Title
Approval of Budget Revision 2026-33 for Risk/Workers Compensation Funds
Recommended Action
I move that Council approve Budget Revision 2026-33 and include Attachment A as part of minutes of this meeting.
County Manager's Recommendation
The County Manager recommends that Council approves budget revision 2026-33 as requested.
Body
In FY2025, New Mexico Counties assessed the County a total of $227,866 for capital adequacy requirements within the Workers’ Compensation Fund which can be found in Attachment B. This budget revision is requested to provide the necessary funding for the FY2026 capital adequacy obligation. The budget revision in Attachment A details the recommended adjustments within the Risk Management Fund. These adjustments are required because the current budget does not contain sufficient appropriations to meet the full capital adequacy expenditure for the Workers’ Compensation Fund in FY2026.
Alternatives
Council could choose not to approve the attached revision. The impact would be that the Risk Fund would be over budget for FY26 which does not meet budget authority guidelines as provided by the County's Financial Policies and by the Department of Finance and Administration (DFA). The proposed revision involves approval of additional budget authority drawn from the present risk fund balance.
Fiscal and Staff Impact/Planned Item
The fiscal impact is detailed in Attachment A.
Attachments
A - Budget Revision 2026-33 Risk - Workers Comp
B - New Mexico Counties Capital Adequacy Letter