From
Lisa Norris, Human Resources Director
Title
Employee Insurance Fund Monthly Review - Lisa Norris, Human Resources Director
Presenter
Lisa Norris, Human Resources Director
Recommended Action
Review Only
Analysis
This analysis covers the experience in the Employee Insurance Fund through June 2019:
Employee Insurance Fund (Attachment 1):
The insurance fund is performing very well as we complete the third quarter of fiscal year 2019 with total claims reaching only $997,860 for the month. From a revenue perspective, and as mentioned in our recent budget Finance and Government Committee meeting on July 25, 2019, our fund is performing so well that we have tentatively planned to withhold the September "transfers in" from other funds that would go into row 2 and row 3 respectively. This equates to a withholding amount of about $1.1 million on actives and $325,814 on retirees. We are cautiously approaching this, but are extremely healthy in the fund now, including both reserves, ending resource balance, and the stoploss reserve separately funded in the Risk Fund. All of these reserves protect us more so than we ever had in the past when we withheld funding. From an expense standpoint, this particular month, retiree claims had not reported by the close of payroll so the $997,860 on the active claims line is INCLUSIVE of retiree claims. I will separate them out either prior to the meeting or update the committee members at the meeting if numbers are received by then. With nine months of the fiscal year now under our belt, year end projections (blue column 18, rows 30 and 31) are projecting well beneath budget with actives projected at only $12,361,008 versus the $15.7 million budgeted and retirees projected at $2,241,549 versus the $3.2 budgeted. This creates a projected operating balance at year-end of $3,965,471 (row 39, column 18).
UHC Slides:
I have no UHC slides to report at this time.
Financial Consideration
The current bu...
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