Extracted text (via pymupdf)
5218 characters
ASSETS
Cash and investments
17,753,768
$
Accrued interest
110,278
Due from City
993,694
Total assets
18,857,740
LIABILITIES
Claims payable
50,000
Total liabilities
50,000
NET POSITION
Unrestricted
18,807,740
Total net position (1)
18,807,740
$
Notes:
(1) Net Position as compared to Reserve Goal:
Nominal
"Central" Value
Estimated Unpaid Losses & ALAE, as of 6/30/23
11,105,144
$
Weighted Projected Ultimate Losses & ALAE
2,885,000
Reserve Goal Based on 6/30/23 Actuarial Report
13,990,144
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Net Position
December 31, 2023
FY 2023-24
Budget
FY 2023-24
Budget
Prorated
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
5,060,100
$
2,530,050
$
2,621,027
$
90,977
$
Other:
Recovery of claims
-
-
612
612
Recovery of prior year expense
-
-
25
25
Total operating revenues
5,060,100
2,530,050
2,621,664
91,614
OPERATING EXPENSES
Personnel services
571,691
285,846
284,631
(1,215)
Professional services
261,110
130,555
23,755
(106,800)
Operating supplies and maintenance
9,200
4,600
336
(4,264)
Communication and transportation
2,100
1,050
130
(920)
Excess insurance
700,000
700,000
564,371
(135,629)
Premium insurance
70,000
35,000
18,172
(16,828)
Other insurance
750,000
750,000
713,825
(36,175)
Claims paid
3,000,000
1,500,000
722,745
(777,255)
Other:
Education and training
2,100
1,050
850
(200)
Computer Software
6,580
3,290
3,412
122
Total operating expenses
5,372,781
3,411,391
2,332,227
(1,079,164)
OPERATING INCOME (LOSS)
(312,681)
(881,341)
289,437
1,170,778
NONOPERATING REVENUES (EXPENSES):
Interest income (loss)
411,000
205,500
230,125
24,625
Transfers out to technology fund
(3,845)
(3,845)
(3,845)
-
Transfers in from Municipal Utilities for Safety Position
68,017
34,009
34,009
-
Total nonoperating revenues (expenses)
475,172
235,664
260,289
24,625
Change in net position
162,491
(645,677)
549,726
1,195,403
NET POSITION:
Total net position, as of July 1, 2023
18,258,014
18,258,014
18,258,014
-
Total net position, as of December 31, 2023
18,420,505
$
17,612,337
$
18,807,740
$
1,195,403
$
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, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for premiums
2,309,398
$
Cash payments for claims
(672,745)
Cash payments to suppliers for other services
(1,382,187)
Cash payments to employees for services
(284,631)
Net cash provided (used) by operating activities
(30,165)
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:
Cash received from the City
34,009
Net cash provided (used) by noncapital financing activities
34,009
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Income
208,739
Net cash used from investing activites
208,739
Net increase (decrease) in cash and cash equivalents
208,738
CASH AND CASH EQUIVALENTS:
Beginning of year
17,545,030
As of December 31, 2023
17,753,768
$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss)
289,437
$
(Increase) decrease in due from City
(312,266)
Increase (decrease) in claims payable
50,000
Increase (decrease) in accounts payable
(7,336)
Increase (decrease) in miscellaneous payables
(50,000)
Total adjustments
(319,602)
Net cash provided (used) by operating activities
(30,165)
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Cash Flows
For the Six Months Ended December 31, 2023