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County finance staff reports insurance premium, transfers and department budgets on track
Summary
Finance staff reviewed midyear figures for risk management, industrial accident and building and planning funds, saying large insurance premiums and planned transfers explain the year-to-date variances and that most departments are near target once remaining payrolls post.
County finance staff reported July budget figures to the Cowlitz County Board of Commissioners on the county’s risk management, industrial accident and building-and-planning funds, saying most lines are close to target when remaining payrolls and a planned insurance reimbursement are included. "So personnel, we have a budget of 264,000. And so far, I've spent a 142,000," the finance presenter said, explaining that a second July payroll will move many departments to target.
Why it matters: the county paid a large, up-front insurance premium that is driving year-to-date spending in the risk management fund. Finance staff said roughly $2 million of services spending covers the annual insurance premium that pays multiple…
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