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Committee authorizes Arrow Bank letter of credit to Highmark Blue Shield to avoid prefunding health insurance

5411379 · June 28, 2025

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Summary

Warren County approved authorizing Arrow Bank to issue a letter of credit for $360,006.92 in lieu of prefunding health insurance obligations to Highmark Blue Shield of Northeastern New York; the committee said this is a routine alternative the county has used before.

The Warren County Finance and Budget Committee authorized Arrow Bank to issue a letter of credit in the amount of $360,006.92 on behalf of Warren County to Highmark Blue Shield of Northeastern New York as an alternative to prefunding health insurance obligations.

Committee members said the county has used this mechanism in the past and described the change as a routine financial instrument to avoid upfront prefunding. Staff clarified that the letter of credit is a contingent instrument — it is put in place but not expended unless required by the insurer.

Supervisor Mayday moved the authorization; Supervisor Casido seconded. The committee called the question and approved the authorization.