Title
Human Resources Department, Risk Management Division, recommending the Board approve a Budget Transfer increasing revenues and appropriations in the Liability sub fund in the amount of $91,751 to cover the premiums for Supplemental Life Insurance through FYE 2010-11. (4/5 vote required)
FUNDING: Non General Fund- Risk Management Internal Service Fund.
Body
BUDGET SUMMARY: |
|
|
Total Estimated Cost |
|
$466,751.00 |
|
|
|
Funding |
|
|
Budgeted |
$375,000.00 |
|
New Funding |
$ |
|
Savings |
$ |
|
Other |
$ 91,751.00 |
additional revenue |
Total Funding Available |
$466,751.00 |
|
Change To Net County Cost |
|
$0.00 |
Fiscal Impact/Change to Net County Cost: No change to Net County Cost. Additional revenues from employees are being recognized in the Risk Management Internal Service fund in order to increase appropriations to sufficiently fund supplemental life insurance premiums through June 30, 2011.
Background: The Group Life, AD&D and LTD insurance coverage are budgeted in the Risk Management internal service fund and funded by the Departments. The Supplemental Voluntary Life is a program under which employees may purchase additional life insurance coverage at their own cost. Due to greater than anticipated enrollment in this program during FY 2010-11, there are insufficient budgeted appropriations to cover the premiums through the fiscal year end.
Reason for Recommendation: Appropriations must be increased to provide authority to make premium payments. The appropriations increase will be offset by recognition of additional revenue.
Action to be taken following Board approval: Board to sign budget transfer and the Clerk to forward original to Human Resources for processing.
Contact: Donna Mullens x6060
Concurrences: CAO