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 August 2020:
Employee Insurance Fund (Attachment 1):
The insurance fund is complete through August 2020 and continues to run well. Revenues are right on target with our projections of 89% of the budgeted amount due to the withholding of both August and September City contributions (row 2 and 3) for Actives and Retirees. On expenses, active claims (column 12, row 28) and retiree claims (column 12, row 29) reached $13.1 million and $1.96 million respectively through August. Active and retiree claims saw the lowest claim month since March when COVID hit. The Operating Balance (column 19, row 37) projects a positive year-end balance of $1,210,416 with the Ending Resource balance expected to land at $5.9 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.