FY 25 Harford County Approved Operating Budget

Self-Insurance Fund Fiscal Year 2025

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 perentage 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 was completed for June 2022 which covers te general liability, automotive liability, property damage, and workers' compensation exposures.

Self-Insurance Fund Statement of Estimated Net Position

Total Net Position as of June 30, 2023

28,129,669

Investment Income Insurance Recoveries

321,000

4,500

Revenues from Agencies and Reimbursements

40,444,588

Total Estimated Revenues

40,770,088

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

(40,770,088)

Total Estimated Expenditures

(40,770,088)

Estimated Net Position - June 30, 2024

28,129,669

Fiscal Year 2025

Investment Income Insurance Recoveries

1,422,441 120,040 45,261,519

Revenues from Agencies and Reimbursements

Total Estimated Revenues

46,804,000

Claims and Expenditures

(46,804,000)

Total Estimated Expenditures

(46,804,000)

Estimated Net Position - June 30, 2025

28,129,669

710