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CT Paid Leave Authority approves finance and accounting manual changes for public comment; staff reports July financials and transfers to contribution fund
Summary
The board authorized posting updates to the finance and accounting manual and the credit card policy for public comment, formalized an annual practice of redesignating excess operating funds to the contribution fund, and heard July financial results showing continued solvency and rising benefit payments.
The CT Paid Leave Authority voted on Sept. 11 to post proposed revisions to its finance and accounting manual and to the credit card policy for public comment.
Dave (finance presenter) told the board the changes include an annual practice of redesignating excess operating funds into the contribution fund to earn interest, clarified reserve percentages for contributions and benefit overpayments (90% for recent items, 95% for items sent to the fund recovery vendor, 100% for uncollectible or older…
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