To: Board of Supervisors
From: Human Resources
Agenda Section: Consent
Vote Requirement: 4/5th
SUBJECT:title
Supplemental Budget for the Purchased Insurance Budget Unit (3528-358) in the Amount of $260,000 (4/5 Vote Required)
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Approve the attached supplemental budget in the Purchased Insurance Budget (3528-358) for Fiscal Year (FY) 2025-26 (4/5 Vote Required).
Body
STRATEGIC PLAN:
This action supports the following areas of your Board's Strategic Plan.
Area of Focus: Workforce & Operational Excellence
Strategic Plan Category: 3001 - Support a well-trained workforce
DISCUSSION:
The Risk Management- Purchased Insurance budget (3528-358) has incurred a higher premium than initial estimates provided by PRISM (Public Risk Innovation, Solutions, and Management) in the current year. The Purchased Insurance fund has sufficient fund balance to pay for these increased premiums. Staff request your Board approve the attached supplemental budget to pay for the unanticipated premium costs. The supplemental budget reflects these additional revenues utilized to cover overages in the Purchased Insurance budget for FY 2025-26.
The attached supplemental budget is necessary to appropriate funds to the Purchased Insurance internal service fund (ISF) for the revenues and expenditures that have already occurred in the year.
SOURCE OF FUNDING:
Purchased Insurance ISF Fund Balance 3528-358
FINANCIAL IMPACT:
Expenditures (Purchased Insurance 3528-358)
FY25-26
FY26-27 Projected*
FY27-28 Projected*
Budgeted Expenses
$2,084,364
$2,500,000
$2,750,000
Additional Appropriation Requested
$260,000
$0
$0
Total Expenditures
$2,344,364
$2,500,000
$2,750,000
*Projected amounts are estimates and are subject to change.
Funding Sources (Purchased Insurance 3528-358)
FY25-26
FY26-27
Projected*
FY27-28 Projected*
General Fund
$0
$0
$0
State/Federal Funds
$0
$0
$0
Fees/Other
$2,113,072
$2,500,000
$2,750...
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