Extracted text (via pymupdf)
6626 characters
ASSETS
Cash and investments
15,249,021
$
Accrued interest
66,310
Due from City - premiums
2,788,860
Total assets
18,104,191
LIABILITIES
Compensated absences payable
47,613
Claims incurred but not reported (IBNR) Current 90%
2,034,000
Claims incurred but not reported (IBNR) Non-current 10%
226,000
Employees claims payable, due to Blue Cross Blue Shield
1,537,326
Retirees claims payable, due to Blue Cross Blue Shield
628,888
COBRA claims payable, due to Blue Cross Blue Shield
150
Total liabilities
4,473,977
NET POSITION
Unrestricted
13,630,215
Total net position
13,630,215
$
Note: December 31, 2021 minimum end of year reserve including IBNR and two months costs as
projected by Segal Consulting.
$ 6,934,000
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Net Position
December 31, 2022 (Unaudited)
2022
Budget
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
19,194,205
$
18,181,137
$
(1,013,068)
$
Employee self insurance premiums
2,194,830
2,087,082
(107,748)
Retiree premiums
2,051,370
2,277,877
226,507
COBRA premiums
77,095
38,360
(38,735)
Other:
BCBS wellness programs
25,000
25,000
-
BCBS wellness coordinator
100,000
100,000
-
BCBS administration
25,000
25,000
-
BCBS communication
30,000
30,000
-
Recovery of medical claims
30,000
50,280
20,280
Total operating revenues
23,727,500
22,814,736
(912,764)
OPERATING EXPENSES
Personnel support
473,828
434,472
(39,356)
Audits & financial services
8,600
8,340
(260)
Promotional
30,000
5,055
(24,945)
Operating supplies & equipment
40,027
14,384
(25,643)
Bank charges
400
258
(142)
Contractual services
174,000
13,234
(160,766)
Other:
Self-insurance administrative fees
2,818,636
2,594,726
(223,910)
PCORI fees
11,000
9,267
(1,733)
Wellness programs
130,494
18,144
(112,350)
Health savings & flex spending acct contributions
317,700
212,450
(105,250)
Claims paid:
Employees
18,862,000
18,114,513
(747,487)
Retirees
4,252,000
4,185,801
(66,199)
COBRA
136,000
61,852
(74,148)
Total operating expenses
27,254,685
25,672,497
(1,582,188)
OPERATING INCOME (LOSS)
(3,527,185)
(2,857,761)
669,424
NONOPERATING REVENUES (EXPENSES):
Transfers Out - Technology Fund
(5,530)
(5,530)
-
Transfers In - General Fund
5,000,000
5,000,000
-
Interest income (loss)
106,050
160,953
54,903
Total nonoperating revenues (expenses)
5,100,520
5,155,423
54,903
Change in net position
1,573,335
2,297,662
724,326
NET POSITION:
Total net position, as of January 1, 2022
11,332,553
11,332,553
-
Total net position, as of December 31, 2022
12,905,888
$
13,630,215
$
724,326
$
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Revenues, Expenses and Changes in Net Position
For the Year Ended December 31, 2022 (Unaudited)
Cash flows from operating activities:
Cash received for premiums and other operating purposes
23,883,972
$
Cash payments for claims
(22,399,926)
Cash payments to suppliers for other services
(2,865,937)
Cash payments to employees for services
(452,287)
Net cash provided by operating activities
(1,834,179)
Cash flows from noncapital financing activities:
Cash paid to City for technology replacement
(5,530)
Cash received from City
5,000,000
Net cash used for noncapital financing activities
4,994,470
Cash flows from investing activities:
Investment income
(286,719)
Proceeds from sales of investments
23,984,626
Purchases of investments
(26,858,199)
Net cash used for investing activities
(3,160,292)
Net increase in cash and cash equivalents
-
Cash and cash equivalents, January 1, 2022
-
Cash and cash equivalents, December 31, 2022
-
$
Reconciliation of operating income to cash provided by operating activities:
Operating income
(2,857,761)
$
Adjustments to reconcile operating income to net cash provided by
operating activities:
Changes in assets and liabilities:
(Increase)/Decrease in due from (to) City
1,069,236
(Increase)/Decrease in prepaids
12,826
Increase/(Decrease) in claims payable
(37,760)
Increase/(Decrease) in accounts payable
(2,904)
Increase/(Decrease) in accrued payroll
(17,815)
Net cash provided by operating activities
(1,834,179)
$
Reconciliation of Cash and Cash Equivalents to the Statement of Net Position:
Cash and cash equivalents
-
$
Investments
15,249,021
Cash and investments
15,249,021
$
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Cash Flows
For the Year Ended December 31, 2022 (Unaudited)