Broward County Commission Regular Meeting
Director's Name: Norman Foster
Department: Office of Management and Budget
Information
Requested Action
title
A. MOTION TO ADOPT supplemental budget Resolution No. 2020-468 within the Internal Service Funds in the amount of $8,750,000 to amend revenues and appropriations prior to the close of the Fiscal Year.
(Item Numbers 33, 34, 35, 36, 37, 38 and 39 were taken up and voted on together.)
ACTION: (T-3:39 PM) Approved.
VOTE: 9-0. Commissioner Rich and Vice-Mayor Geller voted in the affirmative telephonically.
B. MOTION TO ADOPT budget Resolution No. 2020-469 within the Owner-Controlled Insurance Fund in the amount of $439,600 to transfer funds from the reserve to cover run-out claims costs.
(Item Numbers 33, 34, 35, 36, 37, 38 and 39 were taken up and voted on together.)
ACTION: (T-3:39 PM) Approved.
VOTE: 9-0. Commissioner Rich and Vice-Mayor Geller voted in the affirmative telephonically.
body
Why Action is Necessary
Supplemental budgets are required whenever existing revenue sources are increased or decreased, resulting in a change in the total appropriations of a fund.
What Action Accomplishes
The primary purpose of this supplemental budget is to make year-end adjustments to facilitate the year-end closing process.
Is this Action Goal Related
No
Previous Action Taken
None
Summary Explanation/Background
Staff presents three supplemental budgets per year to the Board. The third supplemental budget is for the purpose of making year-end adjustments to various revenues and appropriations.
THE OFFICE OF MANAGEMENT AND BUDGET RECOMMENDS APPROVAL OF THE FOLLOWING YEAR-END ACTIONS WITHIN THE INTERNAL SERVICE FUNDS.
EMPLOYEE BENEFITS FUND (50025) - $8,750,000 - The reserve is reduced and funds transferred from the General Fund are appropriated to cover increased claim costs for the County’s health and prescription drug self-insurance plans, and to satisfy the Florida Office of Insurance Regulation safe harbor guideline, which requires the County to maintain a reserve equal to 60 days of gross claims costs.
OWNER-CONTROLLED INSURANCE FUND (50035) - $439,600 - Funds are transferred from reserve to cover run-out claims costs from the County’s prior owner-controlled insurance program.
Source of Additional Information
Norman Foster, Director, Office of Management and Budget, (954) 357-6346
Fiscal Impact
Fiscal Impact/Cost Summary
The fiscal impact is detailed above in the Summary Explanation/Background section of the agenda item.