Commissioners Court Meeting
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31.
Meeting Date:
06/08/2015
Submitted for:
Rosie Rodman
Prepared by:
Rosie Rodman
Department:
Administrative Services
Subject:
Discussion and possible action to approve the following line item transfer:
Acct. Number
Acct. Name
Amount
Bal.
End Bal.
From:
817
Workers Comp. Reserves Fund Bal.
$400,000
To:
817-0105-9201
Claims Paid
$400,000
$321,808.74
$721,808.74
Issue:
Recent Workers Compensation claims/cases together with other "open" claims, have set up our Reserves at approximately $318,221.23. These reserves may come in at lower costs, but, due to nature of claims, the adjuster has established them at a moderate level.
Solution:
Our current line item for claims will have a balance of $79,132.00, once May expenses are paid out and registered in the ledger. Therefore, we need additional funds to cover these reserves thru September 30, 2015.
Result:
With the Transfer of $400,000.00, we should have enough funds to finish the year, and a small cushion for any "new" claims that may arise.
Fiscal Impact
Budget Account Number:
n/a
Funding Source:
n/a
Balance:
n/a
Financial Impact:
Funds will be transferred from the Workers Compensation Reserves Fund Balance (817) into the Workers Compensation Claims Paid account# 817-0105-9201.
A detailed analysis has been done and determined that in order for the year to be paid, we needed to transfer money into Claims paid account.
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