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SFHSS CFO reports projected trust balances and audit delay
Summary
CFO Pamela Levin reported projected trust and general‑fund figures through Oct. 31, 2018, including a projected trust balance decline and pharmacy rebate expectations; she also said the fiscal audit has been delayed into December.
Pamela Levin, Chief Financial Officer for the San Francisco Health Service System, presented the financial report through October 31, 2018. Levin said the final trust balance to be reported in the financials next week will be $77,400,000 and that the fund balance is projected at $72,200,000, representing a projected decrease. She described favorable claims experience for the City Plan, unfavorable claims experience for Blue Shield Access Plus and Trio, and a projected $7.9 million in pharmacy rebates for the fiscal year (with $1.8 million received through October).
Levin also told the board that the fiscal year audit has been delayed and is expected later in December; she cited the transition to a new financial system as a major cause of the audit scheduling impacts. On the general fund, Levin said the projected year‑end balance is $188,000 largely due to slower hiring.
Why it matters: Fund balances and audit timing affect financial planning and bond credit considerations for enterprise departments. Levin said staff are adjusting procedures to assist auditors and working with the auditing firm to sequence audit releases.
Board questions focused on labeling consistency (how the new City Plan is referenced in materials) and whether adverse findings are expected; Levin said she anticipates no adverse findings but will change some procedures to ease audit testing.
