From
Lisa Norris, Human Resources Director
Title
Employee Insurance Fund Monthly Review - Presented by 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 2020:
Employee Insurance Fund (Attachment 1):
The insurance fund is complete through June 2020 and continues to run well. Revenues are projected to come in beneath budget, but that is because of our planned withholding of both August and September City contributions (row 2 and 3) for Actives and Retirees. This puts our revenues at 88% of budget. Expenses are also trending well, and expected to only hit about 89% of the budget overall. Active claims (column 10, row 28) and retiree claims (column 10, row 29) have reached $10.8 million and $1.6 million respectively through June and continue to run beneath budget. This projects our Operating Balance (column 17, row 37) at a positive to $937,915 and the Ending Resource balance to land at $8.6 million.
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.