Title
Consideration of and action on an ordinance to amend the Fiscal Year 2024-2025 Water Sewer Fund Budget for the Employee Benefits Department.
Body
Summary:
The Fiscal Year 2024-2025 Budget for the Water Sewer Fund Employee Benefits Department included funding for retiree healthcare. Over the last two fiscal years, tenured Water Sewer employees unexpectedly retired who were eligible for retiree healthcare. As a result, the Employee Benefits Department in the Water Sewer Fund exceeded its budgeted appropriation by approximately $37,616.41, resulting in a net variance in the department budget of $32,234.23. A budget amendment for $32,300.00 is requested to appropriate the additional funds necessary to fully fund the Employee Benefits Department in the Water Sewer Fund for the Fiscal Year. The additional appropriation would be funded by the prior year revenues of the Water Sewer Fund. This line item in the Fiscal Year 2025-2026 budget was increased to account for these higher expenditures.
Fiscal/Budgetary Impact:
Add $32,300.00 to the Fiscal Year 2024-2025 budget for Finance (Account No. 400-750-41080, Health/Life Insurance), to be funded by the prior year revenues of the Water Sewer Fund, which is available for this purpose.
Recommended action
Approve the ordinance to amend the Fiscal Year 2024-2025 Budget for the Water Sewer Fund Employee Benefits Department.