Financial Overview PowerPoint

Frequently asked employee questions:

1.    Q:
 Why is the VEBA fund running out?
        A: Because of the overall increase in medical costs and prescriptions. People are also living longer so they are receiving benefits longer. The 2008 recession has also impacted the funds.

2.    Q: How many active employees contribute to the VEBA fund?
        A: 427

3.    Q: 
What is the annual rate of return (gross of fees) for VEBA? 
        A:  2018:  0.25%
             2017:  6.88%
             2016:  6.46%
             2015:  1.36%
             2014:  6.89%

4.    Q:
 What is the plan for the future?
        A: We are using a financial consultant and business advisory firm, Plante Moran in the hopes of finding a more sustainable plan with comparable insurance packages. 

5.    Q:
 Will active coverage for employees be impacted?
        A: Changes in union represented active employees’ healthcare coverage would need to be negotiated.

6.    Q: What happens to retirees benefits when they are eligible for Medicare at 65? 
        A: Medicare becomes primary and the county plan becomes secondary.

7.    Q:
 Is there anything the County can do to increase revenue? 
        A: The County depends on property taxes for nearly 60% of its revenue.  Other areas of revenue include state-shared revenue and grants.   The only discretion that the county has for raising revenue is through taxation and fees for service.  At this time, the Board has not discussed raising taxes or fees.