Middlesex County Joint Insurance Fund Addresses Audit Errors, Introduces 2024 Budget

The Middlesex County Joint Insurance Fund recently tackled issues related to audit errors from 2021 and introduced the 2024 budget during a recent meeting.

The Fund addressed the audit errors from 2021, which were attributed to subsequent information that happened after the closure of the 2021 fund year. Patty Lindsay, the auditor, provided a detailed presentation on the revisions made to the financial statements and the changes in the net position. The final deficit for the 2021 year, on a statutory basis, was adjusted to $2.41 million. The Fund’s members acknowledged the errors and have put necessary protocols in place to prevent such issues in the future.

In addition to addressing past financial discrepancies, the Fund introduced the 2024 budget. The proposed total revenue stands at $8,990,000, with $3,500,000 allocated for claims and $3,600,000 for excess premiums. The budget also includes $1,500,000 for total administration costs, $50,000 for defense litigation, and $339,000 for Risk Managers.

The 2024 budget is currently under consideration, with a proposed total income and expenses of $8,990,000. The budget hearing was opened, discussed, and subsequently closed with no objections from the board members. The budget was officially adopted later in the meeting.

The Fund also revealed that they are in discussions with a potential new member, however, no further details were provided. They expect to report more on this at the next board meeting.

Did we get something wrong? Let us know.
Fund Administrator:
Dan Henry
Insurance Fund Officials:
John Pulomena, Dennis Cerami, Joe Cryan, Jeanne Facendo, Stacey Bersani, Miles Diener-Bennett, Joe Morgan, Jeffrey Herron, John DeLorenzo, William Brennan, Deepak Matadha, Adrian Kabigting, Donna Smith, Joe Pruiti (Fund Treasurer), Patrick Diegnan (Fund Attorney)

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