Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Employee Benefits topic
No spam. Unsubscribe anytime.
Committee seeks clearer ECHIP reserve numbers after Coventry estimate cited
Summary
Committee members heard that pooled ECHIP reserves between the town and Board of Education are roughly $1 million but were told final numbers from USI/Coventry are not yet available; staff offered to prepare comparative contribution and reserve reporting for committee review.
During the March 9 Finance Committee meeting, Chairwoman Robyn Gallagher asked whether updated ECHIP reserve numbers were available from USI; Town Manager James Drumm answered, "No." Interim Finance Director Cherie Trahan said she had a rough estimate from Coventry but that final numbers are difficult to project because claims fluctuate. "I have a rough estimate of the reserves from Coventry, but final numbers are unknown, because it is difficult to project claims," Trahan said.
Trahan said the pooled reserve between the town and the Board of Education is about $1 million and said that amount should cover claims over the next three months, though she cautioned the town should maintain a healthy starting reserve as insurance structures change. Committee members discussed that the BOE's total contribution is higher because it has more employees, while Trahan explained contributions and claims are tracked separately within the pooled ECHIP arrangement.
Lisa Thomas asked staff to think through how to present insurance and reserve information; Trahan said she could prepare a comparative per‑employee report showing what the town and BOE have historically contributed and how claims were applied, but that she needs to prioritize this work among audits, reconciliations, and budget preparations. The committee asked staff to provide clearer reserve and contribution reporting ahead of the full council budget discussion.
