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Interim CFO: GIC projects fiscal‑year deficit but supplemental appropriation covers claims through year‑end
Summary
Interim CFO Catherine Moore reported a cumulative deficit driven primarily by prescription drug spending and noted the legislature approved a $240 million supplemental that restores carrier payments and covers projected fiscal‑year deficits.
Catherine Moore, the GIC’s interim chief financial officer, told the commission that the agency is projecting a fiscal‑year deficit driven largely by prescription drug spending and other medical plan variances but that a recently approved legislative supplemental will cover claims through fiscal year end.
Moore said the spending figures in the…
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