Extracted text (via pymupdf)
5144 characters
ASSETS
Cash and investments
14,872,215
$
Accrued interest
24,809
Due from City
976,960
Total assets
15,873,984
LIABILITIES
Claims payable
40,000
Total current liabilities
40,000
NET POSITION
Unrestricted
15,833,984
Total net position (2)
15,833,984
$
Notes:
(2) Net Position as compared to Reserve Goal:
Nominal
"Central" Value
Estimated Unpaid Losses & ALAE, as of 6/30/21
10,458,761
$
Weighted Projected Ultimate Losses & ALAE
2,700,000
Reserve Goal Based on 6/30/21 Actuarial Report
13,158,761
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Net Position
June 30, 2022 (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 2021-22
Budget
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
4,383,700
$
4,448,476
$
64,776
$
Total operating revenues
4,383,700
4,448,476
64,776
OPERATING EXPENSES
Personnel services
490,952
470,550
(20,402)
Professional services
339,875
49,399
(290,476)
Operating supplies and maintenance
4,200
2,818
(1,382)
Communication and transportation
2,100
317
(1,783)
Excess insurance
371,130
392,736
21,606
Premium insurance
95,000
44,853
(50,147)
Other insurance
676,429
676,429
-
Claims paid
4,595,110
2,204,720
(2,390,390)
Other:
Education and training
2,100
639
(1,461)
Computer Software
16,389
9,396
(6,993)
Fiduciary Liability Insurance
-
-
-
Total operating expenses
6,593,285
3,851,857
(2,741,428)
OPERATING INCOME (LOSS)
(2,209,585)
596,619
2,806,204
NONOPERATING REVENUES (EXPENSES):
Interest income (loss)
166,000
38,481
(127,519)
Transfers out to technology fund
(3,845)
(3,845)
-
Transfers in from City
-
676,429
676,429
Transfers in from Municipal Utilities for Safety Position
58,922
58,922
-
Total nonoperating revenues (expenses)
221,077
769,987
548,910
Change in net position
(1,988,508)
1,366,606
3,355,114
NET POSITION:
Total net position, as of July 1, 2021
14,467,378
14,467,378
-
Total net position, as of June 30, 2022
12,478,870
$
15,833,984
$
3,355,114
$
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, 2022 (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
4,165,760
$
Cash payments for claims
(2,195,720)
Cash payments to suppliers for other services
(1,251,452)
Cash payments to employees for services
(470,550)
Net cash provided (used) by operating activities
248,038
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
735,351
Net cash provided (used) by noncapital financing activities
735,351
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Income
31,155
Net cash used from investing activites
31,155
Net increase (decrease) in cash and cash equivalents
1,010,699
CASH AND CASH EQUIVALENTS:
Beginning of year
13,861,516
End of year
14,872,215
$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss)
596,619
$
(Increase) decrease in due from City
(282,716)
Increase (decrease) in claims payable
9,000
Increase (decrease) in accounts payable
(22,117)
Increase (decrease) in miscellaneous payables
(52,748)
Total adjustments
(348,581)
Net cash provided (used) by operating activities
248,038
$
Notes:
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Cash Flows
For the Year Ended June 30, 2022 (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.