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Monday, January 27, 2014

$1.9M Shortfall Blamed on More Claims, Low Reserves

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.

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Members of the committee meeting today with Charles Haberstroh (3rd l) and Kevin Connolly (l) attending for the first time.n (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

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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