FY 24 Budget Q&A #036: Could we do an updated memo on Question 83 from FY23 regarding the Inova Funding Contingency?
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Question: Is there data available on how INOVA’s FY22 $490,575 contingent reserve funds were spent? (Councilwoman Bagley)
Response:
As of March 2023, Inova has yet to request release of the $490,575 allocated in contingent reserve funds for FY 2023. Discussion with Inova Alexandria staff indicated that a request will be forthcoming. The last time funding was released from contingent reserves to Inova Alexandria by City Council as part of the City’s FY 2022 budget, Inova Alexandria provided a service report to the City Manager and an analysis of the impact of Medicaid expansion on the hospital’s unreimbursed care. This information was attached to a summary of the request and docketed for a City Council meeting. During the meeting, a Inova Alexandria representative was available to answer any questions from Council and staff.
