(a)For the purposes of this section, the term:
(1)“Actual losses sustained” means actual claims, judgements, or settlements paid by the District of Columbia government.
(2)“Administrative costs of risk management” means the actual cost of operating a risk management program.
(3)“Cost of funding losses” means the total cost incurred by the District of Columbia government on an annual basis for funding losses.
(4)“Cost of risk” means the costs of actual losses sustained, administrative costs of the risk management program, costs of funding losses, cost of risk control efforts and other outside service costs.
(5)“Outside service costs” means all funds expended by the District of Columbia government to external entities involved in risk management activities.
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(a) For the purposes of this section, the term:
(1) “Actual losses sustained” means actual claims, judgements, or settlements paid by the District of Columbia government.
(2) “Administrative costs of risk management” means the actual cost of operating a risk management program.
(3) “Cost of funding losses” means the total cost incurred by the District of Columbia government on an annual basis for funding losses.
(4) “Cost of risk” means the costs of actual losses sustained, administrative costs of the risk management program, costs of funding losses, cost of risk control efforts and other outside service costs.
(5) “Outside service costs” means all funds expended by the District of Columbia government to external entities involved in risk management activities.
(6) “Risk management” means the process of making and implementing decisions to systematically preserve the physical, human, and financial resources of organizations, with the goals of minimizing the adverse effects of accidental losses on organizations and clarifying an organization’s understanding of its exposure to risks, including loss of, or damage to, property; liability loss; interrupted revenue; and loss of personnel resources.
(b) On or before February 1 of each year, the Office of the City Administrator, or any successor agency which shall perform its risk management functions, shall provide a report to the Council delineating the savings realized by the District of Columbia as a result of implementing risk management plans and strategies. The report shall:
(1) Be prepared on an agency-by-agency basis;
(2) State the itemized cost of risk in the prior fiscal year;
(3) State the changes in the total cost of risk realized in the prior fiscal year resulting from implementing risk management plans compared to the cost of risk in both the next preceding fiscal year and the baseline fiscal year 2004 (comparative cost of risk information for fiscal years 2002 and 2003 shall be used to the extent that is available); and
(4) Include all data, on an agency-by-agency basis, reported to the City Administrator by agencies on the Risk Management Council addressing risk within agencies and plans implemented to control those risks.