From
Lisa Norris, Human Resources Director
Title
Ordinance amending the FY 2015/2016 Employee Insurance Operating Budget by an incremental amount of $338,439 and the Risk Management Operating Budget by an incremental amount of $219,309 for a total amendment of $557,748
Presenter
Lisa Norris, Human Resources Director
Recommended Action
Approve
Analysis
Employee Insurance Fund: The Employee Insurance Fund is monitored monthly by the Human Resources Department, along with monthly presentations to the Finance and Government Committee. The fund captures all expenses and revenues related to employee and retiree benefits, administration costs and fees, claims, and wellness related items. The fund faced a difficult fiscal year resultant from higher than normal claims in our active population. The high costs and overages on the appropriations required an incremental budget amended on September 20, 2016 in the amount of $2,384,087 based on projections for year-end at that time. However, high costs worsened by the fiscal closing period, causing the fund to exceed the initial projection and requiring this final amendment to the Employee Insurance Fund Budget as reflected on Attachment 1. Based on final numbers, the ending resource balance has decreased from $3,165,816 at the beginning of the fiscal year to $2,198,958 at fiscal year-end. This amendment results in a new "Ending Resources" balance that will be carried over and require an amendment to the "Beginning Resources"in the FY 2016/2017 which is reflected in a separate ordinance on this agenda.
Risk Fund: The Risk fund is monitored routinely by the Human Resources and Legal Departments, with quarterly presentations to the Finance and Government Committee. This fund captures expenses related to claim costs and insurance or subrogation recovereies resultant from damage and loss to the city's buildings, automobiles and equipment, liability for officials and staff, as well as costs from work-related injuri...
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