2018-03-26-AC-ATM-rpt - Laserfiche WebLink

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APPROPRIATION COMMITTEE-2018 ATM The total request for Employee Benefits and Insurance for the FY2019 General Fund budget is $35,548,859,which represents a$998,215 or 2.9%increase over the FY2018 Restated Budget. The pie chart below is a breakdown of Employee Benefits &Insurance by category: FY2019 Employee Benefits & Insurance Total: $35,548,859 (General Fund) Health Insurance, $25,542,389 , 72% III ',,,,, stir Mhl V I Ill ii4 di Dental Insurance, Contributory $1,088,481 , 3% Retirement, Q Unemployment, $6,005,537 , 17% $200,000 , 1')/0 Medicare, Workers Comp, $1,790,002 , 5% $882,380 , 2% Other Misc, $40,070 , 0% Health insurance cost is by far the largest category within the Employee Benefits and Insurance Budget. The FY2019 budget for health insurance is $25,542,389, which represents a $609,405 or 2.4% increase over FY2018 restated budget. The Town will continue to remain a member of the State's Group Insurance Commission (GIC) health insurance program for FY2019 and FY2020. The Town and the Public Employees Committee (PEC) are in the process of negotiating a successor agreement regarding contributions for health insurance. The FY2019 split of healthcare premiums between employer and subscribers is 82/18 or 75/25 depending on the health plan. The percentage splits are the same as those in FY2016,FY2017, and FY2018. In actuality, the Town contributes the equivalent of 85% or 80%,because of separate 3% or 5%payments by the Town to a "Mitigation Fund"per an agreement with the Public Employee Coalition. The Mitiga- tion Fund is used to fund Health Reimbursement Accounts (HRA) for employees that take the Town's health insurance. 15