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Authority reports November financials: benefits paid near $39.7M; contribution fund remains solvent
Summary
Finance staff reported November operating results were slightly behind budget due to timing of a software payment, benefits paid in November were about $39.7 million, and the contribution fund held about $611.2 million; staff said solvent tests were met and projections are being monitored as federal data arrives.
The authority’s finance lead presented operating and contribution results for November and a short preview of December and January activity.
Dave said the month’s operating result was minus $1.1 million but $43,000 ahead of budget overall; the variance stemmed from the timing of a significant software license payment. For contributions and benefits, Dave reported November benefits paid were approximately $39.7 million (about $9.9 million per week). Year-to-date benefits paid totaled about $25.4 million with a negative variance versus budget of roughly $20.3 million.
"The contribution fund itself is over 611,200,000 at the November," Dave said, and staff stated the fund remains in a solvent position and that bond monies for IT remain available to support planned projects. Investment income from short-term funds produced about a 4.1% yield for the month, consistent with budget assumptions.
Dave previewed December figures (benefits near $38 million) and said typical seasonality appears to be reducing benefit payments into late December and January. He also noted that federal data releases — delayed by the federal shutdown — are expected to arrive and could alter contribution projections once incorporated.
Board members asked no substantive follow-up during the presentation; finance staff said they will continue to monitor contribution and benefit trends and update projections when quarterly payroll data is received.
