Page 427 - Hurst FY19 Approved Budget

LOSS RESERVE FUND

The Loss Reserve Fund is an internal service fund used to record financial information
for the City’s self-insured benefits program. The largest expenses are medical and
dental claims for full-time City employees, eligible retirees, and their dependents. The
Loss Reserve Fund receives operating fund revenues from City departments and retirees
based on benefit elections. In 2018-2019, all of the medical and prescription claims
expenses over the aggregate attachment point or liability limit of $6,344,713 million
will be paid by the City’s stop loss insurance carrier. This coverage is included in the fixed
cost. Reserves have accumulated in the fund since the inception of the program due to
claims history, and it is the City’s goal to maintain that reserve.

CITY OF HURST

2018-2019 APPROVED BUDGET
LOSS RESERVE FUND
REVENUE AND EXPENDITURES

FUND BALANCE OCTOBER 1, 2018 $4,020,069

REVENUES
Group Insurance plus Long Term Care $4,823,431
Interfund Transfer from General and Enterprise Funds $500,000
Employee and Retiree Participation $998,526
TOTAL REVENUES $6,321,957
TOTAL FUNDS AVAILABLE $10,342,026

APPROVED EXPENDITURES
Fixed Costs $1,341,661
Estimated Claims $4,795,724
Humana Premiums $169,794
GASB 45 Retiree Health $45,000
Wellness
Contract Program Manager - 680220 $55,000
Wellness Program - 601345 $27,400
Health Fair / Incentives - 601350 $15,000
Screenings and Flu Shots - 601355 $25,000 $122,400
ACA $3,000
System Administration Fees $84,600

TOTAL EXPENDITURES $6,562,179
FUND BALANCE AT SEPTEMBER 30, 2019 $3,779,847

410