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Commissioner Hovis - Finance and Management Services - Finance - To Appropriate Fund Balance from the General Fund for the Self Insurance Fund ($3,000,000) for FY2025
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STAFF CONTACT
Kyle Sutherland - Finance - 704-866-3130
BUDGET IMPACT
budget
• General Fund: Appropriate fund balance and transfer it to the Self Insurance Fund.
o Increase fund balance appropriation and transfer it to the Self Insurance Fund, $3,000,000
• Self Insurance Fund: Increase revenue and expense by $3,000,000.
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BACKGROUND
Funds received in the Self Insurance Fund cover health, dental, and life insurance expenditures for active and retired employees. In FY2025, insurance costs increased above the level budgeted and an appropriation of fund balance in the General Fund and a transfer to the Self Insurance Fund are required to balance the fund.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)