Financial Statements for the Quarter Ending December 31, 2022
Extracted text (via pymupdf)
5374 characters
ASSETS
Cash and investments
13,925,019
$
Accrued interest
50,193
Due from City
2,724,374
Total assets
16,699,586
LIABILITIES
Claims payable
40,000
Total current liabilities
40,000
NET POSITION
Unrestricted
16,659,586
Total net position (1)
16,659,586
$
Notes:
(1) Net Position as compared to Reserve Goal:
Nominal
"Central" Value
Estimated Unpaid Losses & ALAE, as of 6/30/22
10,504,362
$
Weighted Projected Ultimate Losses & ALAE
2,907,000
Reserve Goal Based on 6/30/22 Actuarial Report
13,411,362
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Net Position
December 31, 2022
FY 2022-23
Budget
FY 2022-23
Budget
Prorated
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
4,383,700
$
2,191,850
$
2,352,609
$
160,759
$
Total operating revenues
4,383,700
2,191,850
2,352,609
160,759
OPERATING EXPENSES
Personnel services
525,840
262,920
255,480
(7,440)
Professional services
261,175
130,588
19,830
(110,758)
Operating supplies and maintenance
9,200
4,600
5,894
1,294
Communication and transportation
2,100
1,050
456
(594)
Insurance and taxes:
-
Excess insurance
700,000
700,000
492,354
(207,646)
Premium insurance
70,000
35,000
17,256
(17,744)
Other insurance
676,429
676,429
719,159
42,730
Claims paid
3,000,000
1,500,000
779,279
(720,721)
Other:
Education and training
2,100
1,050
350
(700)
Computer Software
6,389
3,195
-
(3,195)
Fiduciary Liability Insurance
-
-
-
-
Total operating expenses
5,253,233
3,314,831
2,290,058
(1,024,773)
OPERATING INCOME (LOSS)
(869,533)
(1,122,981)
62,551
1,185,532
NONOPERATING REVENUES (EXPENSES):
Miscellaneous Revenue
-
-
4,596
4,596
Interest income (loss)
87,000
43,500
55,148
11,648
Transfers out to technology fund
(3,845)
(3,845)
(3,845)
-
Transfers in from City
676,429
676,429
676,429
-
Transfers in from Municipal Utilities for Safety Position
61,446
30,723
30,723
-
Total nonoperating revenues (expenses)
821,030
746,807
763,051
16,244
Change in net position
(48,503)
(376,174)
825,602
1,201,776
NET POSITION:
Total net position, as of July 1, 2022
15,833,984
15,833,984
15,833,984
-
Total net position, as of December 31, 2022
15,785,481
$
15,457,810
$
16,659,586
$
1,201,776
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Revenues, Expenses and Changes in Net Position
For the Six Months Ended December 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for premiums
611,420
$
Cash payments for claims
(739,279)
Cash payments to suppliers for other services
(1,301,524)
Cash payments to employees for services
(255,480)
Net cash provided (used) by operating activities
(1,684,863)
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:
Miscellaneous Revenues
4,596
Cash received from the City
707,152
Net cash provided (used) by noncapital financing activities
711,748
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Income
29,764
Net cash used from investing activites
29,764
Net increase (decrease) in cash and cash equivalents
(947,196)
CASH AND CASH EQUIVALENTS:
Beginning of year
14,872,215
As of December 31, 2022
13,925,019
$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss)
62,551
$
(Increase) decrease in due from City
(1,741,189)
Increase (decrease) in claims payable
40,000
Increase (decrease) in accounts payable
(6,225)
Increase (decrease) in miscellaneous payables
(40,000)
Total adjustments
(1,747,414)
Net cash provided (used) by operating activities
(1,684,863)
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Cash Flows
For the Six Months Ended December 31, 2022