SUBJECT:
Insurance Fund - Employee Health - $8,500,000
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INITIATOR: |
DEPARTMENT: |
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Bobbi Perez, Director |
Human Resources |
DESCRIPTION/BACKGROUND:
We are requesting a transfer from the Reserve for Health Claims account to the Health Claims account due to claim costs exceeding the budgeted amount. The Reserve for Health Claims account is specifically intended for this purpose and will serve as the primary funding source. Additionally, $1,000,000 in insurance rebates is available to further support claim expenses.
This is expected to be a non-recurring issue, as the identified funds should be sufficient to cover claim costs for the remainder of the fiscal year.
BUDGET/IMPACT:
Increase Insurance Fund appropriation by $1,000,000.
RECOMMENDED ACTION:
Recommended action
Approve attached Budget Amendment Resolution.