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September 22, 2008 (Regular Meeting) Page 964 (F-9) Finance - Financial Plan for the Self-Insured Health Insurance Fund for FY 2009 On February 16, 2009, the Board of County Commissioners established a self-funded health insurance plan. Accounting for this action, an Internal Service Fund was established (the Self-Insured Health Insurance Fund). This fund is not required to have an approved budget, but is required to have a Financial Plan pursuant to G.S. 159-13.1. A Financial Plan will be incorporated into the annual budget process in future years. UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board adopted the Financial Plan for the Self- insured Health Insurance Fund for FY 2009 as follows: Financial Plan for Health Insurance Fund (Fund 610) Cabarrus County has elected to be self-funded for Health Insurance on February 16, 2009. The Fund receives its revenues from premiums charged for each covered employee, eligible retiree, and dependents of employees or eligible retirees and interest earnings on the excess funds in reserve. Expenditures are incurred in this fund when claims occur, additional insurance purchased, third party administrator is compensated for their services, and the cost associated with the Employee Health Clinic and Wellness Programs offered by Cabarrus County for its employees. This Funds was established to collect all the receipts and cost associated with Health Insurance claims for Cabarrus County while also allowing excess premiums to collect in order for the fund to become self-supporting. For Fiscal Year 2009, the County estimates expenditures of $6,200,000.00 and estimates revenues in the amount of $6,200,000.00. (F-10) Finance - Financial Plan for the Workers' Compensation Fund for FY 2009 On March 21, 1999, the Board of County Commissioners established a self-funded Workers' Compensation plan. Accounting for this action, an Internal Service Fund was established (the Workers' Compensation Fund). This fund is not required to have an approved budget, but is required to have a Financial Plan pursuant to G.S. 159-13.1. The Financial Plan will be incorporated into the annual budget process in future years. UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board adopted the Financial Plan for the Workers' Compensation Fund as follows: Financial Plan for Workers Compensation Fund (Fund 600) Cabarrus County has elected to be self-funded for Workers Compensation on March 21, 1999. The Fund receives its revenues from premiums charged for each employee covered by the fund at the appropriate rate based on the employee's job task and interest earnings on the excess funds in reserve. Expenditures are incurred in this fund when claims occur, additional insurance is purchased, or the third party administrator is compensated for their services. This Fund was established to collect all the receipts and cost associated with Workers Compensation claims for Cabarrus County while also allowing excess premiums. to collect in order for the fund to become self-supporting. In FY 2007, the County discontinued funding based on the excess balance in the Fund. As of November 29, .2007, an actuarial analysis was performed which indicated the estimated required reserve balance for the Cabarrus County program was $924,115.00. At June 30, 2008, the accumulated cash balance was approximately $1,780,613.00. For Fiscal Year 2009 the County estimates expenditures of $675,000.00 and estimates revenues in the amount of $675,000.00 from Fund Balance appropriated and interest earnings on the excess funds accumulated thus far. (F-11) Finance - Temporary Construction Easement for Cox Mill High School