To: Board of Supervisors
From: Human Resources
Agenda Section: Consent
Vote Requirement: 4/5th
SUBJECT:
title
Supplemental Budget for the Liability Insurance Budget Unit (3524-354) in the Amount of $200,000 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 for the Liability Insurance Budget (3524-354) for Fiscal Year (FY) 2024-2025 (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- Liability Insurance budget (3524-354) has incurred a higher legal charge than initial estimates provided by outside legal representation in the previous fiscal year. The Liability Insurance Fund has sufficient fund balance to pay for these increased legal charges. Staff request your Board approve the attached supplemental budget to pay for the unanticipated legal costs. The supplemental budget reflects these additional revenues utilized to cover overages in the Liability Insurance budget for FY 2024-25.
The attached supplemental budget is necessary to appropriate funds to the Liability Insurance internal service fund (ISF) for the revenues and expenditures that have already occurred in the year.
SOURCE OF FUNDING:
Liability Insurance ISF Fund Balance 3524-354
FINANCIAL IMPACT:
Expenditures (Liability Insurance 3524-354)
FY24-25
FY25-26
FY26-27 Projected*
Budgeted Expenses
$1,819,449
$1,750,000
$2,000,000
Additional Appropriation Requested
$200,000
$0
$0
Total Expenditures
$2,019,449
$1,750,000
$2,000,000
*Projected amounts are estimates and are subject to change.
Funding Sources (Liability Fund, 3524-354)
FY24-25
FY25-26
Projected*
FY26-27 Projected*
Fees/Other
$1,819,449
$1,750,000
$2,000,000
Use of Fund Balance
$200,000
$0
$0
Total Fundi...
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