Page 319 - Hurst Adopted FY22 Budget

APPROVED FISCAL YEAR 2022 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 FY 2022, all of the medical
and prescription claims expenses over the aggregate attachment point or liability limit of $6,321,957
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.

EST. FUND BALANCE OCTOBER 1, 2021 $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 - 680225 $3,000
System Administration Fees $84,600

TOTAL EXPENDITURES $6,562,179

EST. FUND BALANCE AS OF SEPTEMBER 30, 2022 $3,779,847

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