Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City staff recommend retaining insurance model; health‑funds set aside to smooth premium spikes
Summary
Human Resources and finance staff briefed council on health‑insurance performance, recommended against switching to self‑funding now, and described reserves set aside to smooth premium increases. Risk management reserves are being increased to cover likely catastrophic exposures.
Human Resources and finance staff told the City Council at a work session that the city is not ready to switch to a self‑funded health plan and outlined reserves the city has set aside to reduce near‑term premium impacts.
The Human Resources director said a multi‑month review of insurance options showed that a full move to self‑funding would have left the city worse off over several recent years. "Based on this analysis, I think it would be unwise financially for us to try to move to a self funded module next year," the director said. Staff recommended continuing the current insured arrangement while using a dedicated reserve to dampen premium spikes.
Reserves and the funding plan: finance staff said the city’s health insurance reserves total about $6.3 million in one fund and $1.7 million in a separate stabilization fund; the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
