PRESENTER: Presenter
Karrie Cook, Budget Manager
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SUBJECT: Title
Approval of an FY 2025 budget amendment for the Self-Insurance Fund.
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DEPARTMENT: Finance
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COUNCIL DISTRICTS IMPACTED: N/A
BACKGROUND INFORMATION:
Annually, at the end of the year, the City receives a report from Blue Cross Blue Shield with the total of medical claims that are incurred but not paid and incurred but not reported. In FY 2025, the total of the claims reflected a cost increase of more than 40% compared to the prior fiscal year. Since this total exceeded cost projections, the Self-Insurance Fund will require a budget amendment to cover the overage. This report is received after fiscal year end and this entry is made as part of the annual audit process.
The fund has sufficient reserves to support this budget amendment.
Budget Amendment:
ISSUE:
N/A
FISCAL IMPACT:
The Self-Insurance fund has sufficient reserves to support this budget amendment.
Recommendation
RECOMMENDATION:
Staff recommends approval of this budget amendment for FY 2025.