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Self-Insured Minneapolis Will Tap City Budget to Pay Floyd Settlement

March 17, 2021

Minneapolis will have to look beyond its insurance fund to pay out the $27 million settlement to George Floyd’s family over his killing by police last year.

The settlement, one of the largest pre-trial payments for police misconduct ever, will come in part from the city’s general fund, according to a city spokesperson. The official said Minneapolis collected more revenue than expected in 2019 and planned to use the excess to prepare for budget shortfalls and these liabilities. Minneapolis also uses a self-insurance pool, which municipal agencies pay into, to finance workers’ compensation, accrued sick leave benefits and lawsuits against the city.

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