Machine-extracted text of a publicly
posted document, provided for reference and search. The original document at
the link above is authoritative.
Forensic Accounting Report On
Colchester Board of Education:
Health Insurance Reserve Matter
Colchester, CT
May 20, 2026
Confidential Attorney-Client Privileged
May 20, 2026
Attorney Jessica L. Ritter
Shipman & Goodwin, LLP
One Constitution Plaza
Hartford, CT 06103
RE: Colchester Board of Education: Health Insurance Reserve Matter
Dear Attorney Ritter:
Description of Assignment
Pursuant to the terms of our engagement, you have requested we provide a written report
summarizing the procedures we performed and the results of those procedures in the
above referenced matter.
Forensic Accounting Services, LLC was engaged to assist you and your client, Colchester
Board of Education, by performing procedures to determine what transpired with the
health insurance reserve account during the period July 2021 through February 2026.
Definitions
• Town of Colchester (“Town”)
• Colchester Board of Education (“Board of Education”)
• Town of Colchester and Board of Education (“Colchester”)
• Health Insurance Reserve account (“Health Reserve Account”)
• Aengl Health Insurance (“Aengl”)
• Anthem Blue Cross (“Anthem”)
• Maggie Cosgrove, former Colchester Chief Financial Officer (“Cosgrove”)
• Bernie Dennler, First Selectman (“Dennler”)
• HM Insurance Group (“HM”)
• Rachel Linkkila, Director of Finance and Operations (“Linkkila”)
• Lockton Companies (“Lockton”)
• Michelle Marceau, Deputy Director of Finance (“Marceau”)
• Christopher Monroe, Senior Vice President, USI (“Monroe”)
• Tyler Technologies Munis - Financial System (“Munis”).
Confidential Attorney-Client Privileged
• Marina Pandolfi, Director of Finance (“Pandolfi”)
• Christopher Rivers, Vice Chair, Board of Education (“Rivers”)
• Daniel P. Sullivan, Superintendent of Schools (“Sullivan”)
• Stefanie Tracey-Calash, Chair, Board of Education (“Tracey-Calash”)
• Jillian Vinci, Board of Finance (“Vinci”)
• USI Insurance Services (“USI”)
Background and Understanding
The Town and Board of Education provided health insurance coverage to participating
employees of both entities under a combined self-insurance model coupled with major
stop-loss coverage. Under this model each entity was responsible for providing funding for
the payment of claims filed by their respective employees up to the major stop-loss amount,
in this case $125,000 per annum. Anthem was the contracted insurer who processed and
paid claims and was responsible for any claims that exceeded the $125,000 stop-loss
amount.
Under the self-insured model, the primary sources of funds to pay employee health claims
are employer contributions based on projected claims and related anticipated costs, and
employee contributions withheld from employees’ payroll. To ensure funds are available
to pay claims as needed, a reserve account is established, whereby employer and employee
contributions are deposited, and claims and other costs are paid out. An account balance
based on projected future claims is maintained in the account, to act as a reserve so that
funds are available in the event there is any interruptions in making deposits into the
account, or an unanticipated increase in claims experience occurs requiring more funds
than were originally projected.
Although not formally required, it is common for entities using the self-insured model to
create written policies regarding the self-insured health reserve account, such as
establishing a minimum and maximum balance for the health reserve account. It is common
for entities to have an oversight committee who manages and monitors the health reserve
account activity on an ongoing basis to ensure the balance does not get too large or too
small based upon projections and actual claim activity experienced.
It is also common for the entities to work with an outside insurance consulting firm to
provide guidance and projections regarding anticipated claim experience and costs, that
the entities then use to determine budget amounts and funding levels for the next fiscal
year. Lockton was the consulting firm Colchester used through December 31, 2025, and
was replaced by USI effective January 1, 2026.
It is our understanding that during the 2026/2027 Board of Education budget planning
meetings it was recognized that the health reserve account balance was low, and that based
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 2 May 20, 2026
Confidential Attorney-Client Privileged
on funding that had already occurred into the account coupled with anticipated claims to
be paid through the end of the current fiscal year, that there may not be sufficient funds
available to pay the claims through June 30, 2026.
In response to this realization, we were engaged by Shipman & Goodwin on behalf of the
Board of Education to investigate the health reserve account, with the following objectives
of our procedures:
• What happened with the health reserve account balance during the past few years
• How were the annual budgeted health insurance amounts determined each year
• Who was aware (or should have been aware) of how the health insurance amounts
were determined each year
• Who was aware (or should have been aware) of the actual health reserve balance
• Why did the health reserve account balance get so low
It is our understanding that Colchester historically maintained one financial office for the
Town and Board of Education, with Ms. Cosgrove as Chief Financial Officer (CFO). Ms.
Cosgrove was responsible for preparing the budgets up through fiscal year 2022/2023,
including amounts for health insurance and the health reserve account. Ms. Cosgrove
retired from Colchester at the end of June 2022, and after her retirement she continued
providing services to the Town as a financial advisor.
At around the same time as Ms. Cosgrove’s retirement, the combined financial office was
split, thereby creating a financial department for the Town and a separate financial office
for the Board of Education.
The Town experienced turnover in their First Selectman position, Mr. Dennler was elected
and took office in November 2023. The Board of Education also experienced turnover in
their Superintendent position, and Mr. Sullivan was hired as Superintendent in January
2023.
Ms. Linkkila was hired in June 2022 as the Board of Education’s Director of Finance and
Operations. Ms. Linkkila worked briefly with Ms. Cosgrove before her retirement. Mr.
Sullivan and Ms. Linkkila were responsible for the 2023/2024 budget preparation, as well
as the 2024/2025, 2025/2026, and 2026/2027 school year budgets.
The Town and the Board of Education continue to utilize the Munis finance and accounting
system, which tracks and reports both the budgeted and actual amounts each school year.
Financial reports including the approved budgets and the monthly tracking of the health
reserve account have been posted to the Town and Board of Education websites, making
them available to the public monthly as information becomes available.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 3 May 20, 2026
Confidential Attorney-Client Privileged
Procedures Performed
I. Review of Initial Health Insurance and Health Reserve Account
Using the Board of Education’s website, we downloaded the annual approved budgets for
the school years 2022/2023, 2023/2024, 2024/2025, 2025/2026, and the preliminary
draft budget for 2026/2027. We then identified the annual amounts approved to fund
employee health insurance, referred to as “Employee Related Insurance” in the budgets,
which was a component of “Employee Benefits” for each year.
Using the identified amount, we calculated the health insurance amount as a percentage of
the total budgeted costs for each school year. We also downloaded the same information
for prior school years as far back as 2017/2018 so we could compare the health insurance
percentage changes over time (2017/2018 through 2026/2027).
We also calculated the percentage change between each year for the total budget and the
change in health insurance cost, to compare the annual changes for the period 2017/2018
through 2026/2027.
Based on this information we created a preliminary analysis (see Exhibit 1).
Next, using the Board of Education’s website, we downloaded the Monthly Health
Insurance Reserve reports for the period July 2023 through February 2026. Using those
reports, we prepared a preliminary monthly analysis of the health reserve account balance
and the monthly claims, segregated by Town and Board of Education (see Exhibit 2). Using
this analysis, we created two charts reflecting the monthly activity, one for the health
reserve account trend (see Exhibit 3) and one for the claims trend (see Exhibit 4).
While we were aware that these were preliminary analyses, they provided us a basis for
our initial meetings with Mr. Sullivan and Ms. Linkkila.
II. Review of 2026 Public Meetings Relating to the Health Reserve Account
We were informed that there had been public meetings held in 2026 where the Board of
Education’s 2026/2027 budget was being discussed, as well as the dire state of the health
reserve account balance. We obtained recordings of those meetings and listened to the
discussions that occurred relating to the calculation of health insurance and the funding of
the health reserve account.
III. Initial Meeting with Mr. Sullivan
On March 23, 2026 we met with Mr. Sullivan in his office. Mr. Sullivan was aware we would
need to meet with him and aware that we had been engaged to determine what happened
to the health reserve account balance.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 4 May 20, 2026
Confidential Attorney-Client Privileged
During the meeting we shared our preliminary analyses with him and asked him if anyone
had tracked the activity similarly. Mr. Sullivan stated he was not aware and that he had not
tracked the activity or trends. We focused on the two graphs with trend lines and asked
him why if the claims were trending up and the reserve account was trending down, why
wasn’t something done to address what appeared was going to happen if the trends
continued. Mr. Sullivan indicated this level of monitoring was not being done.
Mr. Sullivan stated when he started there were many major issues that needed to be
addressed, and that a focus on the health reserve account was not necessarily his priority.
Mr. Sullivan stated there were no written policies or procedures in place in Colchester over
the health reserve account, including the minimum and maximum that was required to be
maintained in the account.
Mr. Sullivan indicated claims had increased significantly in the 2025/2026 school year, but
due to HIPAA requirements, no details about the unexpected claims experienced will be
included in our report.
After learning that Mr. Sullivan was represented by counsel, we asked Shipman & Goodwin
to contact Mr. Sullivan’s counsel and offer Mr. Sullivan an opportunity to meet with us again
before we concluded our work on this matter. Shipman & Goodwin advised that the request
was conveyed to Mr. Sullivan’s counsel, but that no response was received. Accordingly,
although we took reasonable steps to give Mr. Sullivan a further opportunity to address the
information obtained after our initial meeting, no further meeting occurred.
IV. Meetings with Ms. Linkkila
On March 13, 2026 and again on March 16, 2026 Ms. Linkkila emailed us information
pertaining to the budgets, meeting minutes, agendas, health insurance calculations, and
other information for our review.
On March 23, 2026 we met with Ms. Linkkila at her office. Ms. Linkkila was aware we would
need to meet with her and aware that we had been engaged to determine what happened
to the health reserve account balance.
During that meeting we identified the budget process and the spreadsheets Ms. Linkkila
created and used for the school years 2023/2024, 2024/2025, 2025/2026, and
2026/2027. We identified the information we needed and provided Ms. Linkkila with
access to a secured folder into which she could upload the requested information.
On April 2, 2026 we met with Ms. Linkkila for a second time at her office. We discussed the
information we had received and identified additional information that had become known
to us that existed, to be provided to us for our review. Ms. Linkkila subsequently provided
us via email with a series of annual spreadsheets relating to the health insurance
calculations.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 5 May 20, 2026
Confidential Attorney-Client Privileged
On April 2, 2026 Ms. Linkkila provided us with additional information relating to all
communications that had occurred with Lockton. Ms. Linkkila indicated she was
responding to a FOI request for the same information and thus provided it to us as well.
We noted that we had previously requested of Ms. Linkkila all information relating to
Lockton over the prior years, and we were only provided with Lockton’s annual two-page
projections of estimated future claims and costs.
We had been informed that on April 6, 2026, after the Board of Finance Budget Workshop
meeting, Ms. Linkkila tendered her resignation with her last day of work to be May 6, 2026.
On April 10, 2026 Ms. Linkkila sent us via email a folder containing spreadsheets and other
information for each budget year 2023/2024 through 2026/2027.
On April 16, 2026 we met with Ms. Linkkila for a third time at her office. Ms. Linkkila was
much more forthcoming, candid, and responsive to our questions during this third meeting.
Ms. Linkkila identified she had a folder containing the spreadsheets and related
information for each school year 2023/2024 through 2026/2027 and forwarded them to
us via email. We noted that we had requested this information of Ms. Linkkila on several
occasions, as early as our initial meeting with Ms. Linkkila on March 23, 2026.
During the meeting we identified additional information we needed to understand Ms.
Linkkila’s calculations in the 2025/2026 budget year. Ms. Linkkila stated she would
research the issues and get us the information.
On April 22, 2026 we called and spoke with Ms. Linkkila to ask her questions about her
spreadsheets, and the source of the final amounts she used. Through that call we identified
additional questions for Ms. Linkkila.
Within days we started sending Ms. Linkkila many emails and left voice messages asking
her to provide us with the remaining information, and to allow us one final time to speak
with her before she left her position in Colchester. To date we never received any additional
information, and she never set up a time to meet with us.
Thus, while we wanted to review with Ms. Linkkila one last time what we learned through
our procedures, which are detailed below, Ms. Linkkila never made it possible.
V. Meetings with Mr. Dennler, Ms. Marceau, and Ms. Pandolfi
On March 25, 2026 we met with Mr. Dennler, along with Ms. Marceau and Ms. Pandolfi at
Mr. Dennler’s office. Mr. Dennler provided historical information about the Town and
Board of Education which helped us understand the timeline prior to and subsequent to
his taking office in November 2023.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 6 May 20, 2026
Confidential Attorney-Client Privileged
We shared our preliminary analyses with Mr. Dennler and showed him how the Town had
underfunded the health reserve account for years. Mr. Dennler stated he was aware that
the Town had underfunded their portion of the health reserve account, and that within a
few months of being in office as First Selectman, the issue was addressed and the Town’s
portion went from being negative to positive.
Mr. Dennler stated he became aware that instances occurred where claims filed by Town
employees were erroneously applied against the Board of Education. Mr. Dennler stated
once the issue was identified, the related amounts were paid by the Town to the Board of
Education. Mr. Dennler stated the Town reviewed the claim reports provided for the Town,
which would list the employees with claims filed. Mr. Dennler stated he did not have access
to a similar report provided to the Board of Education. Mr. Dennler stated the Board of
Education’s review of the claims reports should have identified that Town employees were
erroneously included in their report.
Mr. Dennler stated he first started looking at the health reserve account in early 2025, and
that Ms. Marceau had raised concerns with him that the health reserve account was being
depleted. Mr. Dennler stated he did not understand how the Board of Education calculated
the amounts included in the annual budgets. Mr. Dennler stated he contacted Ms. Cosgrove
to understand how she calculated the health insurance in past years, and that Ms. Cosgrove
provided him both a historical overview and an explanation of how the calculation was
completed.
During the meeting Mr. Dennler shared with us the Board of Education’s health insurance
funding calculation spreadsheet that was used for the 2022/2023 budget, prepared by Ms.
Cosgrove, and showed us where he believed the error occurred in subsequent years. Mr.
Dennler then emailed us the spreadsheet for our review.
Mr. Dennler stated once he understood Ms. Cosgrove’s calculations, he became concerned
that there may be an error in the manner the formula was being applied in the Board of
Education’s calculations for the annual health insurance since 2023/2024. Mr. Dennler
stated he met with Mr. Sullivan and Ms. Linkkila to share his concern, and that he was told
that they stood by their calculations.
Without access to Ms. Linkkila’s spreadsheets for 2023/2024 forward, it is unclear how Mr.
Dennler could have quantified the issue with Ms. Linkkila’s health insurance calculations.
Mr. Dennler stated he met with Mr. Sullivan and Ms. Tracey-Calash in February 2026 to
show them how the Board of Education calculations worked using Ms. Cosgrove’s
spreadsheet. Mr. Dennler stated Mr. Sullivan said he thought the Board of Education would
not have enough money and should consider changing its health insurance plan.
During our meeting with Mr. Dennler, along with Ms. Marceau and Ms. Pandolfi, we shared
that we had read an article about the Board of Education changing the level of detail within
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 7 May 20, 2026
Confidential Attorney-Client Privileged
the 2023/2024 budget and within Munis, because of transitioning the calculations of the
annual health insurance calculations from Munis to Ms. Linkkila’s spreadsheets.
We reviewed the 2022/2023 as well as the 2023/2024 budget details within Munis and
noted the line-item details under 41210 Employee Related Insurance had changed in
2023/2024 to a single line-item amount coupled with a long, detailed account description.
We deemed this a particularly important issue to understand as the line-item details
historically provided within the employee health insurance calculations were no longer
within Munis, and thus potentially no longer available for public review.
Ms. Marceau subsequently provided us reports from Munis that showed the employee
health insurance line items were included within Munis for 2023/2024 prior to the change
but no longer existed within Munis after the change to spreadsheets.
While different motives for the shift from Munis to spreadsheets were identified, Ms.
Linkkila’s explanation for the shift to using spreadsheets seemed reasonable. Ms. Linkkila
stated the budget amounts entered into Munis were static, in that once they were entered
into Munis, they would remain unchanged unless someone accessed the budget and
manually changed them. A change in one line item would not automatically change other
line items relating to the first change. For example, if a position were to be eliminated, the
corresponding benefits associated with that position would not be automatically updated
within Munis. Thus Ms. Linkkila required a spreadsheet to calculate changes and all the
related changes, to then enter the updated amounts into Munis and re-generate the budget.
Ms. Linkkila stated she attended the budget meetings and was responsible for calculating
the financial impacts of proposed changes on the spot during the discussions. Ms. Linkkila
stated the 2023/2024 was her first budget year, and that she wanted to ensure that not
only could she calculate financial impacts based on contemplated changes during the
meetings, but that she also wanted to track budget versus actual activity in real time to
ensure that the budget lines were not overspent. Ms. Linkkila stated entering the line-item
details back into Munis seemed redundant, as she had a spreadsheet to support the
amounts she posted to Munis.
Ms. Linkkila stated she used her spreadsheet to perform that tracking, and as the basis for
the budgets she prepared that were ultimately approved by the Board of Education. Given
our knowledge of Munis, Ms. Linkkila’s explanation of using spreadsheets versus Munis
appeared reasonable. As noted earlier on April 10, 2026 Ms. Linkkila provided us via email
with the folders containing the spreadsheets she used for each budget year.
VI. Meeting with Mr. Rivers
Mr. Dennler stated he had spoken with Mr. Rivers to discuss his concerns relating to the
reserve account. On March 30, 2026 we met with Mr. Rivers in our office. We subsequently
spoke with Mr. Rivers by phone.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 8 May 20, 2026
Confidential Attorney-Client Privileged
Mr. Rivers stated he never understood the details behind the health insurance calculations,
and even when provided explanations, failed to completely understand how the amounts
were determined. Mr. Rivers stated he was never provided with the detailed health
insurance calculations, but rather the budgets provided him and the Board of Directors for
discussion and ultimate approval were more summarized. Mr. Rivers stated the budgets
included a line item called Employee Benefits, within which the health insurance and other
related costs were combined.
Mr. Rivers stated that Mr. Dennler reached out to him personally about possible
shortcomings related to the health reserve account on the Board of Education side. Mr.
Dennler showed Mr. Rivers Ms. Cosgrove’s spreadsheets, but Mr. Rivers stated he did not
understand them. Mr. Rivers stated he followed up with Mr. Sullivan and Ms. Linkkila
asking them if there was a problem, and they told him the problem was on the Town side.
In the March 25, 2026 budget workshop meeting Mr. Sullivan stated that he had met with
Mr. Rivers in 2025.
Mr. Rivers stated during an April 17, 2025 meeting with Ms. Linkkila and Ms. Vinci, that Ms.
Linkkila shared with them a spreadsheet Ms. Linkkila had prepared that compared
calculations using Lockton’s projected claims and costs, versus the amounts that were
included in the approved budgets. Mr. Rivers forwarded us via email the spreadsheets.
Mr. Rivers stated the gap grew more clear to him during the 2026/2027 budget process,
and when he asked Mr. Sullivan about it, Mr. Sullivan responded along the lines of what
difference would it have made, it wasn’t like the Board was going to give us any more
money. Mr. Rivers stated his response to Mr. Sullivan was it would have mattered because
he could have made different decisions had he known.
VII. Meeting with Ms. Vinci
On April 6, 2026 we spoke with Ms. Vinci via a virtual meeting (Zoom).
Ms. Vinci stated during an April 17, 2025 meeting with Mr. Rivers and Ms. Linkkila, that Ms.
Linkkila shared with them a spreadsheet Ms. Linkkila had prepared that compared
calculations using Lockton’s projected claims and costs, versus the amounts that were
included in the approved budgets. Ms. Vinci forwarded us via email the spreadsheets.
Ms. Vinci stated Ms. Linkkila said she had discussed the health insurance with Mr. Sullivan,
and that he told her the prior first selectman, who did not want any increases in the
budgets, was aware that the Board of Education had not been using Lockton’s projected
amounts. Ms. Vinci stated Ms. Linkkila said when she calculated the 2023/2024 amounts
and shared them with Mr. Sullivan, that the increase in employee related insurance was too
large. Ms. Linkkila said Mr. Sullivan told her to use the percentage increase using Lockton’s
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 9 May 20, 2026
Confidential Attorney-Client Privileged
amounts and apply that percentage increase to the prior year budgeted amounts. Ms. Vinci
stated Ms. Linkkila said that she and Mr. Sullivan were comfortable with that methodology
VIII. Meeting with Mr. Monroe
We learned that Colchester had ended their relationship with Lockton effective December
31, 2025, and had contracted with USI starting January 1, 2026. Mr. Monroe was identified
as the USI contact person, and we observed Mr. Monroe addressing the Board of Education
and the public during meetings held in 2026.
On April 16, 2026 we met with Mr. Monroe in his office at USI. Mr. Monroe shared historical
analyses that he had completed relating to Colchester’s health insurance and the health
reserve account. Mr. Monroe stated USI worked with many municipalities that maintain the
self-funded health insurance model. We shared the initial analyses we prepared including
the claims and health reserve account trends, and he indicated he had performed similar
analyses.
We asked Mr. Monroe if he had identified any written policies that existed in Colchester
regarding the health reserve account. Mr. Monroe stated he had not, and acknowledged
other municipalities have written policies and procedures in place.
IX. Review of Lockton Information
We obtained and reviewed the information Lockton provided annually to Colchester, most
notably the projected costs and claims that were to be used as a basis for calculating the
budgeted health insurance costs and contributions to the health reserve account.
Subsequently, on April 6, 2026, we were provided with communications between Lockton
and Colchester. In total, 1,368 files were produced, covering the period from July 2022
through February 2026. While we did not review every communication file provided, we
noted that the final file, dated February 10, 2026, was noteworthy in the context of our
review (see Exhibit 5). In that communication, Ms. Linkkila emailed Mr. Hebert of Lockton on
February 9, 2026 requesting an explanation of the difference between Lockton’s projected
claim cost and projected claim cost plus the 25% corridor. Mr. Hebert responded on
February 10, 2026 with an explanation.
This communication drew our attention because the same report line items appeared on
Lockton’s projected reports for prior years, including the 2023/2024 period when Ms.
Linkkila first prepared the budget. Based on our review, it appears the inquiry regarding
these line items was not raised until February 2026, after questions concerning the health
insurance reserves had already emerged.
Given the recurring nature of these report line items over multiple budget cycles, we would
have expected that an understanding or clarification of their purpose and impact would
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 10 May 20, 2026
Confidential Attorney-Client Privileged
have been obtained earlier in the budgeting process, whether during preparation of the
2023/2024 budget or in subsequent years.
As noted earlier, we were not provided the opportunity to ask Ms. Linkkila about this email
in a final meeting with her.
X. Review of Financial Documentation
We obtained the supporting records associated with the health insurance amounts used in
the 2023/2024 through 2026/2027 budget years, including: the annual Board of
Education’s approved budgets; monthly health insurance reports for July 2022 through
March 2026; Ms. Linkkila’s spreadsheets; Lockton’s annual projected claims and costs; Ms.
Cosgrove’s 2022/2023 budget spreadsheets and her explanation for calculating the health
insurance amount provided to Mr. Dennler; Munis general ledger reports; and other
financial information.
Reviewing the information in conjunction with discussions with Ms. Linkkila, we gained an
understanding of Ms. Linkkila’s methodology for calculating the health insurance amounts
she used following Ms. Cosgrove’s methodology. We ultimately obtained and reviewed with
Ms. Linkkila the actual spreadsheets that she used for each of the budget years starting with
2023/2024 through 2026/2027.
Delving into the details of the health insurance calculations within Ms. Linkkila’s annual
budget spreadsheets, we met with Ms. Linkkila and identified the components of the
calculations for each budget year. We obtained an explanation for many but not all of the
adjustments that were made to the calculations.
XI. Health Reserve Account Policies
Prior to any meetings we searched to determine if any policies existed in Colchester
regarding the health reserve account. We did not find any policies.
When we met with Mr. Sullivan, he stated that there were no written policies regarding the
health reserve account. Mr. Sullivan stated other districts he was familiar had written
policies, but that none existed for Colchester.
Results and Observations
I. General Overview
Based on the procedures we performed, it appears there was not one single event but
rather a series of events that occurred starting with the 2023/2024 budget year that
contributed to the reduction and near-depletion of the health reserve account by the
2025/2026 school year.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 11 May 20, 2026
Confidential Attorney-Client Privileged
It appears that monitoring of the increasing costs and claims and the decreasing trend of
the reserve account balance was not occurring. As a result, rather than effectuating a
change in the methodology for calculating health insurance, they continued using the
2022/2023 model.
However, in addition, the projected claims amounts used within the calculation of health
insurance as presented to the Board of Education for review, discussion, and ultimate
approval were not based upon Lockton’s projected costs. Rather, Lockton’s projected
amounts were adjusted downward and offset by other changes unrelated to health
insurance (see discussion below), and/or a different methodology based on percentage
change was used (discussed below).
We anticipated determining who was aware of the health insurance and related health
reserve account issues, and when each became aware. As described earlier, we met with
several individuals that had been identified during our meetings.
While we cannot state with certainty who knew and when, it does appear that Ms. Linkkila
was aware and Mr. Sullivan should have been aware that the 2023/2024 and subsequent
budgets were not based upon the projected costs Lockton provided. Ms. Linkkila stated she
could not recall with certainty the discussions she had with Mr. Sullivan about using
Lockton’s projected costs. Ms. Linkkila shared with us the detailed spreadsheets she used
for calculating the annual budgets and stated that the detailed spreadsheets were never
shared with the Board of Education members.
Rather, Ms. Linkkila stated a summarized Employee Benefits amount which included the
projected claim costs and the use of the health reserve account were provided to Board of
Education members as part of the annual budget process.
Further, Ms. Linkkila stated Mr. Sullivan never accessed or reviewed her detailed
spreadsheets and relied upon her to perform the budget calculations.
We identified a letter from the Board of Education to the Colchester Board of Finance dated
April 26, 2023 that reflected the following, “Health Insurance. Reduction in the Employee
Related Insurance line knowing that this reduction will cause the Health Reserve Account
Balance to be lower. This is against the recommendation of our vendor who believes we are
already underfunding insurance ($250,000).”
It appeared that in Spring 2025 discussions occurred regarding the Board of Education’s
calculation of health insurance and the health reserve account balance, including
discussions with Mr. Sullivan, Ms. Linkkila, Mr. Dennler, Mr. Rivers and Ms. Vinci. It
appeared the formula issue was first identified when Mr. Dennler contacted Ms. Cosgrove,
gained an understanding of her approach used in 2022/2023, and then compared it to the
later calculations. We were unable to determine with any certainty if anyone beyond Ms.
Linkkila knew all the details relating to the calculations.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 12 May 20, 2026
Confidential Attorney-Client Privileged
II. Historical Calculation Ms. Cosgrove
During the time Ms. Cosgrove worked for Colchester she was the CFO, and thus she was
responsible for the Town and the Board of Education which included the budget
preparation for both entities.
On May 6, 2025 Mr. Dennler contacted Ms. Cosgrove to gain an understanding of her
calculations through the 2022/2023 budget years. Ms. Cosgrove responded by email and
provided some history behind her calculations (see Exhibit 6).
In summary, Ms. Cosgrove’s calculations regarding health insurance funding were
historically based on Lockton’s projected claims plus a 20% risk corridor, and that in
2018/2019 a change was made and supported by Lockton to implement a new
methodology whereby the 20% risk corridor was eliminated. Further, the health reserve
account balance was used to offset Lockton’s projected claims. Initially the health reserve
account was based on 33% of the excess health reserve account balance after calculating a
15% risk corridor. This was later changed from 33% to 50%. Ms. Cosgrove indicated the
2022/2023 budget was based on the 50% excess after the 15% risk corridor.
For calculating purposes, one would look at the health reserve account balance at the
beginning of the budget process (usually November), subtract 15% of Lockton’s projected
claims, and then use 50% of the remaining balance as an offset to Lockton’s projected
claims, leaving the other 50% in the health reserve account. Thus, the projected health
reserve account would be comprised of the 15% of projected claims plus 50% of the excess
beyond the 15%.
We noted that Ms. Cosgrove’s formula for using excess health reserve account funds to
offset health insurance costs did not include a provision for a minimum balance at which
point the formula as written should no longer be applied. Without such a provision there
was a risk to erode the health reserve account balance to a level insufficient to continue to
pay health claims.
Ms. Linkkila stated she tried to follow Ms. Cosgrove’s 2022/2023 calculations but could not
determine how Ms. Cosgrove arrived at the amount she used in her 2022/2023 approved
budget of $3,822,174. We reviewed Ms. Cosgrove’s spreadsheet calculation of $3,932,174
for 2022/2023, which included estimated claims @ 100% of $5,421,412. The amount was
based on Lockton’s projected claim amounts multiplied by 300 participants.
The final amount in the 2022/2023 approved budget was $3,822,179, which was different
from the $3,932,174 per Ms. Cosgrove’s spreadsheet. We did not determine an explanation
for the difference of $109,995.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 13 May 20, 2026
Confidential Attorney-Client Privileged
III. Budgetary Environment and Historical Increases
It was described to us that during the period when Mr. Sullivan and Ms. Linkkila started,
the expectation established by the then First Selectman was that there would be no budget
increases. When we calculated the Board of Education budget changes year over year from
2017/2018 through 2022/2023 (see Exhibit 1), we noted the percentage changes were as
low as 0.4% (2020/2021).
Ms. Linkkila stated when she prepared the initial budget for 2023/2024 using Lockton’s
100% projected claims, she shared it with Mr. Sullivan. Ms. Linkkila stated Mr. Sullivan told
her there was no way the budget would pass with such a large increase and directed Ms.
Linkkila to adjust the budget to reflect an increase more likely to be accepted. Ms. Linkkila
stated no one else ever saw that initial budget, and the first budget presented to the Board
of Education members was the version after changes were made.
Ms. Linkkila stated the Board of Education members were never provided with the initial
2023/2024 budget that she shared with Mr. Sullivan that reflected Lockton’s actual
projected claims and costs.
The 2023/2024 approved budget reflected a 4.5% increase over 2022/2023.
IV. Mr. Sullivan and Ms. Linkkila New for 2023/2024
Ms. Linkkila was new to the Board of Education in June 2022 and stated she had limited
time working with Ms. Cosgrove due to her upcoming retirement effective June 30, 2022.
During her first budget process, 2023/2024, Mr. Sullivan was also new as Superintendent
as of January 2023.
As part of completing the budget process, Ms. Linkkila reviewed Ms. Cosgrove’s
methodologies and calculations from 2022/2023. However, it appeared as part of the
transition, even when Ms. Linkkila recognized that she could not determine how Ms.
Cosgrove arrived at the 2022/2023 projected claim amount, that she did not contact Ms.
Cosgrove to not only understand the calculation, but also to understand the overall
methodology of using any excess reserve account balance as an offset against Lockton’s
projected claims.
We found no evidence that Mr. Sullivan or Ms. Linkkila ever contacted Ms. Cosgrove to
understand the history and methodology for prior calculations for health insurance, and
while we wanted to ask each of them about why they hadn’t contacted Ms. Cosgrove at a
final meeting with them, we were not provided the opportunity for final meetings.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 14 May 20, 2026
Confidential Attorney-Client Privileged
V. Lack of Monitoring Claims Experienced and Health Reserve Account Balance
As discussed early in our report, we initially printed the Monthly Health Insurance Reserve
reports from the Board of Education’s website for July 2023 through February 2026. When
we met with Mr. Sullivan and Ms. Linkkila, we shared our preliminary analyses of those
reports which reflected an upward trend in claim costs and a downward trend in the health
reserve account balance. We asked each of them why such monitoring and trending had
not occurred, which could have influence the methodology used to calculate the health
insurance costs.
While both Mr. Sullivan and Ms. Linkkila were aware the health reserve account was
reconciled and reported monthly, neither indicated that any formal tracking and trending
of the activity had ever been performed to be used in the budget process.
The same information would have been available to the Board of Education members and
the public at large. However, without knowing the methodology used within Ms. Linkkila’s
calculations for the health insurance costs, it is unclear how the information that was
available to them could have helped the Board members identify the issue with the health
reserve account balance prior to it becoming apparent.
VI. Failure to Follow Lockton Amounts
It appeared that although certain reports and/or spreadsheets contained the description
“Lockton Projected Claims at 100%” as a component to calculating budgeted health
insurance costs, starting with the 2023/2024 budget that did not occur.
Rather, Lockton’s projected claims were reduced by the excess health reserve account
amount (the 50% of excess discussed earlier), and for other adjustments unrelated to
health insurance (discussed below). Evidence of these adjustments were identified by Ms.
Linkkila within her budget spreadsheets.
During the March 25, 2026 budget workshop, Mr. Sullivan stated that he made others
aware that they (Mr. Sullivan and Ms. Linkkila) had not been using Lockton’s 100% of
projected claims in past budgets and stated that he made them aware in the 2025 period
during budget discussions.
We reviewed meetings held in 2025 and while we didn’t review every meeting that
occurred during the 2025/2026 budget season, we noted one meeting we reviewed (the
March 19, 2025 Board of Finance budget workshop) where there was much discussion
regarding the health insurance costs and the funding of the health reserve account.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 15 May 20, 2026
Confidential Attorney-Client Privileged
VII. Unrelated Adjustments to Projected Claims Amount
Through meeting with Ms. Linkkila and reviewing with her the detailed spreadsheets she
used for preparing the budgets, we noted there were adjustments posted within the
projected claims cell formula that were unrelated to health insurance. Ms. Linkkila
provided us information that showed that adjustments made to other financial areas such
as cost savings or increased costs were included as adjustments to the health insurance
projected claim Excel cell formula.
We inquired of Ms. Linkkila why adjustments unrelated to health insurance were posted to
the health insurance line item. Ms. Linkkila stated when she discussed the budget
adjustments with Mr. Sullivan, that he indicated in his past position with another district
that also utilized the self-insurance model, that they had made adjustments to their budgets
through the health reserve account. It appeared Mr. Sullivan continued this practice in
Colchester when necessary to make the budget balance.
As Ms. Linkkila stated her detailed budget spreadsheets were never shared with the Board
of Education members, it appeared the Board of Education members would not have been
aware budget changes unrelated to health insurance were being used in the calculation of
the health insurance costs.
VIII. Calculation of Projected Claim Cost for 2025/2026
On April 10, 2026 after numerous requests, Ms. Linkkila provided us many spreadsheets
organized in folders by school year. As discussed above, these were sent to us via email
after Ms. Linkkila tendered her resignation.
When we last met with Ms. Linkkila on April 16, 2026, we identified questions we had
relating to how the projected claim costs were calculated. Ms. Linkkila showed us where
the calculations were located in her spreadsheets, as we had yet to analyze those
spreadsheets along with the formulas within the cells.
We identified questions at that meeting for Ms. Linkkila to provide us with information, and
as noted earlier, despite numerous emails and voice messages, we never received the
information nor were we granted a time to meet with her one last time.
Subsequent to our last meeting while reviewing the many spreadsheets Ms. Linkkila
provided, we attempted to determine how the final Employee Related Insurance amount
within the 2025/2026 approved budget ($4,193,786) was calculated. In doing so, we
identified another spreadsheet relating to health insurance renewal projections, budgeted
amounts, and the health reserve account balance. That spreadsheet calculated the
contribution for the employee related insurance to be $6,837,170 (see Exhibit 7).
The same spreadsheet contained the tracking of the health reserve account balance by
month, and although not every month matched exactly with the amount reported on the
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 16 May 20, 2026
Confidential Attorney-Client Privileged
Monthly Health Reserve Account reports (available on the Board of Education website),
many months matched which showed that the health reserve account balance was being
tracked, at least as part of this spreadsheet. We printed the properties screens for this file
(see Exhibit 7) which reflected Ms. Cosgrove was the original author of this spreadsheet, and
that it had been printed in March 2025, during the 2025/2026 budget period.
To further understand how the $4,193,786 was calculated, we accessed additional
spreadsheets and located the line-item details that comprised the amount (see Exhibit 8). The
first line, “Projected claims at 100% Estimate…” reflected $4,967,705.45. The formula
within that cell included $5,167,705.45 less $200,000.00.
To determine how the $5,167,705.45 was calculated, we accessed another spreadsheet that
calculated the amount. That spreadsheet calculated $6,292,188 based on 300 participants
using Lockton’s projected claim amounts.
However, the next line calculated the difference between the 2024/2025 and the
2025/2026 amounts, as well as the percentage change between years. The result reflected
a 23.14% change.
The next line reported the approximate amount used in 2024/2025 and then calculated a
23.14% increase in that amount. The prior year amount was then combined with the
23.14% increase ($816,668.69) to arrive at the total amount to be used for the remainder
of the calculation ($4,346,424.69).
The final amount of $5,167,705.45 was the sum of the line items from the $4,346,424.69 to
the last line item, adjusted with an unknown reduction of $9,056.77 and an addition of
$30,000.00.
It appeared that the 2025/2026 projected cost for health insurance was known to Ms.
Linkkila, and should have been known by Mr. Sullivan, using Lockton’s projected claim
amounts. However, a different methodology was used to calculate the 2025/2026 amounts
applying an incremental increase based on prior amounts (which as discussed earlier were
not based on Lockton’s projected claim costs).
It appears this alternate methodology resulted in a lower employee health insurance cost
approved within the budgets and also contributed to the diminution of the health reserve
account balance.
IX. Error in Calculated Health Reserve Amount Used to Offset Costs 2025/2026
While reviewing the detailed calculations contained within Ms. Linkkila’s spreadsheets for
2025/2026, we identified a miscalculation in the amount that was used within the
employee health insurance calculations relating to the use of the excess health reserve
account balance.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 17 May 20, 2026
Confidential Attorney-Client Privileged
Up through our last meeting with Ms. Linkkila, we believed there was an error in the
spreadsheet when calculating the amount of the health reserve account that was used to
offset the cost of health insurance. The approved budget contained an offset of $1,601,813.
That amount was based on applying Ms. Cosgrove’s formula (discussed earlier) to a health
reserve account balance of $4,147,454.78, which was the November 2023 balance.
However, the actual health reserve account balance as of November 2024, the start of the
budget process, was actually $2,670,934.66.
When applying Ms. Cosgrove’s formula to the correct amount of $2,670,934.66, the offset
that should have been used against the health insurance cost was $863,553.00. The result
was the offset was overstated by the difference of $738,260, contributing to the
underfunding of the health insurance cost and the diminution of the health reserve account
balance.
As discussed in VIII. above, we discovered other spreadsheets provided by Ms. Linkkila that
reflected an offset amount for 2025/2026 of $1,156,024 (see Exhibit 7), which was much
lower than the $1,601,813 used in the approved budget. We wanted to discuss this with
Ms. Linkkila had we had a final meeting with her.
X. Additional $400,000 Requested and $200,000 Received into Reserve account in July 2025
The Board of Education requested an additional $400,000 to be contributed to the health
reserve account as of June 2025. Subsequently $200,000 was contributed in July 2025.
Given the health reserve account balance of $854,252 as of June 2025, in comparison to
prior periods when the account balance was regularly over $1 million and often over $2
million, the additional $200,000 would have helped, but given how the 2025/2026
employee related insurance was underbudgeted, the additional $200,000 would likely
have made little difference towards the diminution of the health reserve account.
XI. Experienced Higher Than Expected Claims 2024/2025
During the pandemic years Colchester experienced lower claims and benefitted from
building a larger health reserve account, allowing the continued use of the methodology to
utilize excess amounts in the health reserve account to offset projected claims and costs.
Colchester started experiencing higher claims post-pandemic, coupled with claim
experience beyond the stop-loss amount of $125,000 and an increase in immunotherapy
and weight loss medications. The higher than anticipated claims experienced caused
Anthem to raise rates and ultimately decide to end their relationship as Colchester’s stop
loss provider effective June 30, 2025 (discussed below).
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 18 May 20, 2026
Confidential Attorney-Client Privileged
The increase in medical costs, premiums, and claims that occurred without changing the
methodology for calculating the health insurance contributed to the underfunding of the
health insurance cost and the depletion of the health reserve account balance.
XII. Change as of July 1, 2025 Anthem Replaced By HM
It is our understanding that due to the claims experienced up through 2024/2025, that
Anthem did not renew as Colchester’s stop loss insurance provider effective June 30, 2025.
Historically Anthem processed the claims; facilitated the payments; handled the stop-loss
claims over $125,000; and did not remove funds for stop-loss claims as Anthem was
responsible for paying those excess claims.
In response to Anthem’s non-renewal, Colchester contracted with HM to replace Anthem,
as the stop-loss provider. Claims in excess of the stop loss were now billed by Anthem.
Colchester then contracted with Aengl to provide advanced payments of the funds in excess
of the stop-loss amounts due from HM, returning those funds into the health reserve
account. These changes added additional costs to providing health insurance and thus
contributed to the underfunding of the health insurance cost and the erosion of the health
reserve account balance.
When Colchester ending their contract with Lockton as of December 31, 2025, replaced by
USI, Aengl terminated providing services to Colchester.
XIII. Lack of Written Policies and Regular Oversight
As documented earlier, no written policies regarding the health reserve account have been
identified, and none are known to exist. Further, it appeared there was no regular oversight
provided to monitor the health reserve account and to validate the health insurance
amounts that were included in the annual employee health insurance within the approved
budgets.
It appears the lack of written policies coupled with the lack of independent oversight over
the health reserve account likely contributed to the underfunding of the health insurance
cost and the diminution of the health reserve account balance.
Recommendations
Based on our procedures and observations, we offer the following recommendations. We
are aware some of these may have already been implemented.
I. Active Engagement with USI
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 19 May 20, 2026
Confidential Attorney-Client Privileged
We did not identify any issues that indicated Lockton contributed to the diminution of the
health reserve account balance. Conversely, there was information provided that showed
calculations were made at times using Lockton’s projected claims and costs, and that
Lockton was concerned about the underfunding of the health insurance costs and health
reserve account.
Colchester replaced Lockton effective January 1, 2026. Mr. Monroe has been attending
meetings and participating by explaining information to the Board of Education and to
anyone from the public in attendance.
Colchester should utilize USI and their services to the fullest, including attending regular
meetings to review claims, costs, tends, and the health reserve account balance. Mr. Monroe
can assist Colchester to write policies regarding the health reserve account, including
minimums to be maintained and how to fund to that level.
II. Health Reserve Account Policy
Colchester should draft written policies and procedures over how employee related
insurance will be calculated and included in future budgets, as well as the maintenance
over the health reserve account. Examples from other districts are publicly available and
should be obtained and reviewed as a launching point for Colchester’s policies and
procedures.
III. Health Reserve Account Oversight Committee
The Town and Board of Education should establish a health insurance oversight committee,
comprised of members of the Town, Board of Education, and Board of Finance. The
committee should include Mr. Monroe and meet at least quarterly to review actual claim
and cost experienced and discuss any trends that could negatively impact the projected
costs and/or the health reserve account balance. Minutes should be maintained and made
available along with the continued publication of the Monthly Health Insurance Reserve
Reports through the website.
IV. Budget Committee Access to Detailed Calculations and Supporting Documentation
As part of the budget process for both the Town and Board of Education, the detailed line
items should be reviewed, explained, and understood, showing how the line items roll up
into the summarized categories included on the budget worksheets.
Specifically, regarding the employee health insurance calculations, the detailed
spreadsheet used to calculate the amounts should be shared with USI to ensure that what
is being budgeted agrees with USI recommendations. Someone independent of the person
maintaining the spreadsheets should ensure that USI has reviewed the spreadsheets and
calculations each year.
Colchester Board of Education: Copyright 2026 Forensic Accounting Services, LLC
Health Insurance Reserve Matter Page 20 May 20, 2026
Exhibit 1
Confidentil Attorney-Client Privileged
Matter of Colchester Board of Education
Budget Trends
April 2026
FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 FY 26/27
Total Budget $ 39,659,108 $ 40,549,344 $ 41,237,122 $ 41,397,941 $ 41,827,055 $ 42,025,701 $ 43,979,351 $ 45,576,075 $ 47,297,722 $ 52,249,642
% change 2.2% 1.7% 0.4% 1.0% 0.5% 4.6% 3.6% 3.8% 10.5%
Employee Related
Insurance $ 5,360,979 $ 4,940,312 $ 5,297,896 $ 5,211,518 $ 5,224,402 $ 3,822,179 $ 3,963,477 $ 3,632,679 $ 4,193,786 $ 7,420,356
% change -7.8% 7.2% -1.6% 0.2% -26.8% 3.7% -8.3% 15.4% 76.9%
% Insurance to Total 13.5% 12.2% 12.8% 12.6% 12.5% 9.1% 9.0% 8.0% 8.9% 14.2%
Five Year Trend 12.7%
Exhibit 1 1 of 1
Exhibit 2
Confidentil Attorney-Client Privileged
Matter of Colchester Board of Education
Health Reserve Engagement
April 2026
6/23 7/23 8/23 9/23 10/23 11/23 12/23 1/24 2/24 3/24
Reserve Account:
BOE $3,725,590 $3,367,117 $2,676,342 $3,478,055 $3,745,469 $4,147,455 $4,058,188 $3,683,376 $3,136,355 $3,316,394
Town (367,794) (448,899) (428,863) (482,732) (677,857) (761,962) (861,558) (939,018) (325,521) (284,406)
Total $ 3,357,796 $ 2,918,218 $ 2,247,479 $ 2,995,323 $ 3,067,612 $ 3,385,493 $ 3,196,630 $ 2,744,358 $ 2,810,834 $ 3,031,988
J J A S O N D J F M
Claims:
BOE $ 372,592 $ 495,106 $ 309,407 $ 348,878 $ 397,432 $ 465,556 $ 750,990 $ 613,370 $ 449,253
Town 79,581 162,798 77,266 174,857 271,635 99,918 67,540 120,994 53,350
Total $ - $ 452,173 $ 657,904 $ 386,673 $ 523,735 $ 669,067 $ 565,474 $ 818,530 $ 734,364 $ 502,603
Exhibit 2 1 of 3
4/24 5/24 6/24 7/24 8/24 9/24 10/24 11/24 12/24 1/25 2/25 3/25
$3,036,664 $3,239,526 $2,609,468 $2,199,932 $2,475,316 $2,835,640 $2,695,526 $2,670,935 $2,330,870 $2,239,280 $2,033,999 $1,633,001
(201,190) (254,799) (201,876) (278,700) (147,499) (146,588) (101,013) (79,000) (132,249) (47,105) (38,096) (38,068)
$ 2,835,474 $ 2,984,727 $ 2,407,592 $ 1,921,232 $ 2,327,817 $ 2,689,052 $ 2,594,513 $ 2,591,935 $ 2,198,621 $ 2,192,175 $ 1,995,903 $ 1,594,933
A M J J A S O N D J F M
$ 361,148 $ 608,098 $ 602,866 $ 391,869 $ 273,379 $ 373,112 $ 508,021 $ 403,177 $ 602,228 $ 544,667 $ 667,075 $ 775,186
39,358 171,185 56,781 60,854 64,601 96,280 50,433 86,220 60,472 106,245 111,815 122,366
$ 400,506 $ 779,283 $ 659,647 $ 452,723 $ 337,980 $ 469,392 $ 558,454 $ 489,397 $ 662,700 $ 650,912 $ 778,890 $ 897,552
Exhibit 2 2 of 3
4/25 5/25 6/25 7/25 8/25 9/25 10/25 11/25 12/25 1/26 2/26
$1,389,556 $1,075,889 $854,252 $584,853 $1,579,664 $953,745 $2,289,004 $2,372,463 $1,665,773 $1,131,420
19,732 84,463 163,023 176,567 235,866 254,789 328,384 300,512 300,872 336,606
$ 1,409,288 $ 1,160,352 $ 1,017,275 $ 761,420 $ 1,815,530 $ 1,208,534 $ 2,617,388 $ 2,672,975 $ 1,966,645 $ 1,468,026 $ -
A M J J A S O N D J
$ 611,303 $ 679,015 $ 607,078 $ 810,989 $ 731,961 $ 1,228,469 $ 710,838 $ 357,760 $ 791,808 $ 699,606
38,989 75,040 31,329 111,549 83,641 71,308 38,395 169,881 141,354 41,670
$ 650,292 $ 754,055 $ 638,407 $ 922,538 $ 815,602 $ 1,299,777 $ 749,233 $ 527,641 $ 933,162 $ 741,276 $ -
Exhibit 2 3 of 3
Exhibit 3
Health Reserve Fund Trend
$4,250,000
$3,750,000
$3,250,000
$2,750,000
$2,250,000
$1,750,000
$1,250,000
$750,000
$250,000
2023 2024 2025 2026
($250,000) J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J
($750,000)
($1,250,000)
BOE Town Total Linear (BOE)
Exhibit 3 1 of 1
Exhibit 4
Claims History Trend
$1,250,000
$1,050,000
$850,000
$650,000
$450,000
$250,000
$50,000
J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J
2023 2024 2025 2026
$(150,000)
BOE Town Linear (BOE) Linear (Town)
Exhibit 4 1 of 1
Exhibit 5
Exhibit 5 1 of 1
Exhibit 6
Exhibit 6 1 of 1
Exhibit 7
Exhibit 7 1 of 4
Exhibit 7 2 of 4
Exhibit 7 3 of 4
Exhibit 7 4 of 4
Exhibit 8
Exhibit 8 1 of 10
Exhibit 8 2 of 10
Exhibit 8 3 of 10
Exhibit 8 4 of 10
Exhibit 8 5 of 10
Exhibit 8 6 of 10
Exhibit 8 7 of 10
Exhibit 8 8 of 10
Exhibit 8 9 of 10
Exhibit 8 10 of 10