Contribution and Reserve Analysis for FY 2024/25

Actuarial Report Comparison
June 30, 2022
June 30, 2023
 Change from 
Prior Year 
Estimated Unpaid Losses & ALAE
10,504,362
       
11,105,144
            
600,782
            
Projected Ultimate Losses & ALAE
2,907,000
         
2,885,000
              
(22,000)
             
13,411,362
       
13,990,144
            
578,782
            
4.3%
Audit Report Comparison
June 30, 2022
June 30, 2023
 Change from 
Prior Year 
Net Position, restated
3,705,693
         
6,661,330
              
2,955,637
         
IBNR & Case Reserves
10,504,362
       
11,105,144
            
600,782
            
Net Position w/o IBNR
14,210,055
       
17,766,474
            
3,556,419
         
25.0%
Amount over (under)
798,693
            
3,776,330
              
Reserve Analysis
 Actual FY 
21/22 
 Actual FY 
22/23 
 Estimate FY 
23/24 
 Proposed FY 
24/25 
Beginning Fund Balance
14,467,378
    
15,833,985
      
18,258,015
            
19,938,428
      
Revenues
   Contribution to Fund/Int Income
4,486,957
       
4,998,219
         
5,471,737
              
5,470,300
         
   Transfer In from Utilites for Safety Pos.
58,922
            
61,446
              
68,017
                    
68,017
              
   Transfer In from General Fund
-
                  
-
                    
-
                          
-
                     
   *Transfer In for Muni FF Cancer Reimb Fd
676,429
          
676,429
            
-
                          
-
                     
Total Revenues
5,222,308
       
5,736,094
         
5,539,754
              
5,538,317
         
Expenditures
        Operating Expenditures
(1,650,981)
      
(1,835,859)
        
(2,359,341)
             
(2,271,900)
        
        Claim Expenditures
(2,204,720)
      
(1,476,205)
        
(1,500,000)
             
(3,000,000)
        
Total Expenditures
(3,855,701)
      
(3,312,064)
        
(3,859,341)
             
(5,271,900)
        
Ending Fund Balance
15,833,985
    
18,258,015
      
19,938,428
            
20,204,845
      
Actuarially Calculated "Nominal/Central Level" (6/30/23 report)
13,990,144
       
Projected Fund Balance for FY 2024-25 over Nominal/Central Level
6,214,701
         
* Municipal Firefighter Cancer Reimbursment embedded in the Contribution beginning FY 2023-24
FY 2023-24
FY 2024-25
 Change in 
Contribution 
Ongoing Contribution
5,060,100
         
5,060,100
              
-
                     
 Recommendation of Change in City Contribution
to Trust for FY 2024-25 
Workers' Compensation and Employer Liability Trust
Contribution and Reserve Analysis for FY 2024-25
 Nominal/Central Value 
 Net Position