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 July 2019:
Employee Insurance Fund (Attachment 1):
The insurance fund is performing very well as we enter the final quarter of the fiscal year 2019 with active claims reaching only $867,958 for the month. From a revenue perspective, our fund continues to trend well, so we remain on course to withhold September "transfers in" from other funds that would go into row 2 and row 3 respectively (active and retiree city funding). This equates to a withholding amount of about $1.1 million on actives and $325,814 on retirees for a total withholding of $1.4. Additionally, we added an additional one million to the "Reserve for Contingency" as noted in row 45, column 12 and 18 to $4,000,000. With ten months of the fiscal year now under our belt, our projected operating balance at year-end continues to grow and is now expected at $4,501,418 (row 39, column 18).
UHC Slides:
I have no UHC slides to report at this time.
Financial Consideration
The current budget is approved and no financial consideration is necessary at this time until additional claims data based on future months can be reviewed.