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Methuen administration asks council to cover $4.4 million health-insurance shortfall; transfers approved
Summary
Mayor Beauregard told the council the city faces a $4.4 million shortfall in the self-insured health trust for FY25 and proposed transfers from available surplus and the stabilization fund; council approved multiple transfers and appropriations to cover the liability.
City officials told the Methuen City Council on July 7 that the city faces a projected $4.4 million shortfall in its self-insured health trust for fiscal year 2025 and that the mayor’s administration planned transfers and appropriation to prevent that liability from shifting into next year’s tax levy.
“ We are currently projecting a $4,400,000 shortfall in the city's self insured health insurance trust fund for fiscal year 25,” Mayor Beauregard said during his report. He told councilors that the projection “includes both actual claims paid and incurred but not reported liabilities,” and that state law requires the shortfall to be fully funded.
The mayor proposed…
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