Page 286 - Hurst Budget FY21
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LOSS RESERVE FUND
The Loss Reserve Fund is an internal service fund used to record financial information for some of the
City's benefits programs. 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, employee contributions, and retiree contributions. The contributions are
based on cost-sharing methods and employee and retiree elections. 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
2020-2021 APPROVED BUDGET
LOSS RESERVE FUND
REVENUE AND EXPENDITURES
FUND BALANCE OCTOBER 1, 2020 $4,020,069
REVENUES
Group Insurance $ 4,984,645
Interfund Transfer from General and Enterprise Funds 250,000
Employee and Retiree Participation 1,268,611
Cigna Health Performance Fund 35,000
TOTAL REVENUES $6,538,256
TOTAL FUNDS AVAILABLE $10,558,325
APPROVED EXPENDITURES
Fixed Costs $ 1,425,072
Estimated Claims 5,302,014
GASB 45 Retiree Health
Wellness
Consultant - 680220 $ 27,000
Wellness Program - 601345 10,000
Health Fair / Incentives - 601350 5,000
Screenings and Flu Shots - 601355 3,000 $45,000
ACA - 680225 $2,308
System Administration Fees $93,937
TOTAL EXPENDITURES $6,868,330
FUND BALANCE AS OF SEPTEMBER 30, 2021 $3,689,994
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