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 July 2020:
Employee Insurance Fund (Attachment 1):
The insurance fund is complete through July 2020 and continues to run well. Revenues are projected to hit about 89% of the budgeted amount due to the planned withholding of both August and September City contributions (row 2 and 3) for Actives and Retirees. On expenses, active claims (column 11, row 28) and retiree claims (column 11, row 29) reached $12 million and $1.8 million respectively through July and continue to run beneath budget, even using the worst case projection. The Operating Balance (column 18, row 37) continues to project a year-end positive balance at $969,463 with the Ending Resource balance expected to land at $5.7 million. All-in-all, we are running well and consistently as we near the end of the fiscal year.
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.