To: Board of Supervisors
From: Human Resources
Agenda Section: Consent
Vote Requirement: 4/5th
SUBJECT:
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Supplemental Budget for the Purchased Insurance Premiums Budget Unit (3528-358) in the Amount of $18,874 for Fiscal Year 2024-25 (4/5 Vote Required)
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Approve the attached supplemental budget in the amount of $18,874 for the Purchased Insurance Budget (3528-358) for Fiscal Year (FY) 2024-25 (4/5 Vote Required).
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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 Premiums budget (3528-358) has incurred a higher premium expense than initial estimates included in the FY 2024-25 budget, and additional funding is needed to cover these expenditures. The Purchased Insurance Premiums budget unit provides funding to procure insurance coverage including property, medical malpractice, life, airport, crime bond and other miscellaneous policies. The budgeted premium costs are based on estimates provided by the county's insurance provider (not health insurance), PRISM (Public Risk Innovation, Solutions, and Management), and actual costs in FY 2024-25 exceeded projections.
The Purchased Insurance Fund (Fund No. 358) 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 2024-25.
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 prior fiscal year.
SOURCE OF FUNDING:
Purchased Insurance I...
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