Financial Statements for the Year Ending June 30, 2021
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ASSETS
Cash and investments
13,861,516
$
Accrued interest
17,483
Due from City
694,244
Total assets
14,573,243
LIABILITIES
Claims payable
31,000
Accounts payable
74,865
Total current liabilities
105,865
Total liabilities
105,865
NET POSITION
Unrestricted
14,467,378
Total net position (2)
14,467,378
$
Notes:
(2) Net Position as compared to Reserve Goal:
Nominal
"Central" Value
Estimated Unpaid Losses & ALAE, as of 6/30/20
8,795,715
$
Weighted Projected Ultimate Losses & ALAE
2,555,000
Reserve Goal Based on 6/30/20 Actuarial Report
11,350,715
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Net Position
June 30, 2021 (Unaudited) (1)
(1) Fiscal year end audit had not been performed by Heinfeld, Meech & Co., P.C. as of the date
this preliminary report was prepared.
FY 2020-21
Budget
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
4,383,700
$
4,581,388
$
197,688
$
Other:
Recovery of claims
-
9,575
9,575
Recovery of prior year expense
-
877
877
Total operating revenues
4,383,700
4,591,840
208,140
OPERATING EXPENSES
Personnel services
478,070
431,158
(46,912)
Professional services
292,607
53,533
(239,074)
Operating supplies and maintenance
4,200
2,614
(1,586)
Communication and transportation
2,100
250
(1,850)
Excess insurance
361,130
346,514
(14,616)
Premium insurance
50,000
33,323
(16,677)
Claims paid
4,179,069
1,836,434
(2,342,635)
Other:
Education and training
2,100
503
(1,597)
Computer Software
16,389
2,099
(14,290)
Total operating expenses
5,385,665
2,706,428
(2,679,237)
OPERATING INCOME (LOSS)
(1,001,965)
1,885,412
2,887,377
NONOPERATING REVENUES (EXPENSES):
Interest income (loss)
201,000
203,243
2,243
Transfers out to technology fund
(3,845)
(3,845)
-
Transfers in from Municipal Utilities for Safety Position
57,286
57,286
-
Total nonoperating revenues (expenses)
254,441
256,684
2,243
Change in net position
(747,524)
2,142,096
2,889,620
NET POSITION:
Total net position, as of July 1, 2020
12,325,282
12,325,282
-
total net position, as of June 30, 2021 (1)
11,577,758
$
14,467,378
$
2,889,620
$
Notes:
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Revenues, Expenses and Changes in Net Position
For the Year Ended June 30, 2021 (1)
(1) Fiscal year end audit had not been performed by Heinfeld, Meech & Co., P.C. as of the date this preliminary report was prepared.
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for premiums
4,543,680
$
Cash payments for claims
(1,805,434)
Cash payments to suppliers for other services
(409,027)
Cash payments to employees for services
(431,158)
Net cash provided (used) by operating activities
1,898,061
CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES:
Cash paid to City for technology replacement
(3,845)
Net cash provided (used) by capital financing activities
(3,845)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash received from the City
57,286
Net cash provided (used) by noncapital financing activities
57,286
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Income
228,522
Net cash used from investing activites
228,522
Net increase (decrease) in cash and cash equivalents
2,180,024
CASH AND CASH EQUIVALENTS:
Beginning of year
11,681,492
End of year
13,861,516
$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss)
1,885,412
$
(Increase) decrease in due from City
(48,160)
Increase (decrease) in accounts payable
29,809
Total adjustments
12,649
Net cash provided (used) by operating activities
1,898,061
$
Notes:
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Cash Flows
For the Year Ended June 30, 2021 (1)
(1) Fiscal year end audit had not been performed by Heinfeld, Meech & Co., P.C. as of the date this preliminary
report was prepared.