← Finance Committee · 2024-06-10 · Finance Committee Meeting
TRNSF-2024-7 : A transfer from Health Insurance (#914) to Medicare (#916) in the amount of $50,000 to cover estimated additional costs in Medicare for Fiscal 2024.
Agenda original PDF
Minutes original PDF
TRNSF-2024-7 Transfer City of Melrose Page 1 6/25/2024 10:01 AM Minutes Finance Committee June 10, 2024 A transfer from Health Insurance (#914) to Medicare (#916) in the amount of $50,000 to cover estimated additional costs in Medicare for Fiscal 2024. Ought to pass City Council
Transcript
▶ 1:07:35 Robb Stewart: What is Council Romanul Motion to recommend to the full council? Second, we have a recommendation to the full council. Five Council Romanow seconded by Council Williams under discussion. All in favor? Aye. Aye. Opposed? This will go to the full counsel. Thank you both. Thank you. Thank you. Thank you. Next up, transfer 2024 dash seven a transfer from health insurance number nine 14 to Medicare number nine 16 in the amount of $50,000 to cover estimated additional costs in Medicare for fiscal year 2024. Ms. Golden.
▶ 1:08:08 Speaker 4: Hi. Um, so this transfer is just a housekeeping item, um, for the fiscal 2024 budget. So, um, for our employees, we pay 1.45% Medicare cost. Um, and this is just to make us whole, through the end of the end of the year, uh, we had increased the budget by $35,000. Um, there's a number of factors that go into that. So we still need additional funding. Um, it's earnings, it's pre-tax deductions, all of those things. Um, so this will allow us to get through the end of the fiscal year.
▶ 1:08:45 Ryan Williams: Okay. Thank you. Council Williams. Um, Same kind of similar question to before, just so that we're crystal clear on this. We are making these cash transfers to close fiscal year 24, correct? Right. So we're doing good financial practice here of tying up accounts and making sure that nothing's out of sorts.
▶ 1:09:03 Speaker 4: Exactly. And this, this is matching, uh, current year revenues with current year expenses. Right. So this is the ideal situation right here.
▶ 1:09:12 Robb Stewart: Alright, fantastic. Thanks. Uh, I'll make a motion to recommend this to the full counsel. Second, We have a motion to recommend the full counsel made by Council Williams, seconded by Council Chetty under discussion. All in favor? Aye. Aye. Opposed? Let's go to the full counsel.