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MONTHLY FINANCE UPDATE

MONTHLY FINANCE UPDATE. March 11,2014. FY14 Health Insurance Fund Year to Date Actuals (thru March 7, 2014). Budget YTD $15,812,500 Expenditures YTD $18,858,257 Fund Deficit ($ 3,045,757)

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MONTHLY FINANCE UPDATE

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  1. MONTHLY FINANCE UPDATE March 11,2014

  2. FY14 Health Insurance FundYear to Date Actuals (thru March 7, 2014) • Budget YTD $15,812,500 • Expenditures YTD$18,858,257 • Fund Deficit ($ 3,045,757) • In addition to our negative balance Year To Date for FY2014, we have $3.8 millionnegative net position for our FY2013 Health Insurance Fund due to Incurred But Not Reported Health Cost

  3. FY13 FUND BALANCE - ACTUAL

  4. FY14 FUND BALANCE PROJECTION

  5. FY14 FUND BALANCE PROJECTION • Assumptions included in projections • ($6,521,060) FY14 Budgeted Use of Fund Balance • $4,256,487 FY14 OLOST Reserve • ($2,264,573) FY14 Budget = 5.40 days • ($3,000,000) Health Insurance Shortfall = 7.14 days • ($2,000,000) Expected budget overages = 4.76 days • ($7,264,573) TOTAL= 17.30 days

  6. FY15 FUND BALANCE PROJECTION • Assumptions • Same budget as FY14 • Departments absorb Health Insurance increase • Additional OLOST Reserve

  7. FY15 IMPACT • General Fund cannot support Payroll, Grants, and Other Cash Flow needs with a 37.98 day reserve • Only bare minimum expenditures can occur in the first quarter of the fiscal year

  8. HISTORY OF THE GENERAL FUND DECLINING FUND BALANCE

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