Rate Contribution and Reserve Analysis

Actuarial Report Comparison
June 30, 2020
June 30, 2021
 Change from 
Prior Year 
Estimated Unpaid Losses & ALAE
8,795,715
              
10,458,761
             
1,663,046
          
Projected Ultimate Losses & ALAE
2,555,000
              
2,700,000
               
145,000
             
11,350,715
            
13,158,761
             
1,808,046
          
15.9%
Audit Report Comparison
June 30, 2020
June 30, 2021
 Change from 
Prior Year 
Net Position, restated
3,705,693
              
4,001,471
               
295,778
             
IBNR & Case Reserves
8,975,715
              
10,458,761
             
1,483,046
          
Net Position w/o IBNR
12,681,408
            
14,460,232
             
1,778,824
          
14.0%
Amount over (under)
1,330,693
              
1,301,471
               
Reserve Analysis
 Actual FY 
19/20 
 Actual FY 20/21 
 Estimated FY 
21/22 
 Proposed FY 
22/23 
Beginning Fund Balance
9,521,901
       
12,325,282
           
14,467,378
            
15,270,137
       
Revenues
   Contribution to Fund/Int Income
4,629,344
        
4,795,083
              
4,443,000
               
4,483,700
          
   Transfer In from Utilites for Safety Pos.
55,288
             
57,286
                    
58,971
                    
58,922
               
   Transfer In from General Fund
1,000,000
        
-
                          
-
                           
-
                     
   Transfer In for Muni FF Cancer Reimb Fd
-
                    
-
                          
676,429
                  
676,429
             
Total Revenues
5,684,632
        
4,852,369
              
5,178,400
               
5,219,051
          
Expenditures
        Operating Expenditures
(958,842)
          
(873,839)
                
(1,970,641)
              
(2,173,828)
        
        Claim Expenditures
(1,922,409)
       
(1,836,434)
             
(2,405,000)
              
(3,000,000)
        
Total Expenditures
(2,881,251)
       
(2,710,273)
             
(4,375,641)
              
(5,173,828)
        
Ending Fund Balance
12,325,282
     
14,467,378
           
15,270,137
            
15,315,360
       
Actuarially Calculated "Nominal/Central Level" (6/30/21 report)
13,158,761
       
Projected Fund Balance for FY 2022-23 over Nominal/Central Level
2,156,599
          
FY 2021-22
FY 2022-23
 Change in 
Contribution 
Ongoing Contribution
4,383,700
              
4,383,700
               
-
                     
 Recommendation of Change in City Contribution to     
Trust for FY 2022-23 
Workers' Compensation and Employer Liability Trust
Contribution and Reserve Analysis for FY 2022-23
 Nominal/Central Value 
 Net Position