Page 330 - Hurst FY20 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 2019-2020, medical and prescription claims expenses over the
aggregate attachment point or liability limit of $6,119,614 million will be paid by the City's stop loss insurance
carrier up to $1,000,000. 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
2019-2020 PROPOSED BUDGET
LOSS RESERVE FUND

REVENUE AND EXPENDITURES

FUND BALANCE OCTOBER 1, 2019 $4,020,069

REVENUES

Group Insurance plus Long Term Care $ 5,015,624
Interfund Transfer from General and Enterprise Funds 500,000
Employee and Retiree Participation 1,248,570

TOTAL REVENUES $6,764,194

TOTAL FUNDS AVAILABLE $10,784,263

APPROVED EXPENDITURES

Fixed Costs 1,507,685
Estimated Claims (Health, Rx, and Dental PPO) 5,444,844
GASB 45 Retiree Health 45,000
Wellness
Contract Program Manager - 680220 $ 55,800
Wellness Program - 601345 27,400
Health Fair / Incentives - 601350 15,000
Screenings and Flu Shots - 601355 25,000 $123,200
System Administration Fees $93,937

TOTAL EXPENDITURES $7,214,666

FUND BALANCE AS OF SEPTEMBER 30, 2020 $3,569,597

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