying rates based upon length of service. In the case of death or retirement, an employee (or their estate) is paid for the unused vacation leave. The total obligation for vacation leave for the City amounted to $558,792 at December 31, 2024.