Background:
This item amends the FY 2024/2025 Budget as follows:
Workers' Compensation Fund 501
A: This item recognizes the appropriation of fund balance in the amount of $310,000 and transfers funding to the appropriate accounts. This appropriation allocates the funding to offset additional expenditures related to General pension, other post employment benefits, and retiree health benefits that were previously expensed in the General Fund 001 and have now been moved to the Worker's Compensation Fund 501.
Self-Insured Health Fund 505
B: This item recognizes the appropriation of fund balance in the amount of $848,000 and transfers funding to the appropriate account. This appropriation allocates the funding to offset additional expenditures related to medical claims, which have increased over the last fiscal year.
CHANGE(S) FROM FIRST READING - ADDED ITEMS A & B AS DESCRIBED BELOW:
Workers' Compensation Fund 501
A: This item recognizes the additional appropriation of fund balance in the amount of $590,000, along with the appropriation of miscellaneous revenues received in the amount of $507,655 for a total appropriation of $1,407,655. These funds support benefit expenditures related to General employee pension, other post employment benefits, and retiree health benefits that were previously recognized in the General Fund, in addition to two significant Workers' Compensation settlements, and higher than anticipated claim trends. Staff is still working with the external auditors to close the books for FY 2025 so these are the updated estimates.
Self-Insured Health Fund 505
B: This item recognizes the additional appropriation of fund balance in the amount of $50,000 for a total amount of $898,000 and transfers funding to the appropriate account. This appropriation allocates the funding to offset additional entries for expenditures related to medical claims. Staff is still working with the external auditors to close the books for FY 2025 so these are the updated estimates.