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 September 2019:
Employee Insurance Fund (Attachment 1):
The insurance fund has tentatively closed, minus any final adjustments in the 13th period, well ahead of projections (noted in blue column 20) that was as of July 2019. Column 14 in grey shows the tentative close of the fiscal year with revenues reaching $21,279,833 (even without the September city contributions for active and retirees). Expenses in total hit $16,963,681, producing an operating balance of $4,326,167 at year-end. Overall, the year ended very strong, with active claims only reaching $12.2 million versus the $15.7 million budgeted and retiree claims reaching $2.1 million versus the $3.1 budgeted. We have increased our Contingency Reserve to $4 million and still have an ending resource balance of $6.64 million.
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.