Business
Action Item |
DATE: | Tuesday, June 28, 2016 |
TO: | School Board Members |
FROM: | Jeff Eakins, Superintendent |
SUBJECT / RECOMMENDATIONS | |
Approve the Transfer of Workers Compensation Excess Coverage from Internal Service Fund 713 to General Fund 101 (Business Services) | |
EXECUTIVE SUMMARY | |
On July 18, 2007, Hillsborough County Public Schools established an Internal Service Fund to cover any excess workers compensation claims that may exceed the commercial insurance coverage package. We have set aside $500,000 every year to establish this account and as of June 9, 2016, we have a balance of $4,000,000 in this fund. After meeting with Glen Lathers, the decision was made to transfer these set-aside dollars from an Internal Service Fund to the contingency portion of the General Fund. With School Board approval we will be able to dissolve the use of an Internal Service Fund and simultaneously streamline our financial reporting. We have established project 5098 in the contingency portion of the General Fund to hold, track, and report the activities related to Excess Workers Compensation. | |
STRATEGIC OBJECTIVES | |
• Align financial resources to support the district's strategic goals | |
FINANCIAL IMPACT (Budgeted: Yes) | |
The only financial impact will be in the transfer of dollars from one fund to another. | |
EVALUATION | |
The Workers Compensation Fund is evaluated every year through an actuary study. The actuary report will provide an assessment of the probability and risks associated with this type of program. | |
SUBMITTED BY: |
Alberto Vázquez, Ed.D. | Gretchen Saunders | |
Chief of Staff (813) 272-4895 |
Chief Business Officer (813) 272-4270 |
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C 6.24 | ||
Hillsborough County Public Schools (Florida) * Mtg.#20160628_763 (Board Meeting) * Section C Item# 6.24 |