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Board approves FY 2024/25 transfers and assignments to shore up reserves and medical claims fund
Summary
The Board approved final FY 2024/25 transfers, encumbrances, appropriations from fund balance and assignments including $900,000 transfer to the medical claims fund and assignments for pension, OPEB and medical claims; board members discussed the possibility of unwinding assignments or transfers depending on stop-loss outcomes.
The Avon Board of Finance approved the Final Fiscal Year Transactions for FY 2024/25, including transfers, encumbrances, supplemental appropriations and assignments laid out in the Director of Finance’s memoranda.
Tab D in the packet listed proposed assignments such as Retiree Health (OPEB) contributions $150,000; Pension contributions $200,000; Capital Asset Replacement $51,950; Avon Place URAA obligations ($200,000) and a proposed placement in the Medical Claims Internal Service Fund of $850,000. Proposed transfers included moving $900,000 from the General Fund into the Medical Claims Fund and $150,000 to the Compensated Absences Fund.
Board Chair Houston Putnam Lowry asked whether transfers and assignments could be unwound "if we prevail on the stop-loss issue," and Finance Director Tom DiStasio said the assignment could be unwound more easily than transfers and cautioned the board to monitor the medical claims fund before reversing transfers. The Board approved the packet recommendations on a motion by Micah Rousey, seconded by Chair Lowry; the motion carried 6-0-0.
