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Treasurer reports stable finances, recommends 3-year Sedgwick contract and modest insurance costs
Summary
Treasurer Alana Cropper reported a recommended 3-year extension with Sedgwick for workers'comp and unemployment administration, an excess policy at $33,709 per year, YTD donations just over $220,000, and unencumbered general-fund cash of $27.5M (about 99 unreserved days).
Treasurer Alana Cropper presented the district's monthly financial report at the Dec. 18 Forest Hills Board meeting, recommending several contract and policy approvals for 2025.
Cropper said the district requested proposals for third-party administration of workers' compensation and unemployment claims and received two quotes; the incumbent, Sedgwick Management Claims, provided the lower quote and is recommended for a three-year contract effective Jan. 1, 2025 through Dec. 31, 2027. She said year one reflects a roughly 4.3% decrease compared with calendar year 2024, followed by annual increases of about 2.75% in subsequent years.
On insurance, Cropper recommended renewing an excess workers' compensation insurance policy at $33,709 per year for two years, a modest decrease of $292 from the prior year. She said the district's self-insured workers' comp stop-loss remains $400,000.
Cropper gave broader budget context: donations for the reported month totaled just over $2,300, bringing year-to-date donations to slightly over $220,000; the general fund beginning balance on July 1, 2024 was $23.3 million and, after activity through Nov. 30, the cash balance stood at $37.7 million with an unencumbered balance of $27.5 million. That equates to enough cash to operate the district approximately 126 days and 99 days of unreserved operations after encumbrances, she said.
Cropper also reviewed permanent improvement project encumbrances (about $430,000 pending final acceptance) and noted the district is beginning planning for 2025 PI projects. She noted federal rate cuts could affect interest projections and said the district will monitor outcomes; current projections still target roughly $2.5 million in interest earnings.
Outcome: The treasurer recommended that the consent agenda include items 10.1 through 10.3 so the board could approve the contract and insurance renewals as part of the consent package.
