Sacramento Business Journal: Covered California approves $89M in additional spending

 

With projected total operating costs 16 percent higher than expected for the current fiscal year, the board at Covered California approved $89 million in additional spending at its Sacramento board meeting on Thursday.

This action brings projected total expenditures to $489 million for fiscal year 2013-14. After paying total costs, an estimated $363 million will be left in federal grant funds. Bolstered by federal grants to get going, the state health benefit exchange is expected to be self sustaining by 2015.

The revised budget reflects spending on the online enrollment program that’s more than double projections. The revised budget includes almost $221 million for this program, up almost $113 million from $108 million in the initial budget. There’s also a $2 million increase in funding for enrollment activities a 2.1 million increase in administrative expenses.

“These are costs that allowed Covered California to launch on time,” Covered California’s chief deputy executive officerYolanda Richardson told board members Thursday. 

Continue reading here: http://www.bizjournals.com/sacramento/news/2014/04/18/covered-california-budget-spending-grant-funds.html?page=all

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