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HSS financial update: trust projection, budget instructions and reserves reviewed
Summary
CFO Pamela Levin presented a trust projection and year‑end estimates; Mayor’s two‑year budget instructions require roughly 5% cumulative reductions and the board heard AON’s actuarial review of IBNR and contingency reserves with a planned re‑calculation at 6/30/2018.
Pamela Levin, HSS chief financial officer, told the board that the Employee Benefit Trust Fund was projected at about $17.9 million as of June 30, 2018, an increase of roughly $3.6 million from the prior month’s figures, driven by mixed claims experience across plans and delayed rebates and pharmacy guarantees that typically arrive later in the fiscal year. Levin noted a $15,000 reimbursement under the adoption and surrogacy plan and said the amount of flexible‑spending account forfeitures will not be known until June.
Levin also summarized mayoral budget instructions…
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