Monday, January 27, 2014
By James Lomuscio
Intentional drawdowns of health insurance reserves and a sharp increase in unreported claims since 2012 left Westport’s Board of Education more than $1.9 million in the hole, the board’s Health Insurance Fund Review Committee announced today.
Initial shortfall projections were close to $2 million of the school system’s current $104 million operating budget, but today that number was reduced to $1,902,409.
“The projections keep moving,” said Brett Aronow, school board member and chairwoman of the ad hoc review committee.
The shortfall consists of a projected cash equivalent of $595,009, plus $1,307,400 of incurred but not reported (IBNR) claims. Aronow noted that IBNR claims are an accounting item.
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