§ 11-11. Final accounting.

(a) In general.

No later than June 30 of each year, the City shall deliver a final accounting prepared by the Director to:

(1) exclusive employee organizations;

(2) MAPS;

(3) retirees; and

(4) their consultant.

(b) Content.

The final accounting shall include information and data related to:

(1) enrollment;

(2) claims;

(3) administrative costs;

(4) usage trends; and

(5) any other data necessary to calculate any surplus or deficit experienced by the plan for the immediately preceding plan year.

(c) Excess revenues.

(1) In general.

The Director and the consultant appointed by the exclusive employee organization, MAPS, and retirees shall meet in the event that the final accounting reports an excess of revenues over costs in the difference between:

(i) premium equivalents;

(ii) premiums;

(iii) other payments received from covered:

(A) active employees;

(B) spouses of active employees;

(C) dependents of active employees;

(D) retirees;

(E) spouses of retirees; and

(F) dependents of retirees;

(iv) vendor rebates and remissions; and

(v) all plan costs and expenses incurred for each:

(A) insured health benefit plan;

(B) self-insured health benefit plan; and

(C) prescription drug plan.

(2) Meeting agenda.

During the meeting required by this subsection, the Director and the consultant shall determine if:

(i) they agree that the findings are correct;

(ii) the findings are based on GAAP; and

(iii) the findings follow GASB rules.

(3) Variance.

During their assessment of the findings at the meeting required by this subsection, the Director and the consultant shall take into account any positive or negative variance in all plans.

(d) Surplus.

(1) Determination.

The Program's year-end surplus shall be determined and verified by calculating the difference of the City's obligation for premiums and other funds owed by the City to support all insurance benefits under any one or more of the plans offered by the City, from 1 plan year to the next.

(2) Use.

The surplus described under this subsection may not be used by the City for a purpose other than sustaining the City's health benefit plans.

(3) Fund.

The Program's year-end surplus shall be deposited in the Premium Stabilization Fund created under this subtitle.