title
Commissioner Shehan - Financial and Management Services - Budget - To Appropriate General Fund Balance for Risk Insurance and Workers Compensation ($2,147,263)
body
STAFF CONTACT
Scott Attaway - Financial and Management Services - 704-866-3152
BUDGET IMPACT
budget
General Fund: Increase fund balance appropriations revenue by $2,147,263. Increase Insurance and Professional Services expenditures by $2,147,263.
As of January 9, 2026 net General Fund fund balance appropriations for FY 2026 include:
|
Board-Approved Fund Balance Appropriations |
$ 14,962,628 |
|
Carry forwards from FY 2024 |
$ 5,179,035 |
|
Carry forwards from FY 2025 |
$ 2,542,804 |
|
Year-to-date FY 2026 Net Fund Balance Appropriations |
$ 22,684,467 |
body
BACKGROUND
As part of best-practice improvements adopted in the FY 2026 Budget, the County now records Risk Insurance costs (including premiums, claims, and related professional services) as expenditures when they are incurred and allocates those costs to the departments that generate the risk. This approach provides a clearer picture of the true cost of County operations, supports more data-informed risk management decisions, and improves transparency around the use of insurance resources. In prior years, these costs were recorded as liabilities during the year and reconciled to expenditures at year-end, which has required the use of Assigned Fund Balance for Risk Reserves to cover actual costs.
This Board Action appropriates General Fund fund balance to provide sufficient budget authority for insurance premiums, workers’ compensation expenses, and other insurance-related services for the remainder of FY 2026 (January-June). Any unspent budget at fiscal year-end will be added to Assigned Fund Balance for Risk Reserves in accordance with the FY 2026 Adopted Budget Ordinance.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)