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Council designates stabilization funds to replenish self-funded health plan; staff outlines repayment and oversight plan
Summary
Morgantown City Council designated funds from the fiscal stabilization fund on Jan. 7 to replenish the Life & Health Fund after months of unusually high medical claims depleted the plan's cash reserves and required temporary borrowing from the general fund.
Morgantown City Council voted Jan. 7 to designate funds from the fiscal stabilization fund to the city's Life & Health Fund to restore cash reserves for the self-funded employee health insurance plan and to begin repaying interim borrowing from the general fund.
John Ferguson, the city's finance director, summarized the problem: the city operates a self-funded health plan and has experienced a sustained period of high claims over roughly six months that depleted the plan's cash reserves. "We have depleted the city's cash reserves. We've actually borrowed approximately 1.4 or 1.45 million dollars from the general fund temporarily, to get us past this," Ferguson said. He explained that…
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