$143,000,000. With dollar bills stacked end to end, that is more money than it would take to reach the farthest distance on the face of the earth from Nebraska. That is also the same amount on the City of Norfolk’s asset list (according to the 2014 Comprehensive Annual Finance Report, CAFR). That includes everything from buildings and property, dump trucks, pay loaders, police cruisers, computers, fire engines, down to lawn mowers. That number does not include items and equipment that are less than $500 like chain saws, shovels, tools, furniture, or library books.
Hi, my name is Lyle Lutt and I am the Risk Manager for the City of Norfolk. My job is to help ensure that the citizens’ $143 million is safe. So what does that entail? Although many of the projects and ideas that come through the city administration building involves input from each administration entity (Risk, Finance, Legal & Engineering) with a knowledge base that overlaps, the Risk Management Office’s primary responsibility is purchasing and insurance.
Any time there is money being spent or going out, there is risk. Our office is involved with purchases that cost more than $1,500 and budgeting for the future. That includes everything from big lawn mowers to the biggest fire truck and library additions, building construction, or property management and everything in between. With time, all of that equipment wears out and needs replaced or added to. That is where the Capital Improvements Program (CIP) comes into play. The CIP is for purchases over $50,000 for each of the next 10 years into the future.
The other facet of our office is insurance and making sure the City’s and citizens’ assets are covered in the event of a fire, hail storm, tornado or other significant disaster. The City of Norfolk is covered by The League Association of Risk Management.
Stacey has been working in our office since 2009 but has been with the City of Norfolk since 2006. Should you ever have questions about either of the topics of purchasing or insurance, please feel free to call our office so we can talk.