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Commonwealth Health Insurance Connector Authority

Commonwealth Health Insurance Connector Authority. SFY08 CCA Administrative Budget Update Patrick Holland, Chief Financial Officer Board of Directors Meeting June 12, 2008. Outline. SFY08 CCA Administrative Budget Update SFY08 Audit Update. SFY 2008 CCA Administrative Budget.

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Commonwealth Health Insurance Connector Authority

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  1. Commonwealth Health Insurance Connector Authority SFY08 CCA Administrative Budget Update Patrick Holland, Chief Financial Officer Board of Directors Meeting June 12, 2008

  2. Outline • SFY08 CCA Administrative Budget Update • SFY08 Audit Update

  3. SFY 2008 CCA Administrative Budget

  4. SFY 2008 Preliminary Year-End Results(Based on March YTD Actual Expenses Forecasted through Fiscal Year-End) • Total Member Month increase of 19% • Revenue over budget by $4,151,007, or 16% • Expenses over budget by $642,417, or 2% • Net Loss under budget by $3,508,590 • Originally budgeted a net loss of $2.9M • Current estimate is a net gain of $555K • Estimated SFY08 cash balance of $11.5M • Originally estimated a cash balance of $8M

  5. Explanation of Significant Variances – SFY 2008 CCA Admin Budget • Connector Program Revenue - $4,151,007 favorable variance • Variance due primarily to volume; 19% increase in MMs • Small offset due to unit price decrease of 2% in capitation rate for Comm Care • Lower premium yield and smaller contract size in Comm Choice • Marketing & Advertising - $1,147,764 favorable variance • Variance due to a decrease in originally estimated advertising spend for 2nd half of FY 2008 • Total value of the Weber Shandwick extension lower than initial contract (approximately 25%)

  6. Explanation of Significant Variances – SFY 2008 CCA Admin Budget (continued) • CommCare Enrollment & Eligibility Services - $1,374,130 favorable variance • Variance due to new payment structure for the HMS contract and federal reimbursement for new MMIS, as well as negotiated savings for IT and administrative staff and resources • CommCare Customer Service & Premium Billing – ($3,184,043) unfavorable variance • Variance due to higher than expected enrollment resulting in increased expenses for customer service and call center personnel, member materials, postage, and telephone & communications • Variance due to contracts necessary for premium billing system enhancements

  7. Financial Audit • External Auditor is KPMG, LLP • Audit fieldwork scheduled for July/August • Expect audit to be completed in September • Additional audit work this fiscal year will be • Commonwealth Choice • Implementation of GASB 45 (Other post-employment benefits) 7

  8. SFY 2009 CCA Admin Budget Protocol is to have a recommended budget for BOD approval prior to start of fiscal year Last year reviewed with BOD the SFY08 recommendation in June Preliminary SFY09 draft reviewed with A&F subcommittee on May 2, 2008 Due to need for additional information for revenue estimates, will present to BOD the SFY09 recommended budget in July 8

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