ONWASA leaders to talk insurance, elect chairman, vice-chair

Jan. 19--ONWASA leaders will discuss health insurance options during their regularly scheduled meeting.

In 2015, the current provider paid over twice as much in claims as they earned in premiums, the agenda said, and in 2016, the provider paid about half as much as the premiums they received. These numbers, the agenda said, are evidence of "volatility and risk," and risk affects health insurance premiums.

The options on the table include continuing with the existing provider, seeking new group coverage on the market, self-insuring, and going with the state health plan.

The board will also elect a chairman, vice-chairman, and secretary/treasurer.

Officer elections are held every January per the ONWASA By Laws, Teresa Stanley, ONWASA spokesperson, said.

During that meeting, they will also review a comprehensive annual financial report for fiscal year 2016-2016. While the utility company's long-term debt increased by $754,593, its net position increased by $5,091,483, according to the meeting's agenda. A net position is based on the value of the option subtracting the cost of setting the position up, according to NASDAQ's website.

The fiscal report is also being submitted to the Government Finance Officers Association's Certificate of Achievement for the 11th year, the agenda said. Originally the Certificate of Achievement for Excellence in Financial Reporting Program was set up in 1945 to encourage governments "to go beyond the minimum requirements" to prepare reports that show "the spirit of transparency and full disclosure."

ONWASA will meet at 6 p.m. today in the Jacksonville City Hall Council Chambers.

For more information, visit ONWASA.com.

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