Finance committee reports insurance savings, dental change and referendum soil testing plans

At the May 5 reorganization meeting the Westfield Board's finance committee outlined benefit and referendum updates that could affect next year’s budget planning.

Committee chair Kent Diamond reported the district remains self-insured and that the district sought multiple bids for health and stop-loss coverage. He said Aetna will continue for health coverage with an administrative-fee adjustment described at the meeting (committee commentary referenced an approximate 5.5% admin-fee increase), and that stop-loss proposals returned Blue Cross with the lowest quoted rate — a change the committee characterized as roughly a 6% reduction from this year’s expense. For dental coverage the committee recommended switching to Aetna Dental; the committee estimated that switch would save about $150,000 for the coming year. "Stop loss was shopped out to over 15 vendors with Blue Cross coming in with the lowest rate, which will actually be a reduction of 6% from this year's expenses," Kent Diamond reported.

On referendum work the committee said soil testing for planned elementary additions is underway. The district expects to appoint Sophia Solis Management LLC as a professional services provider and to award an environmental consulting contract to Garden State Environmental at the May 12 board meeting. No contracts were awarded at the May 5 meeting; procurement actions were scheduled for the following regular meeting.

The finance report also noted year-to-date donations of $523,000. The board recorded approval of finance agenda items a–b on roll-call votes during the meeting.