June 14, 2024
Annapolis, US 77 F

Neuman signs insurance bill to save County millions

Anne Arundel County Executive, Laura Neuman
Anne Arundel County Executive, Laura Neuman

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County Executive Laura Neuman announced she has signed into law Bill 48-14, which allows the county to take advantage of enabling state legislation (HB772, effective July 1, 2014) to invest the county’s Self-Insurance Fund reserves outside of limited, low-yielding public monies vehicles. The new policy enables the county to invest in instruments with higher returns and generate additional income that can be used to offset annual required contributions to the Self-Insurance Fund.

“This new policy highlights my administration’s dedication not only to saving taxpayer dollars, but also to initiating best business practices in Anne Arundel County,” said County Executive Neuman. “By promptly taking advantage of this change in state law, we are taking a leadership role in Maryland while saving our county and our citizens millions in the years to come.”

Put forth by the administration, Bill 48-14 provides for the investment of Self-Insurance Fund reserves in accordance with an investment policy formulated by the Controller, which was approved by the County Council in Resolution 31-14. “As a businessman, I appreciate an administration that implements business solutions in government in a way that benefits everyone,” said Council Chairman John Grasso.

The legislation represents the culmination of a year of effort by the Office of Finance and the County Auditor, in collaboration with Anne Arundel County Delegates Ron George and Tony McConkey, who sponsored the state legislation during the 2014 General Assembly.

By investing in low-risk instruments such as corporate bonds and mutual funds, the county will benefit from considerably better returns on investment that may exceed $1-2 million per year. “There are a lot of better-yielding investments with minimal risks out there, and this gives us the opportunity to take advantage of them while saving our taxpayers money,” Controller Julie Mussog stated.

For more information about Bill 48-14 or companion Resolution 31-14, go to www.aacounty.org.

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