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