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Commissioner Worley - Finance - To Allocate the Health Insurance Budgets of Various Departments to Dental and Life Insurance Accounts and Appropriate $790,233.28 from the Self Insurance Fund-Fund Balance to be Transferred to the General Fund
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STAFF CONTACT
Tiffany Murray - Finance Director - 704-866-3032
BUDGET IMPACT
budget
Allocates the Health Insurance budgets of various departments to the Dental and Life Insurance accounts and appropriates $790,233.28 from the Self Insurance Fund-fund balance and transfers it to the General Fund to cover estimated costs through the end of the fiscal year.
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Historically, the County's Health, Dental and Life insurance benefits have not been broken out on the general ledger by type. We now have the capability to allocate out those costs on a per payroll basis with our current payroll software. In the FY21 adopted budget, all of the insurances were budgeted in the Health Insurance line item accounts. This Board Action and Budget Change Request if approved will allocate the Health Insurance budgets of various departments to the Dental and Life Insurance line item accounts. It will also appropriate $790,233.28 from the Self Insurance Fund fund balance and transfer it to the General Fund. These funds are needed to cover the estimated additional insurance costs for the remainder of the fiscal year. Beginning with the FY22 budget these insurances will be budgeted individually. The budgets of all other departments not included on the attached Budget Change Request were able to be corrected with departmental budget transfers and will be included on the Board Action for March 2021 departmental budget change requests.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)