FY 2010-11 Adopted Budget - Volusia County Government

Group Insurance Fund - 530Group Insurance Fund - 530Summary: The Group Insurance fund reflects both employer and employee health plan contributions and paymentof claims. The program costs include employee-paid options such as dependent coverage, cancerinsurance, and dental coverage. Additionally, the program includes retirees who continue to participate inthe County's plan. The County continues to provide flex dollars to employees who meet wellnessstandards and do not use tobacco. The Personnel Division conducts ongoing programs to educateemployees on using the health plan and getting the best care. Due to GASB 45, the County establishedreserves in the Group Insurance Fund based on actuarial data regarding current and future retirees. Thisamount is currently estimated to be $2.3 million annually.Contributions have been set at a rate to build the fund balance to industry standard. Nationwide theindustry standard is 2 months of claims in reserve (16.6%). The State of Florida Department of Insurancehas recommended a standard of 3 months of claims in reserve (25%).AdoptedFY2009-10BudgetFY2010-11RevenuesCurrent RevenuesMiscellaneous Revenues $ 300,000 $ 350,250Subtotal Current Revenues $ 300,000 $ 350,250Non-Current RevenuesFlex Benefit Revenues 275,000 25,000Group Insurance Trust Revenues 51,000 51,000Appropriated Fund Balance 15,296,447 19,796,136Recoveries-Claims 0 29,576Health Insurance 24,818,825 22,892,238Life Insurance 0 200,000Disability Insurance 0 50,000Cobra/Retirees 1,767,979 1,914,838Health Ins-Dependent Contr 4,945,150 3,951,321Vision Insurance Contribution 217,689 237,787Subtotal Non-current Revenues $ 47,372,090 $ 49,147,896Total Revenues $ 47,672,090 $ 49,498,146Total Operating Revenues $ 47,672,090 $ 49,498,146ExpendituresPersonal Services $ 67,568 $ 69,471Operating Expenses 35,232,460 32,932,578Reserves 12,372,062 16,496,097Total Expenditures $ 47,672,090 $ 49,498,146Total Operating Expenditures $ 47,672,090 $ 49,498,146Net Revenues Less Expenditures $ 0 $ 0Volusia County Section E - 186