Financial Statements as of June 30, 2023

ASSETS
Cash and investments
17,545,030
$  
Accrued interest
88,892
Due from City
681,428
         
    Total assets
18,315,350
LIABILITIES
Claims payable
50,000
Accounts payable
7,336
    Total liabilities
57,336
           
NET POSITION
Unrestricted 
18,258,014
    Total net position (2)
18,258,014
$  
Notes:  
(2) 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
June 30, 2023 (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 2022-23 
Budget
Actuals
Budget to 
Actual 
Difference
OPERATING REVENUES
 Contributions:
     Employer self insurance premiums
4,383,700
$    
4,792,705
$    
409,005
$      
 Other:
     Recovery of prior year expense
-
                 
409
                
409
               
         Total operating revenues
4,383,700
     
4,793,114
     
409,414
       
OPERATING EXPENSES
 Personnel services
525,840
        
524,308
        
(1,532)
           
 Professional services
261,175
        
53,811
          
(207,364)
      
 Operating supplies and maintenance
9,200
             
6,218
             
(2,982)
           
 Communication and transportation
2,100
             
601
                
(1,499)
           
 Excess insurance
700,000
        
492,354
        
(207,646)
      
 Premium insurance
70,000
          
32,716
          
(37,284)
        
 Other insurance
676,429
        
719,159
        
42,730
         
 Claims paid
3,000,000
     
1,476,205
     
(1,523,795)
   
 Other:
 Education and training
2,100
             
400
                
(1,700)
           
 Computer Software
6,389
             
2,447
             
(3,942)
           
         Total operating expenses
5,253,233
     
3,308,219
     
(1,945,014)
   
OPERATING INCOME (LOSS)
(869,533)
       
1,484,895
     
2,354,428
    
NONOPERATING REVENUES (EXPENSES):
 Miscellaneous Revenue
-
                 
4,596
             
4,596
            
 Interest income (loss) 
87,000
          
200,509
        
113,509
       
 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
61,446
          
61,446
           
-
                
         Total nonoperating revenues (expenses)
821,030
        
939,135
        
118,105
       
        Change in net position
(48,503)
         
2,424,030
     
2,472,533
    
NET POSITION:
Total net position, as of July 1, 2022
15,833,984
   
15,833,984
   
-
                
Total net position, as of June 30, 2023
15,785,481
$  
18,258,014
$  
2,472,533
$   
Notes:  
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Revenues, Expenses and Changes in Net Position
June 30, 2023 (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.

CASH FLOWS FROM OPERATING ACTIVITIES:
 Cash received for premiums
5,094,871
$    
 Cash payments for claims
(1,426,205)
 Cash payments to suppliers for other services
(1,346,595)
 Cash payments to employees for services
(524,308)
       Net cash provided (used) by operating activities
1,797,763
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
737,875
       Net cash provided (used) by noncapital financing activities
742,471
CASH FLOWS FROM INVESTING ACTIVITIES:
  Investment Income
136,426
      Net cash used from investing activites
136,426
       Net increase (decrease) in cash and cash equivalents
2,672,815
CASH AND CASH EQUIVALENTS:
 Beginning of year
14,872,215
 As of June 30, 2023
17,545,030
$  
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH 
PROVIDED (USED) BY OPERATING ACTIVITIES:
     Operating income (loss)
1,484,895
$    
           (Increase) decrease in due from City
301,757
           Increase (decrease) in claims payable
50,000
           Increase (decrease) in accounts payable
1,111
           Increase (decrease) in miscellaneous payables
(40,000)
                    Total adjustments
312,868
                    Net cash provided (used) by operating activities
1,797,763
$    
Notes:  
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Cash Flows
June 30, 2023 (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.