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Francis Howell finance staff warn of mounting health-fund shortfall; $4 million transfer already made
Summary
District finance staff reported a shortfall in the self-insurance (health) fund and wider budget pressures, citing a $4 million transfer into the fund this year, a preliminary actuarial projection of a 23.5% increase in costs and recommendation to consider plan design or employer-employee contribution changes.
Francis Howell R-III finance staff told the Board of Education on Thursday that the district's self-insurance (health) fund faces substantial pressure and will need corrective steps to remain solvent.
Julie Walsh, director of finance, and Miss Embry (presenter for the budget segment) reported that the district transferred $4 million into the self-insurance fund earlier in the fiscal year to cover claims and that current projections show the fund remains below recommended reserves.
An actuary engaged by the district recommended an increase in funding needs for plan year 2025; the staff reported a preliminary estimate of a 23.5% increase driven by utilization and high-cost…
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