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The Kentucky Association of Counties Unemployment Compensation Self-Insurance Fund held a special Board of Directors' meeting, pursuant to proper notice given in accordance with KRS 61.823, at 11:10 a.m. on Wednesday, June 24, 2020 at 400 Englewood Drive in Frankfort, Kentucky.
The following Directors participated via teleconference: Chairman Phil Sammons, Boyle Co. Magistrate; Vice-Chairman Larry Foxworthy, Fleming Co. Judge/Executive; David Livingston, Scott Co. Magistrate; John Ward, Hardin Co. Sheriff; David Nicholson, Jefferson Co. Circuit Court Clerk; David Fields, Pendleton Co. Judge/Executive; and Jacqalynn Riley, Grant Co. Commissioner.
Others present were: Marie Skinner, Accountant/UI Manager; Katie Stewart, Administrative Assistant; Jim Henderson, Executive Director/CEO; Karen Basham, Chief Financial Officer; Grant Satterly, Director of Financial Services; and Sonya Chesser, Executive Assistant/Events Manager.
Chairman Sammons called the meeting to order at 11:11 a.m.
Motion made by Larry Foxworthy, seconded by John Ward, to approve the minutes of the May 20, 2020 meeting as presented. Motion carried.
Ms. Skinner presented and discussed the following financial reports: balance sheet as of May 31, 2020; statement of activities for period July 2019 through May 2020; FY 2019/20 PAF budget for period July 1, 2019 - May 31, 2020. She also presented and discussed the deposit and check detail for May 2020 as well as the CY 2020 customer balance premium receivables list as of June 18.
Motion made by David Fields, seconded by Jacqalynn Riley, to accept the financial reports as presented. Motion carried.
Ms. Basham presented and discussed the FY 2020/21 proposed budget. She answered questions from the board concerning the claims reimbursement expenses, the increase in board fees and the KACo management fee.
Motion made by David Livingston, seconded by David Fields, to adopt the FY 2020/21 budget as presented. Motion carried.
Ms. Basham presented the FY 2020/21 program administration agreement between KACo and the KACo Unemployment Insurance Fund commencing July 1, 2020 and ending June 30, 2021.
Motion made by David Nicholson, seconded by John Ward, to approve the FY 2020/21 program administration agreement between KACo and the KACo Unemployment Insurance Fund as presented. Motion carried.
Mr. Satterly presented and discussed the investment report for May 2020 including the security position changes for the month. He also presented his personal view of the economic outlook for June.
Motion made by David Nicholson, seconded by Jacqalynn Riley, to accept the investment report and approve the security position changes. Motion carried.
A map of the preliminary unemployment rates by county for April 2020 was provided to the board. The document was prepared by the Workforce Intelligence Branch, Kentucky Center for Statistics, Kentucky Education and Workforce Development Cabinet. Ms. Stewart said March's unemployment rate was 5.7% as compared to 16.1% for April. The rate increase is contributed to the COVID-19 pandemic.
The next regularly scheduled board meeting will be held July 22nd at 11:00 a.m. at the KACo office.
Motion made by Jacqalynn Riley, seconded by David Livingston, to adjourn the meeting at 11:45 a.m. Motion carried.
