Self-Insurance Fund (Internal Service Fund)
FY2023-24 Adopted Budget
Department Purpose:
The Self-Insurance Fund is comprised of three funds, medical insurance, workers compensation and general liability insurance. The general liability insurance fund includes, public officials’ liability, law enforcement liability, cyber insurance, property insurance and other policies. All City departments participate in the self-insurance fund. The allocation of cost to each department is based on the risk exposure and claims experience the department adds to the pool. Funding from departments is used to purchase insurance, pay deductibles, claims and administrative expenses.
FY2023-24 Budget Highlights:
The Risk Management department had an actuarial study completed on both the liability insurance fund and the workers' compensation funds in late 2022 to evaluate funding levels and rates. The FY2024 budget includes the necessary increases to fully fund the new rates structure recommended to an adequate, healthy fund balance reserve.
Added one senior claims specialist position.
Summary of Expenditures:
Personal Services Summary:
Performance Measures:
