From
Lisa Norris, Human Resources Director
Title
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 October 2018:
Employee Insurance Fund (Attachment 1):
The fiscal year has begun and the Insurance Fund was in the "black" again for the month of October. There is nothing notable on the revenue side for this month. For expenses, we have a few bills that were not yet paid by the close date (Life Insurance - row 30, EAP - row 37, Long Term Disability - row 38). Even if those had been paid, we would have still been in a positive position for the month. Active claims (row 32) reached $1.1 million for October and retirees hit $191,611. With only one month under our belt for the fiscal year, initial projections show another positive year with the operating balance projected at $3,756,403 (row 41, blue column) by year-end. We will have a clearer picture once January rolls around and we work through the first quarter of the new plan year (ending in March 2019).
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.