FY 26 Budget Q&A #033: Is there information available on how INOVA's contingent reserve funds were spent?
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Question: Is there information available on how INOVA's contingent reserve funds were spent? (Councilman Chapman)
Response:
We anticipate bringing the requested release of the $490,575 allocated in contingent reserve funds for FY 2025 to City Council during the May legislative meeting.
The last time funding was released from contingent reserves to Inova Alexandria by City Council was during the City’s FY 2024 fiscal year, when FY 2023 funds were carried forward and released in December 2023; funds budgeted for the FY 2024 fiscal year remained un-released and were not carried forward into FY 2025.
As justification for the release of FY 2023 funding, 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, an Inova Alexandria representative was available to answer any questions from Council and staff
