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File #: 190889    Version: 0
Type: Resolution Status: Passed
File created: 9/24/2019 In control: COMMON COUNCIL
On agenda: Final action: 10/15/2019
Effective date:    
Title: Resolution appropriating up to $2.2 million from the Health Care Benefit and Workers’ Compensation Reserve Fund to the 2019 Special Purpose Account - Workers’ Compensation to cover a shortfall.
Sponsors: THE CHAIR
Indexes: WORKER'S COMPENSATION
Attachments: 1. Cover Letter, 2. Hearing Notice List

Number

190889

 

Version

Original

 

Reference

 

Sponsor

THE CHAIR

 

Title

Resolution appropriating up to $2.2 million from the Health Care Benefit and Workers’ Compensation Reserve Fund to the 2019 Special Purpose Account - Workers’ Compensation to cover a shortfall.

 

Analysis

In 2013 the City created the Health Care Benefit and Workers’ Compensation Reserve Fund in City ordinance 304-29.5 to provide funding for unanticipated health care and workers’ compensation payments.  A one-time savings of $6 million from shifting from an insured HMO to a self-insured HMO was set aside in the reserve fund.  A ¾ vote of the Common Council is required to utilize these funds.

  

Body

Whereas, in 2013 the Health Care Benefit and Workers’ Compensation Reserve Fund was established in City Ordinance 304-29.5 with a balance of $6 million to fund unanticipated shortfalls in these accounts; and

 

Whereas, the 2019 Workers’ Compensation costs are expected to exceed the 2019 budget by $2.2 million; now, therefore, be it

 

Resolved, By the Common Council that up to $2.2 million be appropriated to the Special Purpose Account - Workers’ Compensation account (0001-1650-S176-006100) from the Health Care Benefit and Workers’ Compensation Reserve Fund; and, be it

 

Further Resolved, that the City Comptroller and other appropriate City officials are directed to take all actions necessary to fulfill the intent of this resolution.

 

Requestor

DOA-Budget and Management Division

 

Drafter

Dennis Yaccarino

DOA-Budget and Management Division

September 16, 2019

I:\Finance\Resolutions\wc Reserve Resolution