Financial Statements as of March 31, 2023
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ASSETS
Cash and investments
19,281,772
$
Accrued interest
89,659
Accounts Receivable
92,049
Total assets
19,463,480
LIABILITIES
Compensated absences payable
44,792
Claims incurred but not reported (IBNR) Current 90%
3,085,200
Claims incurred but not reported (IBNR) Non-current 10%
342,800
Due to City
1,501,289
Employees claims payable, due to Blue Cross Blue Shield
1,349,201
Retirees claims payable, due to Blue Cross Blue Shield
285,697
COBRA claims payable, due to Blue Cross Blue Shield
36,784
Total liabilities
6,645,763
NET POSITION
Unrestricted
12,817,717
Total net position
12,817,717
$
Note: December 31, 2022 minimum end of year reserve including IBNR and two months costs as
projected by Segal Consulting.
$ 8,314,000
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Net Position
March 31, 2023
2023
Budget
2023
Budget
Prorated
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
19,571,200
$
4,892,800
4,845,129
$
(47,671)
$
Employee self insurance premiums
2,234,340
558,585
716,883
158,298
Retiree premiums
2,220,510
555,128
601,809
46,681
COBRA premiums
65,950
16,488
5,109
(11,378)
Other:
BCBS wellness programs
25,000
25,000
25,000
-
BCBS wellness coordinator
100,000
100,000
100,000
-
BCBS administration
25,000
25,000
25,000
-
BCBS communication
30,000
30,000
30,000
-
Recovery of medical claims
30,000
7,500
-
(7,500)
Total operating revenues
24,302,000
6,210,500
6,348,931
138,431
OPERATING EXPENSES
Personnel support
472,335
127,167
73,714
(53,453)
Audits & financial services
9,000
2,423
2,145
(278)
Promotional
30,000
7,500
-
(7,500)
Operating supplies & equipment
40,027
10,007
1,928
(8,078)
Bank charges
400
100
-
(100)
Contractual services
180,000
45,000
-
(45,000)
Other:
Self-insurance administrative fees
2,960,896
740,224
593,982
(146,242)
PCORI fees
11,000
-
-
-
Wellness programs
137,350
34,338
-
(34,338)
Health savings & flex spending acct contributions
292,800
292,800
196,000
(96,800)
Claims paid:
Employees
19,876,000
4,969,000
4,098,654
(870,346)
Retirees
4,481,000
1,120,250
1,019,604
(100,646)
COBRA
143,000
35,750
101,021
65,271
Total operating expenses
28,633,808
7,384,558
6,087,047
(1,297,511)
OPERATING INCOME (LOSS)
(4,331,808)
(1,174,058)
261,883
1,435,942
NONOPERATING REVENUES (EXPENSES):
Transfers Out - Technology Fund
5,530
5,530
-
(5,530)
Interest income (loss)
407,450
101,863
525,827
423,965
Total nonoperating revenues (expenses)
412,980
107,393
525,827
418,435
Change in net position
(3,918,828)
(1,066,666)
787,711
1,854,376
NET POSITION:
Total net position, as of January 1, 2023
12,030,006
12,030,006
12,030,006
-
Total net position, as of March 31, 2023
8,111,178
$
10,963,340
$
12,817,717
$
1,854,376
$
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Revenues, Expenses and Changes in Net Position
For the Year Ended March 31, 2023
Cash flows from operating activities:
Cash received for premiums and other operating purposes
10,548,322
$
Cash payments for claims
(5,713,960)
Cash payments to suppliers for other services
(803,267)
Cash payments to employees for services
(84,478)
Net cash provided by operating activities
3,946,617
Cash flows from noncapital financing activities:
Net cash used for noncapital financing activities
-
Cash flows from investing activities:
Investment income
502,479
Proceeds from sales of investments
4,209,661
Purchases of investments
(8,658,757)
Net cash used for investing activities
(3,946,617)
Net increase in cash and cash equivalents
-
Cash and cash equivalents, January 1, 2023
-
Cash and cash equivalents, March 31, 2023
-
$
Reconciliation of operating income to cash provided by operating activities:
Operating income
261,883
$
Adjustments to reconcile operating income to net cash provided by
operating activities:
Changes in assets and liabilities:
(Increase)/Decrease in due from (to) City
4,199,391
(Increase)/Decrease in prepaids
(1,291)
Increase/(Decrease) in claims payable
(494,682)
Increase/(Decrease) in accounts payable
(7,921)
Increase/(Decrease) in accrued payroll
(10,764)
Net cash provided by operating activities
3,946,617
$
Reconciliation of Cash and Cash Equivalents to the Statement of Net Position:
Cash and cash equivalents
-
$
Investments
19,281,772
Cash and investments
19,281,772
$
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Cash Flows
For the Year Ended March 31, 2023