Board of Selectmen - 63 (02/09/2022)
agenda center attachment
| Board/Commission | Board of Selectmen |
|---|---|
| Meeting Date | February 09, 2022 |
| Pages | 14 |
| File Size | 5.6 MB |
| OCR Status | Searchable (OCR processed) |
| Source URL | Original |
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Full Text (OCR Extracted)
TOWN OF WATERFORD
GENERAL FUND
2022-2023 PROPOSED BUDGET
DEPT/AGENCY:
10112
INSURANCE
WORKERS' COMPENSATION
657,530
734,664
682,535
698,805
698,805
(35,859)
-4.88%
LIABILITY/AUTO/PROPERTY (LAP)
406,751
455,676
77,273
495,269
513,678
513,678
58,002
12.73%
UNEMPLOYMENT COMPENSATION
34,265
10,000
0
10,000
10,000
0
0.00%
DEDUCTIBLE COVERAGE
4,000
35,000
10,040
20,000
20,000
(15,000)
-42.86%
HEALTHCARE
3,398,170
3,458,563
185,048
3,460,000
3,460,000
1,437
0.04%
LONG TERM DISABILITY
2,911
3,000
4,622
4,038
4,038
1,038
34.60%
BUDGET FUNCTION
The Town of Waterford is responsible for providing a variety of insurance coverage for both its
employees and town departments.
Health Insurance
Workers’ Compensation
Liability (includes Auto & Property)
Life Insurance
Unemployment
Long Term Disability
BUDGET SUMMARY
FY 2022-2023
The insurance budget for fiscal year 2022-2023 represents an increase of $10,769 (0.23%) over
the prior year. The increase represents the addition of a separate Cyber Security policy and an
anticipated increase across the all the individual policies.
The Town of Waterford no longer has an effective budget stabilization contract with CIRMA for
its LAP coverage. In the Spring of 2022, the Town will be going out to bid in the open market
for the FY2023 policies as an opportunity to review overall coverages and premium costs.
€
_
oTM
TOWN OF WATERFORD
INSURANCE BUDGET SUMMARY
2022-2023
:
Joe Pe 2 l
Fv2022,_
|
—~«‘#C*WCAL
RV2023 |
_~=—s«éDOOLLAR
PERCENT
LINE
:
_F¥2017_
| Fy2018 | FY2019 |
FY2020
| FY2021 | ADOPTED | FY 2022 | PROPOSED]
INCREASE/ | INCREASE/
ITEM |
COVERAGE
ACTUAL
| ACUTAL | ACTUAL
| ACTUAL | ACTUAL
| BUDGET
| PROJECTED
| BUDGET | (DECREASE) | (DECREASE)
52200 |WORKERS' COMPENSATION
635,104 |
704,517
695,402 |
713,648|
657,530}
734,664
677,015 |
698,805
(35,859)
-5.13%
52201 |LIABILITY/AUTO/PROPERTY
488,402}
457,590]
427,302]
411,011|
406,751]
532,949
499,718 |
513,678
(19,271)
-3.75%
UNEMPLOYMENT
52240 |COMPENSATION
27,555
7,821
1,077
43,498
34,265
10,000
10,000
10,000
-
0.00%
52250 |DEDUCTIBLE COVERAGE
41,212
39,655
26,671
48,865
4,000
35,000
10,000
20,000
(15,000)| _ -75.00%
52251 |HEALTHCARE
3,172,323 | 3,205,084 | 3,417,542 | 3,410,686 | 3,398,170 | 3,458,563 |
3,817,398 | 3,460,000
1,437
0.04%
52252
|LONG TERM DISBILIYT
2,412
3,494
2,951
2,440
2,911
3,000
3,671
4,038
1,038
25.71%
52253 |LIFE INSURANCE
16,321
18,811
19,866
19,736
20,444
21,000
20,138
22,151
1,151
5.20%
TOTALS| 4,383,329
| 4,436,972 | 4,590,811 | 4,649,883 | 4,524,071 | 4,795,176 | 5,037,940
| 4,728,673
(66,503)
TOWN OF WATERFORD
WORKERS' COMPENSATION BUDGET SUMMARY
2022-2023
| fee SS
ee oe Sen [lap
Eee ne Deal
CIRMA PREMIUM *
638,565
693,728
693,696
672,889
672,830
693,015
713,805
5.74%
PAYROLL AUDIT ”
13,053
30,144
31,362
55,249
#DIV/0!
CREDITS - POLICE OUTSIDE
lu)
(15,300)
SEE a
aa a
ara
-0.02
TOWN OF WATERFORD
LIABILITY, AUTO, PROPERTY
2022-2023
lee
| DOLLAR | PERCENT ~
COVERAGE _—_—_—_—s{_ ACTUAL |
AL
| ACTUAL
_
) | (DECREASE)
| (DECREASE)
LIABILITY/AUTO/PROPERTY
(LAP) PREMIUM *
404,392 |
421,676|
394,898]
367,559]
360,639
374,851 | +HHHHHHHHH
25,458
6.59%
FLOOD INSURANCE - PUMP
STATIONS ”
51,193
-
-
-
#DIV/O!
TAX COLLECTOR BOND
572
572
572
572
572
572
572
-
0.00%
TREASURER BOND
1,070
1,070
1,070
1,070
1,070
1,070
1,070
-
0.00%
BOILER & MACHINERY
6,921
5,852
6,013
14,212
15,003
14,747 | 15,189.41
186
1.23%
VACANT PROPERTY
1,867
1,948
682
737
763
803
827.09
64
7.79%
CRIME
1,654
1,612
1,612
4,032
4,444
4444|
4,577.32
133
2.91%
POLLUTION (UST)
1,552
1,839
1,504
1,951
2,031
1,975 |
2,034.25
3
0.16%
RISK MANAGEMENT ADVISOR
21,000
21,000
21,000
21,000
21,000
21,000
21,630
630
2.91%
ADDITIONAL ENDORSEMENTS
(ESTIMATE)
3,517
2,550
537
238
3,641
3,000
3,090
(551)|
-17.83%
CYBER SECURITY °
77,273 | 79,591.19
79,591 |
100.00%
PRIOR YEAR CREDITS
(5,336)
(529)
(586)
(360)
(2,412)
(17)
(1,000)
1,412]
-141.20%
Totais|
488,402}
457,590| 427,302 | 411,011| 406,751] 499,718]
513,678
106,927
* FY22 was the last year of the budget stabilization program with CIRMA.
* Flood Insurance costs moved to the Utility Commission in FY2018.
>No longer covered under CIRMA LAP Policy. Requires its own policy as of FY22.
TOWN OF WATERFORD
UNEMPLOYMENT COMPENSATION
2022-2023
DOLLAR
PERCENT
FY 2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY 2023
INCREASE/
INCREASE/
COVERAGE
ACTUAL
ACUTAL
ACTUAL
ACTUAL
ACTUAL | PROJECTED | PROPOSED | (DECREASE) | (DECREASE)
UNEMPLOYMENT
COMPENSATION *
27,555
7,821
1,077
43,498
34,265
10,000
10,000
(24,265)
-2.4265
TOTALS
27,555
7,821
1,077
43,498
34,265
10,000
10,000
(24,265)
Three-Year Average
* Proposed budget includes an established funding level to reflect the last several year's downward trend.
Note that the Town pays directly for the unemployment benefits paid to former employees; therefore, expenditures can vary significantly from year to year.
~
TOWN OF WATERFORD
LONG-TERM DISABILITY
2022-2023
oo
|
DOLLAR
| PERCENT -
ee
_ | Fy2ot7
| Fy2018 |
FY2019
FY2023
| INCREASE/ | INCREASE/
COVERAGE
“| ACTUAL | ACUTAL |
ACTUAI
| PROPOSED
| (DECREASE) | (DECREASE)
LONG-TERM DISABILITY
2,412
3,494
2,951
2,440
2,911
3,671
4,038
1,127 | 0.279187103
—yotats}
=. 2,412 | ~—s«3,494]—2,951|
2,440]
2,921
4038}
27d
In accordance with the collective bargaining agreement between the Town of Waterford and the General Government Administrators, the Town shall
provide up to 50% of the cost of long-term disability insurance, with the remaining 50% being the responsibility of the employee. The Town's 50% match is
capped to a premium liability of not more than $250 per month. The Town currently has 21 eligible employees with a maximum of $3000.
TOWN OF WATERFORD
LIFE INSURANCE
2022-2023
DOLLAR
PERCENT
FY 2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
INCREASE/
INCREASE/
COVERAGE
ACTUAL
ACUTAL
ACTUAL
ACTUAL
ACTUAL | PROJECTED | PROPOSED | (DECREASE) | (DECREASE)
LIFE INSURANCE
16,321
18,811
19,886
19,736
20,444
20,138 | 22,151.36
1,707 | 0.077076983
TOTALS
16,321
18,811
19,886
19,736
20,444
20,138
22,151
1,707
All full-time employees of the Town of Waterford are eligible for a group term life insurance based on their collective bargaining agreement. In addition, all
employees (except members of 1301) are eligible for accidental death and dismemberment. The level of benefit follow.
Presently, there are 180 employees covered under the plan, 104 have additional coverage for accidental death/disability. Life insurance is at a rate of $.12
per $1,000 of benefit and accidental death/disability coverage is at $.02 per $1,000 of benefit.
TOWN OF WATERFORD
HEALTH INSURANCE FUND ANALYSIS
2022-2023 FISCAL YEAR BUDGET
ITEM
DESCRIPTION
TOWN
BD OF ED
TOTAL
NOTES
1
|Expected pald clalms for contract period @100%
S
3,850,990
|S
6,873,014]
$
10,724,004 |Projection THRU OCT 21
2.
|Administrative Fees/Network Access Fees
S
66,135 | $
118,033 | $
184,168 |Projection FY 23
3
|Stop Loss
S
926,855|S
1,654,194]
S
2,581,049 |Projection FY 23
Note: Includes ISL at $175K and ASL at 125%
Estimated Stop Loss Excess
-
-
-
4
|PCORI
S
1,390158
2,481 | S
3,871
5
|TOTAL 2022-23 PROJECTED EXPENDITURES
$4,845,370
$8,647,722
$13,493,092
Premiums to be collected from COBRA and “Other"
6
{participants
S
178,608 | S$
366,762 | S
545,370 |from HR
7
|Employee Premium Shares
S
495,628
|S
1,316,914]
S
1,812,542 |from HR and BOE finance
8
|Due From Sewer Enterprise Fund
S
302,906
n/a
S
305,402 |from HR
matches retirement
9
|Due From Town Retirement Budget
S
402,682
n/a
S
434,598 |budget #
10
|Due From Employer Share Food Service
n/a
S
118,326 | S$
118,326 |from BOE finance
11
|Due From Employee Share Food Service
n/a
S
25,862 | $
25,862 |from BOE finance
12
|Due from Teachers' Retirement
n/a
S
58,025
|S
56,984 |from TRB 2021
13
_|Projected Investment Earnings/Miscellaneous
S
2,500 | $
2,500 | S$
3,000
16
|TOTAL PROJECTED FUNDING OFFSETS
S
1,382,324
|S
1,888,389 | $
3,302,084
17
Total Expenditures
$3,463,046
$6,759,333 |
$10,191,008
FUND BALANCE PROJECTION
18
|Fund Balance as of 06/30/2021
S
2,236,892
|$
3,992,271
|$
6,229,163 |From Town Finance
CURRENT YEAR ESTIMATED
19
|Amoritzation of Fund Balance FY 2021
($83,179)
($171,344)
($254,523)|Based on Budget for 2022
20
{ESTIMATED Fund Balance as of 06/30/2021
2,153,713
3,820,927
5,974,640
21.
|Risk Corridor @ 25.5% of Line 1
982,002
1,752,619
2,734,621
22
|Fund balance over Risk Corridor
1,171,711
2,068,308
|S
3,240,019
Amortization of Fund balance over/(under) Risk
23
|Corridor (Line 22 above)
390,570
689,436
1,080,006
24
|Total Funding Offsets and Funding Requirement
3,072,476
6,069,897
9,142,373
25
_|Transfer to Healthcare Fund (Line 15 - Line 19)
S
3,072,476
|$
6,069,897|S
9,142,373
Per estimate provided by
26
|Payments in Lieu of Insurance
S
14,000 | $
20,950 | $
34,950 |Karen
27.
|Services of Agent of Record
S
16,160 | $
28,841 | S
45,000 |Assuming no increase
Per estimate provided by
28
|HSA Contribution
S
267,000 | $
622,534 | S$
889,534 |Karen and Joyce
29
|Health Insurance Appropriation-2022-2023
S$
3,369,636|$
6,742,222|$ 10,111,857
30
|Appropriated 2020-2021 Budget
S
3,460,000
$6,347,425
$9,807,425
31
|Increase/(Decrease)
(90,364)
394,797
304,432
32
|Percent Increase/Decrease
-2.61%
6.22%
3.10%
TOWN OF WATERFORD
LONG-TERM DISABILITY
2022-2023
|
PERCENT
| INCREASE/
—
(DECREASE).
0.279187103
In accordance with the collective bargai
Provide up to 50% of the cost of long-
Capped to a premium liability of not
TOWN OF WATERFORD
LIFE INSURANCE
2022-2023
lee le 2
DOLLAR
|
PERCENT
ee
_ F¥2017 | Fy2018 | Fy2019 | FY2020 | FY2021 | FY2022 | FY2023
| INCREASE/
| INCREASE/
COVERAGE
ACTUAL | ACUTAL | ACTUAL | ACTUAL | ACTUAL | PROJECTED
| PROPOSED
| (DECREASE) | (DECREASE)
LIFE INSURANCE
16,321
18,811
19,886
19,736
20,444
20,138 | 22,151.36
1,707 | 0.077076983
TOTALS
16,321|
18,811|
19,886|
19,736 |
20,444}
~—-.20,138
22,151
1,707
All full-time employees of the Town of Waterford are eligible for a group term life insurance based on their collective bargaining agreement. In addition, all
employees (except members of 1301) are eligible for accidental death and dismemberment. The level of benefit follow.
Presently, there are 180 employees covered under the plan, 104 have additional coverage for accidental death/disab
lity. Life insurance is at a rate of $.12
per $1,000 of benefit and accidental death/disability coverage is at $.02 per $1,000 of benefit.
Ins
ice
Actual Expenditures
FY-2022 | Wk. Comp
Vendor
Net
LAP
Unemp.
Deductable
Long-term
Life
Month
Premium
Reimb.
Premium
Insurance
Comp.
Coverage
Healthcare
Disability
Insurance
Total
Jul-18
$0.00 | ($1,364.64)}
($1,364.64)|
$118,267.00
$0.00
$0.00
$167,178.83
$249.83 | $1,708.20
$286,039.22
Aug-18| $173,254.40 | ($2,180.53)} $171,073.87 | $93,712.75
$0.00
$0.00
$1,486.37
$249.93 | $1,675.40
$268,198.32
Sep-18
$0.00 | ($2,484.43)}
($2,484.43)
$0.00
$0.00
$0.00
$2,734.42
$249.93 | $1,675.40
$2,175.32
Oct-18] $173,253.76 | (S1,976.66)| $171,277.10 | $95,854.75
$0.00
$0.00
($396.40)
$249.93 | $1,689.80
$268,675.18
Nov-18
$0.00 | ($1,621.63)}
($1,621.63)
$26.00
$0.00
$0.00
$1,777.22
$249.93 | $1,689.80
$2,121.32
Dec-18
$0.00
$0.00
$0.00
$0.00
Jan-19
$0.00
$0.00
Feb-19
$0.00
$0.00
Mar-19
$0.00
$0.00
Apr-19
$0.00
$0.00
May-19
$0.00
$0.00
Jun-19
$0.00
$0.00
$346,508.16 | ($9,627.89)} $336,880.27 | $307,860.50
$0.00
$0.00
$172,780.44
$1,249.55 | $8,438.60
$827,209.36
FY-2021 | Wk. Comp
Vendor
Net
LAP
Unemp.
Deductable
Long-term
Life
Month
Premium
Reimb.
Premium
Insurance
Comp.
Coverage
Healthcare
Disability
Insurance
Total
Jul-18] $168,207.98
($711.57)| $167,496.41 | $179,213.61
$0.00
$0.00
$243,800.25
$249.87 | $3,365.44
$594,125.58
Aug-18
$0.00 | ($1,716.54)}
($1,716.54)
$0.00 | $13,799.00
$0.00
$1,056.25
$249.87
$0.00
$13,388.58
Sep-18] $168,207.34 | ($1,551.00)| $166,656.34 | $89,101.84
$0.00
$0.00
$4,993.17
$249.87 | $3,372.64
$264,373.86
Oct-18
$0.00 | ($1,953.66)}
($1,953.66)
$2,542.00 | $1,314.00
$0.00
$4,143.98
$786.58 | $1,703.12
$8,536.02
Nov-18
$0.00 | ($1,107.97)}
($1,107.97)
$0.00
$0.00
$0.00
$1,614.75
(S286.84)
$0.00
$219.94
Dec-18] $168,207.34 | ($1,023.54)| $167,183.80 | $89,101.84
$0.00
$0.00
$28,655.22
$249.87 | $1,771.32
$286,962.05
Jan-19
$0.00
($94.19)
($94.19)
$655.00 | $2,037.92
$0.00
$2,529.66
$249.87 | $3,427.44
$8,805.70
Feb-19
$0.00
($371.92)
($371.92)
$572.00 | $6,510.45
$0.00 |} $2,883,320.96
$249.87 | $1,676.52 | $2,891,957.88
Mar-19
$0.00
($648.22)
($648.22)|
$89,101.84 | $5,309.82
$0.00
$1,883.96
$249.87 | $1,709.32
$97,606.59
Apr-19] $168,207.34
($941.15)| $167,266.19
$1,135.22
$920.50
$0.00
$1,595.84
$212.07 | $1,709.32
$172,839.14
May-19
$0.00 | ($1,999.03)}
($1,999.03)
$3,641.00 | $1,705.88
$2,000.00
$5,420.05
$229.21 | $1,709.32
$12,706.43
Jun-19
$0.00 |
($3,181.57)|
($3,181.57)|
($48,313.50)|
$2,667.82
$2,000.00
$219,155.91
$220.64
$0.00
$172,549.30
$672,830.00 | ($15,300.36)| $657,529.64 | $406,750.85 | $34,265.39
$4,000.00 | $3,398,170.00
$2,910.75 | $20,444.44 | $4,524,071.07
Ins
ce
Actual Expenditures
FY-2020 | Wk. Comp
Vendor
Net
LAP
Unemp.
Deductable
Long-term
Life
Month
Premium
Reimb.
Premium
Insurance
Comp.
Coverage
Healthcare
Disability
Insurance
Total
Jul-18} $168,222.96
$1,399.45 | $166,823.51 | $130,575.38
$0.00
$0.00
$220,469.84
$212.24 | $3,295.64
$521,376.61
Aug-18
$0.00
$3,061.06 | ($3,061.06)
$26.00
$0.00
$1,000.00
($5.63)
$242.54 | $1,652.62
($145.53)
Sep-18] $168,221.88
$847.85 | $167,374.03 | $90,794.42
$0.00
$1,000.00
($653.28)
($242.56)|
$1,638.22
$259,910.83
Oct-18
$0.00
$2,511.00 | ($2,511.00)
($74.00)
$0.00
$3,000.00
$7,493.17
$226.26 | $1,653.52
$9,787.95
Nov-18
$0.00
$1,018.51 |
($1,018.51)]
$98,843.42
$0.00 | $13,008.75
$5,967.69
$271.25 | $1,670.32
$118,742.92
Dec-18] $168,221.68
$579.37 | $167,642.31
$0.00
$0.00
($1,135.00)|
$3,144,745.47
$736.94 | $1,633.32 | $3,313,623.04
Jan-19
$0.00
$504.15
($504.15)
$2,076.00 | $2,516.81 | $10,000.00
$10,823.29
($245.16)|
$1,614.52
$26,281.31
Feb-19
$0.00
$581.31
($581.31)
$0.00 | $3,360.00
$0.00
$1,583.33
$246.25 | $1,647.32
$6,255.59
Mar-19] $168,221.68
$406.73 | $167,814.95 | $88,843.42 | $2,741.00
($757.50)
$1,271.41
$246.25 | $1,638.72
$261,798.25
Apr-19
$0.00
$758.68
($758.68)
($286.00)|
$2,900.00 | $21,748.75
$9,767.47
$246.25 | $1,633.92
$35,251.71
May-19]
$55,249.00
$1,094.82 | $54,154.18
$0.00
$0.00
$1,230.36
$204.93 | $1,657.72
$57,247.19
Jun-19
$0.00
$1,726.22
($1,726.22)
$212.00 | $31,980.25
$1,000.00
$7,992.71
$294.81
$39,753.55
$728,137.20 | $14,489.15 | $713,648.05 | $411,010.64 | $43,498.06 | $48,865.00 | $3,410,685.83
$2,440.00 | $19,735.84 | $4,649,883.42
FY-2019 | Wk. Comp
Vendor
Net
LAP
Unemp.
Deductable
Long-term
Life
Month
Premium
Reimb.
Premium
Insurance
Comp.
Coverage
Healthcare
Disability
Insurance
Total
Jul-18}] $173,424.00
$2,286.59 | $171,137.41 | $128,470.01
$0.00
$340.00
$119,153.00
$250.26 | $3,300.80
$422,651.48
Aug-18
$0.00
$2,873.51 | ($2,873.51)
($586.00)
$0.00
$1,000.00
$666.69
$227.00 | $1,662.28
$96.46
Sep-18] $173,424.00
$2,582.89 | $170,841.11 | $98,575.25
$0.00
$1,051.20
$0.00
$218.57 | $1,653.08
$272,339.21
Oct-18
$0.00
$3,360.60 | ($3,360.60)
$2,574.00
$0.00
$1,461.50
$5,597.11
$255.09 | $1,667.08
$8,194.18
Nov-18
$0.00
$3,269.17 | ($3,269.17)
$336.00
$0.00
$8,215.00
$538.25
$241.29 | $1,653.08
$7,714.45
Dec-18] $173,424.00
$3,363.73 | $170,060.27
$98,575.25
$0.00
$2,394.56 | $3,272,912.00
$241.29 | $1,663.48 | $3,545,846.85
Jan-19
$0.00
$1,930.03
($1,930.03)
$523.00
$0.00
$3,489.44
$2,178.98
$257.92 | $1,700.02
$6,219.33
Feb-19
$0.00
$3,077.92
($3,077.92)
$0.00
$106.00
$2,827.17
$0.00
$249.56 | $1,666.82
$1,771.63
Mar-19] $173,424.00
$1,910.62 | $171,513.38 | $98,575.25
$147.00
$75.50
$0.00
$249.56 | $1,674.82
$272,235.51
Apr-19
$0.00
$1,305.87
($1,305.87)
$259.00
$123.00 | $11,000.00
$9,872.44
$249.56 | $1,567.22
$21,765.35
May-19]
$31,362.00
$1,306.42 | $30,055.58
$0.00
$225.00 | $10,000.00
$1,076.50
$249.56 | $1,657.22
$43,263.86
Jun-19
$0.00
$2,388.61 | ($2,388.61)
$0.00
$476.19 | ($15,183.85)
$5,547.43
$261.60
$0.00
($11,287.24)
$725,058.00 | $29,655.96 | $695,402.04 | $427,301.76 | $1,077.19 | $26,670.52 | $3,417,542.40
$2,951.26 | $19,865.90 | $4,590,811.07