Matthew Coy

The Finance and Audit Committee meeting agenda included preliminaries such as calling the meeting to order and safety reminders, excluding the approval of December 2025 minutes. Key discussions focused on pricing for policies effective July 1, 2026, through June 30, 2027, involving an overview of the rate development process, minimum premium and expense constant analysis, WTW rate level analysis, and final pricing recommendations. Financial and budget reports covered the 2025 loss reserve year-end reconciliation, preliminary financial report, 2025 budget summary, Annual Business Plan, and a report from the Claims Center. The agenda also scheduled an Internal Audit Report presentation. The Operational Excellence Committee agenda included preliminaries (excluding December 2025 minutes approval), updates on the Enterprise Scorecard, 2025 Strategy, and 2026 Strategic Plan. Other topics included 'Remarkable Response in the Moment' and a session on the CAT Network.

The meetings included discussions on financial and investment reports, including the First Quarter 2025 Financial Report and Budget Variance Report, as well as the Old Fund's State Fiscal Year 2025 Variance and Fiscal Year 2026 Funding Estimate. The audit report covered the 2024 Statutory Financial Statement Audit Report and the Internal Audit Report. There was also a Core Systems Update and Development Project Proposal. The Human Resources and Compensation Committee reviewed the President/CEO's performance and discussed the President/CEO's Annual Compensation and Employment Contract. The Operational Excellence Committee covered the Enterprise Scorecard and 2025 Strategy Update, Marketing initiatives, and Workers' Comp and State Fund Legislation.

The meeting included a safety minute regarding safety equipment in fleet vehicles, including jumper cables, toolkits, emergency triangles, shovels, and first aid kits. There was also an acknowledgement of Richard Milton's tenure on the board, with discussions about his impact, governance, and contributions to the organization.

The meeting included discussions on the internal safety program, focusing on employee health and wellness. Updates were provided on financial audits and the implementation of legislative changes. The strategy for 2026 was discussed, with a focus on becoming 'forever favorite' through sustainability. Onboarding new customers, especially cities, and tailoring experiences around claims and safety were also key topics.

The meeting included discussions about the approval of the June 5th minutes, a moment of silence for the 19th anniversary of 9/11, and updates on the response to the COVID-19 pandemic, including remote work and hygiene protocols. There was also a discussion of the premium deferral program for policyholders, which is set to end in September. The state fund conducted a Q12 Gallup employee engagement survey, which showed positive results with increased engagement and decreased disengagement. Sam High was recognized for her 35 years of service to the Montana State Fund, as she is retiring.