CFO reports projected trust‑fund increase, board adopts rule changes on FSAs and dual coverage
CFO Pamela Levin reported a projected $12.8 million increase in trust net assets (through May projections), KPMG audit underway, and described a General Fund contingency tied to a ballot proposition; the board adopted membership-rule updates including FSA carry-forward clarifications (max $500, min $10, one-year carry-forward) and clarified appeals for retiree health determinations.
The full story
Pamela Levin, Chief Financial Officer and Deputy Director, reviewed the Health Service System’s financial position through May 31, 2014 and presented projections through June. Levin said KPMG’s external audit had started and is expected to conclude in mid‑October. Based on activity through May, Levin projected a $12,800,000 increase in net assets of the Employee Benefit Trust Fund (noting a month-to-month variance versus prior projections). Levin also identified a projected General Fund administrative balance of $908,000 driven in part by delayed hires and a planned carry-forward request of $289,000 in nonpersonal services for contract and wellness‑center improvements.
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