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County shifts $2.41 million into risk reserve, moves to executive session to discuss claims
Summary
The committee approved a $2,408,052 transfer from the risk liability fund balance to increase the county's risk reserve; the board entered executive session to discuss claim activity and returned to approve the transfer.
Orange County's Ways and Means Committee approved a transfer of $2,408,052 from the risk liability fund balance to the county's risk liability reserve to address increased frequency and severity of claims.
Mister Castricone, the county's risk management officer, told the committee that significant claim activity occurred after the last budget and that the transfer is intended to set aside funds now so liabilities can be covered as claims settle. "We run our department like an insurance company ... when an incident happens, we set aside into our reserves what we expect that loss will be like," Castricone said. He said additional detail about specific claims would require executive session.
The committee voted to go into executive session to discuss the claims. After the closed session, the committee returned to open session and approved the transfer by voice vote. No detailed claim information was disclosed in open session.
The transcript indicates staff requested the increase to balance reserves for incidents received after the budget year and that the transfer was intended to stabilize future budget impacts when claims settle.
