Committee approves Q2 report and outlines reimbursement process for benefit payments

At the meeting, committee members voted to accept the Q2 LOSAP performance report and asked staff to prepare the mechanics for reimbursing the county for benefit payments drawn from the trust.

Patrick Wing described the mechanics that staff intends to follow, modeled on the county’s OPEB process: "So what we do with the OPEB, and, Joy, please correct me when I get this wrong, is when, you know, the number for the benefits have come in, then Joy submits a reimbursement to the bank, and they wire it back to the county," Wing said. He estimated historic annual benefit payments in the range of $800,000 to $900,000 and suggested that quarterly reimbursements could be roughly one-quarter of that amount.

Joy Sapp confirmed she will run the process quarterly, with the first quarter reimbursement available in the first week of October; staff will return to the committee in October with the precise Q1 benefit payment numbers and any recommended rebalancing to generate the cash to reimburse the county.

The motion to accept the Q2 report and recommendations was approved by voice vote.