SUBJECT
title
Public Hearing and Introductory Ordinance amending the City of Laredo Fiscal Year 2023-2024 Health and Benefits Fund by appropriating a drawdown of $1,000,000 from its opening balance and appropriating it for medical claims.
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PREVIOUS COUNCIL ACTION
On September 18, 2023, the City Council adopted the annual budget for Fiscal Year 2023-2024.
BACKGROUND
Health claims are projected to exceed appropriation by $1,000,000 for the current Fiscal Year 2023-2024. The drawdown of fund balance will provide the necessary appropriation to continue operation during the current fiscal year.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends that City Council introduce this Ordinance.
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Fiscal Impact
Fiscal Year: 2023-2024
Budgeted Y/N?: Y
Source of Funds: Health & Benefits Fund
Account #: 660-2035-513-9727
Change Order: Exceeds 25% Y/N: Click or tap here to enter text.
FINANCIAL IMPACT:
Click or tap here to enter text.
|
Health and Benefits Fund |
Annual Budget FY 2023-2024 |
Proposed Amendment |
Amended Budget FY 2023-2024 |
|
Opening Balance |
$9,291,222 |
-$1,000,000 |
$8,291,222 |
|
Health Medical Claims |
$24,436,445 |
$1,000,000 |
$25,436,445 |