Source: https://www.ecode360.com/16105096
Timestamp: 2019-11-14 11:31:30
Document Index: 772888751

Matched Legal Cases: ['§ 25', '§ 25', '§ 25', '§ 25', '§ 25', '§ 25', '§ 25']

Town of Wallingford, CT Funds
Ch 25 Art I Health Insurance Benefits Fund
§ 25-3 Funding.
§ 25-4 Prohibitions of use.
§ 25-5 Term.
Ch 25 Art II Ambulance Enterprise Fund
§ 25-6 Statutory authority; establishment.
§ 25-7 Administration; purpose.
§ 25-8 Funding.
§ 25-9 Appropriations; termination of fund.
Ambulance service — See Ch. 65.
Article I Health Insurance Benefits Fund
Article II Ambulance Enterprise Fund
[Adopted 10-11-2011 by Ord. No. 572]
The Town of Wallingford ("Town") shall have a fund known as the "Town of Wallingford Health Insurance Benefits Fund" ("fund") which shall utilize a self-funding methodology in a manner which manages financial risk exposure in accordance with industry standards.
The purpose of the fund is to generate resources for the following:
To pay medical claims of eligible insureds and their eligible dependents.
To pay all administrative costs, consulting fees, stop-loss insurance premiums, and all other customary charges necessary in operating a self-funded health insurance program under an Administrative Services Only plan.
To accumulate and maintain reserves in the amount of at least 20% of expected claims of the annual renewal as calculated by the third-party administrator or the Town's independent consultant.
The fund's revenues shall be derived from annual adopted budgets, which shall be based upon recommendations of the Town's consultant; any subsequent appropriations (if needed); required employee contributions; interest income; and other sources including, but not limited to, refunds, credits, etc., that are customary for this type of plan. In addition, audited reserve amounts, or a portion thereof, above 20% of the annual renewal expected claims may be used to mitigate annual renewal increases due to higher than anticipated actual claim experience or health care cost inflation.
Proceeds and reserves of the fund shall not be used for purposes other than those provided for in this article.
The fund shall remain in effect until such time as all contractual claims and costs have been paid under the self-funded health insurance program. The fund shall cease to exist if the Town converts to a non-self-funded type of employee health insurance benefit program and all obligations under the self-funded plan have been satisfied.
[Adopted 5-8-2012 by Ord. No. 580]
Pursuant to Section 7-148 of the Connecticut General Statutes of the State of Connecticut, the Town of Wallingford is hereby authorized to establish an Ambulance Enterprise Fund to be funded and administered for the sole purpose of providing, as a separate operation, emergency advanced life support ambulance transport service (hereinafter "ambulance service") for the Town of Wallingford.
The Ambulance Enterprise Fund shall be established in accordance with generally accepted accounting principles for local government and administered by the Wallingford Finance Department in compliance with the Town Charter budget requirements. The enterprise fund is established to collect and expend revenues solely for the operation of the ambulance service.
Revenues of the Ambulance Enterprise Fund shall be generated by charges for ambulance services rendered. The Town shall utilize all lawful means to collect all revenues owed for services rendered. Revenues shall be sufficient to meet no less than 90% of all annual expenses attributed to providing the ambulance service. Expenses shall include all costs including but not limited to capital, operating, personnel and maintenance expenses incurred annually.
Said Ambulance Enterprise Fund shall be self sustaining. The Town of Wallingford may appropriate funds to the Ambulance Enterprise Fund in an amount not to exceed 10% of the cost of the ambulance service in any year in order to maintain the operation of the ambulance service. If revenues are insufficient to fund the annual budget of said ambulance service in accordance with the provisions of this article, then the Ambulance Enterprise Fund shall be terminated and closed in accordance with generally accepted accounting principles.