Harford County, Maryland FY 24 Proposed Operating Budget

SELF INSURANCE FUND FISCAL YEAR 2024

Self Insurance Fund Statement of Estimated Net Position

Purpose

The Self-Insurance Fund was established in 1982 as an Internal Service Fund. This fund accounts for budgeted monies from operating funds for a percentage of self insurance contributions. The fund also receives reimbursement from other parties for claims paid. Excess insurance premiums, claims and other expenses are paid from this fund. An actuarial study is

Total Net Position as of June 30, 2022

21,367,610

Investment Income Insurance Recoveries

6,000

180,000

Revenues from Agencies and Reimbursements

37,596,917

Total Estimated Revenues

37,782,917

Expenses for Claims, Excess Coverages, Claims Management and Other Expenditures

37,782,917

Total Estimated Expenditures

(37,782,917)

Estimated Net Position - June 30, 2023

21,367,610

Fiscal Year 2023-2024

Investment Income Insurance Recoveries

321,000

4,500

Revenues from Agencies and Reimbursements

40,444,588

Total Estimated Revenues

40,770,088

Claims and Expenditures

(40,770,088)

Total Estimated Expenditures

(40,770,088)

Estimated Net Position June 30, 2024

21,367,610

672