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Finance staff reports higher health-trust balance; stop-loss reimbursements still pending
Summary
Finance staff reported a health-trust balance of $1,438,042 as of April 30 and said the fund’s May projection depends on outstanding stop-loss reimbursements and monthly claim activity.
Finance department staff told the Charter City Council Finance Committee that the city’s health-insurance trust held $1,438,042 as of April 30 and that the fund’s short-term outlook hinges on outstanding stop-loss reimbursements and monthly claims.
Richard, the staff presenter, said the city was awaiting approximately $462,704 in stop-loss reimbursements that, if received, would improve the trust balance. He reported that current-month claims exceeded the usual monthly deposit by $136,008.32, which reduced the trust balance.
Richard said claims this month were lower than in prior months, and he projected the health-trust balance for May at roughly $1,700,000, a figure contingent on receipt of the stop-loss reimbursement.
Committee members asked questions during the update but did not take formal action. Committee members agreed to keep the item on future agendas for monitoring.
What was not decided: The committee did not authorize changes to benefits, premiums, or the stop-loss program; no vote was taken on budget adjustments.
Next steps: Staff will continue to monitor reimbursements and claims and report back to the committee.
