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Budget Amendment - Appropriate Fund Balance in the Workers’ Compensation Fund
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INFORMATION CONTACT:
Blake Hart, Budget Management, Director, 704-283-3674
ACTION REQUESTED:
Adopt Budget Amendment #24.
PRIOR BOARD ACTIONS:
None.
BACKGROUND:
FY 2024 expense in the Workers’ Compensation fund is trending above the budgeted amount. This budget amendment will appropriate $200,000 in available fund balance to provide sufficient budget for the remainder of FY 2024. There is currently $1.12 million in fund balance in this fund.
FINANCIAL IMPACT:
Provide sufficient funding to meet county obligations for remaining workers’ compensation charges for the remainder of FY 2024. After approving this budget amendment, $920,000 will remain in available fund balance.