Title
Ordinance in the Amount of $2,600,000 Amending the Employee Risk Retention Fund for FY 15-16
Body
Department: Budget & Evaluation
Council District: All
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Larry Davis, 373-2291
Contact 2 and Phone: Rick Lusk, 373-2077
PURPOSE:
The attached ordinance serves to amend the Employee Risk Retention Fund to allow for additional expenses and revenues related to activities exceeding currently appropriated levels. A budget ordinance needs to be approved to fund the additional expenses and revenues.
BACKGROUND:
The Employee Risk Retention Fund is an internal service fund that accounts for the self-funding of employee health, dental and workers’ compensation coverage. This includes employees’ premiums and the City’s contribution. The FY 15-16 Employee Risk Retention Fund Budget revised appropriation includes expenses and revenues totaling $45,569,372. Expenditures through May total $39,820,484, with final projected expenses estimated at $48,169,372, requiring additional appropriations to allow operations through the end of the year. Projected revenues total $46,313,305, requiring additional appropriation of fund balance totaling $1,370,000. No General Fund support is necessary at this time.
BUDGET IMPACT:
This ordinance will increase the Employee Risk Retention Fund expenses, revenues, and appropriated fund balance based on year-end projections to continue operation through the end of the year.
RECOMMENDATION / ACTION REQUESTED:
It is requested and recommended that the City Council adopt the attached budget ordinance amending the Employee Risk Retention Fund budget for FY 15-16.
COMMITTEE ACTION: This item was referred to Council by the General Government Committee.