Title:
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Approve and authorize the Chairman to execute a Resolution implementing Budget Amendment Request (BAR) #24-082 in the Health Insurance Fund to transfer $2,750,000 from reserves for additional funding for health insurance claims. Countywide (Timothy Jecks, Management & Budget Director) Requesting Department - Human Resources
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Division:
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Management and Budget
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Authorized By:
Timothy Jecks, Management & Budget Director
Contact/Phone Number:
Sara Carrick/407-665-7180
Background:
The medical claims budget in the County’s Self Insured Health Insurance Fund was established at $27M for FY 2023/24. The Office of Management & Budget, in coordination with Human Resources and the County’s health insurance consultant, estimates that the total claims expense for the fiscal year will be $29.7M. The attached BAR will transfer $2.75M from reserves to cover anticipated expenditures through the end of the fiscal year.
This amendment has been anticipated in the FY 2024/25 adopted beginning fund balance estimate for the Health Insurance Fund. The FY25 adopted reserves for the fund are estimated to be $11M after this amendment. See the attached Budget and Actual reports for more information.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute a Resolution implementing Budget Amendment Request (BAR) #24-082 in the Health Insurance Fund to transfer $2,750,000 from reserves for additional funding for health insurance claims.