Page 28 - Proposed Operating Budget FY24
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CITY OF HURST
FY 2023 ‐ 2024 ADOPTED BUDGET
LOSS RESERVE FUND
REVENUES AND EXPENDITURES
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.
FUND BALANCE OCTOBER 1, 2023 $4,684,607
REVENUES
Group Insurance $ 5,981,801
Interest Earnings 93,692
Employee and Retiree Participation 1,966,873
TOTAL REVENUES $8,042,366
TOTAL FUNDS AVAILABLE $12,726,973
EXPENDITURES
Fixed Costs $ 117,204
Estimated Claims (Health/RX/Dental) 5,923,285
Stop Loss Premium 1,392,818
Benefits Consultant 30,000
Other Employee Programs 435,825
Credits & Rebates (35,000)
Employee Wellness Program 35,000
Plan Design Change (150,000)
Health Care Reform Fees 1,946
System Administration Fees 200,103
TOTAL EXPENDITURES $7,951,181
FUND BALANCE AS OF SEPTEMBER 30, 2023 $4,775,792
