BOS recommends fixes for LCPS self-insurance fund deficit
Loudoun's Board of Supervisors has recommended using money from the general funds to decrease the deficit in Loudoun County Public School's self-insurance fund.
In the fall, LCPS Board members requested $12.5 million from the BOS that LCPS said the county took from the school district's self-insurance fund in 2009 to cover an anticipated revenue shortfall that never materialized in the face of the recession.
BOS have been in discussions since on whether the claim is justified and what they should do to cover an undeniable shortfall in LCPS's self-insurance fund.
By the end of 2014, the school district's self-insurance fund had a deficit of more than $14 million.
BOS acknowledged taking money from LCPS's self-insurance fund as well as other funds throughout the county to get the general county fund out of the black. However, they said in a health fund fact sheet released recently that they deny the allegation that the current LCPS deficit is a result of funds taken in 2009.
They’re recommending using some of the general funds to cover some of the self-insurance fund deficits while also suggesting LCPS work toward a more permanent fix with some restructuring within the fund by balancing health care costs and premium levels.
Final action will be decided at the Jan. 7 Board of Supervisors meeting.