cabarrus county board of commissioners regular meeting november ...

Office of the County ManagerOctober 28, 2011To:From:Subject:Board of County CommissionersPamela S. Dubois, Deputy County Manager/Finance DirectorWorkers Compensation FundAt the end of June 2011, the County transferred the Worker’s Compensation Program fromCabarrus County to the Carolina Governmental Alliance (CGA). This action took place so that allself-insured insurance programs, which are administrated by the CGA, could be located underone entity. A budget revision was created on June 30, 2011 to allow this transfer of the funds tooccur as authorized by Section III, Item 7 of the Budget Ordinance. It is included for reference(Exhibit A) and is authorized by the CountyOn August 15, 2011, the Board approved a budget revision to eliminate the Worker’sCompensation Budget for FY 2012 in the amount of $603,213. (Exhibit B).During the FY 2011 audit, an error was discovered. A $350,000 contribution budgeted in theGeneral Fund was not transferred to the Workers’ Compensation fund prior to its closure.Therefore, the Workers Compensation Fund has a $350,000 balance which needs to betransferred to the CGA fund. A budget amendment to correct the accounting error is provided forthe Board’s approval. In order for this to occur, the Worker’s Compensation Fund will have to bere-opened and re-closed at the end of the fiscal year.I will be happy to respond to any questions the Board may have related to this request.65 Church Street SE (28025) • P.O. Box 707 Concord, NC 28026-0707Phone: 704.920.2100 • Fax: 704.920.2820Website: www.cabarruscounty.usAttachment number 1F-5Page 301