HomeMy WebLinkAbout141 - 11/04/2014 - APPROPRIATING PRIOR YEAR RESERVES IN THE BENEFITS FUND FOR UNANTICIPATED EXPENDITURE INCREASES ORDINANCE NO. 141, 2014
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE BENEFITS FUND FOR
UNANTICIPATED EXPENDITURE INCREASES
WHEREAS, the City of Fort Collins, through the Benefits Fund, provides employees
with a full flexible benefit package including choices in insurance plans for health, life, vision,
dental, long-term disability, and accidental death and dismemberment insurance; health care and
dependent care reimbursement accounts; employee assistance program; and other employee
benefits; and
WHEREAS, the City is self-insured for employee health care benefits, collecting revenues
associated with providing medical, dental, and employee-paid vision benefits to employees and
budgets for the payment of all medical insurance claims, including administration costs for claims
processing; and
WHEREAS, the City's Benefits Fund is sufficiently funded to cover claims and
administration costs, and adequate reserves are maintained for use in the event that fund
expenditures exceed the revenues received in the fund; and
WHEREAS, staff projects the need for additional appropriations, totaling $1.85 million, to
cover unanticipated expenditure increases for employee benefits, including medical claims, flex
spending reimbursements, long-term disability, life insurance premiums and Fire & Police
Pension Association ("FPPA") contributions; and
WHEREAS, an appropriation of$1,850,000 from prior year reserves within the Benefits
Fund will still leave a reserve balance above the targeted minimum balance of$6 million; and
WHEREAS, Article V. Section 9 of the City Charter permits the City Council to
appropriate by ordinance at any time during the fiscal year such funds for expenditure as may be
available from reserves accumulated in prior years, notwithstanding that such reserves were not
previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that there is hereby appropriated for expenditure from prior year reserves in the
Benefits Fund the sum of ONE MILLION EIGHT HUNDRED FIFTY THOUSAND DOLLARS
($1.850,000) for unanticipated Benefits Fund expenditures.
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Introduced, considered favorably on first reading, and ordered published this 21st day of
October, A.D. 2014, and to be presented for final passage on the 4th day of November, A.D.
2014.
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ATTEST:City Clerk
Passed and adopted on final reading on the 4th day of November, A.D. 2014.
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