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GIC CFO: program $142 million over budget through January; staff working with state on funding
Summary
CFO Jim Rust told the Group Insurance Commission the program is about $142 million over budget year-to-date through January, driven largely by pharmacy spending; staff are coordinating with Administration & Finance on supplemental funding and expect cash through mid‑May.
CFO Jim Rust reported to the Group Insurance Commission that, through January 2025, the program is approximately $142,000,000 over budget — roughly 8.9% above expectations — with about $100 million of the variance tied to pharmacy spending, including higher-than-expected use of GLP‑1 drugs.
Rust said the program has seen a roughly $20 million-per-month run rate above budgeted spending and…
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