Madison Facing Up to $1.5M Shortfall in its Insurance Account: Report

Newly-elected Madison First Selectman Thomas J. Banisch said if insurance costs are not controlled soon, the budget could face a hole of $1.5 million, reports the Madison Source’s Jack Kramer.

Banisch said the town is self insured and currently projections show a potential $1.5 million shortfall if adjustments aren’t made now. Madison budgeted $7.6 million for union employees insurance claims and it could exceed $9 million, the Source reports.

Banisch said in previous years insurance claims have been very low, but that has changed so far this year.

The town and schools are searching for ways to lessen the increases, said Banisch via the Madison Source.

The full Madison Source report can be read here.