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Actuarial Report Comparison
June 30, 2021
June 30, 2022
Change from
Prior Year
Estimated Unpaid Losses & ALAE
10,458,761
10,504,362
45,601
Projected Ultimate Losses & ALAE
2,700,000
2,907,000
207,000
13,158,761
13,411,362
252,601
1.9%
Audit Report Comparison
June 30, 2021
June 30, 2022
Change from
Prior Year
Net Position, restated
4,001,471
3,705,693
(295,778)
IBNR & Case Reserves
10,458,761
10,504,362
45,601
Net Position w/o IBNR
14,460,232
14,210,055
(250,177)
-1.7%
Amount over (under)
1,301,471
798,693
Reserve Analysis
Actual FY
20/21
Actual FY 21/22
Estimated FY
22/23
Proposed FY
23/24
Beginning Fund Balance
12,325,282
14,467,378
15,833,985
17,551,802
Revenues
Contribution to Fund/Int Income
4,795,083
4,486,957
4,475,296
5,160,100
Transfer In from Utilites for Safety Pos.
57,286
58,922
61,446
67,500
Transfer In from General Fund
-
-
-
-
Transfer In for Muni FF Cancer Reimb Fd
-
676,429
676,429
-
Total Revenues
4,852,369
5,222,308
5,213,171
5,227,600
Expenditures
Operating Expenditures
(873,839)
(1,650,981)
(1,995,354)
(2,381,384)
Claim Expenditures
(1,836,434)
(2,204,720)
(1,500,000)
(3,000,000)
Total Expenditures
(2,710,273)
(3,855,701)
(3,495,354)
(5,381,384)
Ending Fund Balance
14,467,378
15,833,985
17,551,802
17,398,018
Actuarially Calculated "Nominal/Central Level" (6/30/22 report)
13,411,362
Projected Fund Balance for FY 2023-24 over Nominal/Central Level
3,986,656
FY 2022-23*
FY 2023-24
Change in
Contribution
Ongoing Contribution
5,060,100
5,060,100
-
*Adjusted from $4,383,700 to include the MFCR contribution ($676,400), which was transferred in from the General Fund.
Recommendation of Change in City Contribution
to Trust for FY 2023-24
Workers' Compensation and Employer Liability Trust
Contribution and Reserve Analysis for FY 2023-24
Nominal/Central Value
Net Position