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Budget Resolutions to Transfer Funds to Cover Additional Billing for Medical Insurance Self Insurance Funds for FY 2024-25
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BRIEF OVERVIEW
During FY2024, claims were higher than anticipated; hence, the Medical Self-Insurance fund (5121) needed to be adjusted down to reflect the higher expenses. The attached reducing resolution is bringing the balance down for that reason.
Separately, reserves in the Medical Insurance Self-Insurance Fund need to total two months of estimated claims; hence, the second attached resolution restores the fund to that level. The amount is derived from actuarial projected information provided by the insurance broker.
FINANCIAL IMPACT
The attached resolutions and supporting information show the applicable increase/decrease to various departments and accounts to support the additional billing.
The attached reducing budget resolution adjusts the Medical Insurance Self-Insurance Fund (5121) by ($2,192,560).
The second attached budget resolution increases the transfer revenues to the Medical Insurance Self-Insurance Fund (5121) by 3,078,000. That amount is spread out among all the funds & departments proportionally, as shown in the attached information.
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Section 129.06, Florida Statutes.
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RECOMMENDATION
It is recommended the Board approve and authorize the Chairman’s signature on the attached budget resolutions to cover additional billing for medical insurance self-insurance fund for FY 2024-25.