Title
Consider a resolution amending the FY 2015/2016 Self-Funded Health Insurance Budget.
Body
The original FY 2016 budget was approved by Council on September 24, 2015. The budget established the sources and uses activities of the City's health insurance needs. It continues to restrict funds related to GASB 45 (retiree health insurance benefits).
The amendment recognizes the associated costs of $631,000 related to higher than budgeted claims and administrative fees. These cost increases will be funded with $220,000 of excess revenues and the use of $411,000 of fund balance.
Cost: $631,000
Source of Funds: Self-Funded Health Budget
Recommended Action
Staff recommends approval