Financial Statements and Wellness Report
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ASSETS
Cash and investments
18,103,581
$
Accrued interest
173,970
Due from City - premiums
3,075,617
Accounts Receivable
105,991
Total assets
21,459,159
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
Employees claims payable, due to Blue Cross Blue Shield
1,585,875
Retirees claims payable, due to Blue Cross Blue Shield
352,789
COBRA claims payable, due to Blue Cross Blue Shield
2,655
Total liabilities
5,414,111
NET POSITION
Unrestricted
16,045,047
Total net position
16,045,047
$
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
December 31,2023 (Unaudited)
2023
Budget
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
19,983,795
$
19,441,666
$
(542,129)
$
Employee self insurance premiums
2,297,780
2,904,279
606,499
Retiree premiums
2,381,820
2,479,668
97,848
COBRA premiums
54,105
43,290
(10,815)
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
9,467
(20,533)
Total operating revenues
24,927,500
25,058,370
130,870
OPERATING EXPENSES
Personnel support
472,335
406,660
(65,675)
Audits & financial services
9,000
8,580
(420)
Promotional
30,000
600
(29,400)
Operating supplies & equipment
40,027
12,862
(27,165)
Bank charges
400
248
(152)
Contractual services
180,000
45
(179,955)
Other:
Self-insurance administrative fees
2,960,896
2,503,965
(456,931)
PCORI fees
11,000
10,200
(800)
Wellness programs
137,350
30,279
(107,071)
Health savings & flex spending acct contributions
292,800
196,000
(96,800)
Claims paid:
Employees
19,876,000
18,826,273
(1,049,727)
Retirees
4,481,000
4,747,554
266,554
COBRA
143,000
301,115
158,115
Total operating expenses
28,633,808
27,044,382
(1,589,426)
OPERATING INCOME (LOSS)
(3,706,308)
(1,986,012)
1,720,296
NONOPERATING REVENUES (EXPENSES):
Transfers Out - Technology Fund
(5,530)
(5,530)
-
Transfers In - General Fund
5,000,000
5,000,000
-
Interest income (loss)
407,450
1,006,583
599,133
Total nonoperating revenues (expenses)
5,401,920
6,001,053
599,133
Change in net position
1,695,612
4,015,041
2,319,428
NET POSITION:
Total net position, as of January 1, 2023
12,030,006
12,030,006
-
Total net position, as of December 31, 2023
13,725,618
$
16,045,047
$
2,319,428
$
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, 2023 (Unaudited)
Cash flows from operating activities:
Cash received for premiums and other operating purposes
24,665,622
$
Cash payments for claims
(24,099,987)
Cash payments to suppliers for other services
(2,770,701)
Cash payments to employees for services
(417,424)
Net cash provided by operating activities
(2,622,490)
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
482,579
Proceeds from sales of investments
32,208,513
Purchases of investments
(35,063,072)
Net cash used for investing activities
(2,371,980)
Net increase in cash and cash equivalents
-
Cash and cash equivalents, January 1, 2023
-
Cash and cash equivalents, December 31, 2023
-
$
Reconciliation of operating income to cash provided by operating activities:
Operating income
(1,986,012)
$
Adjustments to reconcile operating income to net cash provided by
operating activities:
Changes in assets and liabilities:
(Increase)/Decrease in due from (to) City
(377,515)
(Increase)Decrease in Accounts Receivable
(15,233)
Increase/(Decrease) in claims payable
(225,045)
Increase/(Decrease) in accounts payable
(7,921)
Increase/(Decrease) in accrued payroll
(10,764)
Net cash provided by operating activities
(2,622,490)
$
Reconciliation of Cash and Cash Equivalents to the Statement of Net Position:
Cash and cash equivalents
-
$
Investments
18,103,581
Cash and investments
18,103,581
$
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Cash Flows
For the Year Ended December 31, 2023 (Unaudited)
Wellness Detail
Jan - Dec
2011
Jan - Dec
2012
Jan - Dec
2013
Jan - Dec
2014
Jan - Dec
2015
Jan - Dec
2016
Jan - Dec
2017
Jan - Dec
2018
Jan - Dec
2019
Jan - Dec
2020
Jan - Dec
2021
Jan - Dec
2022
Jan - Dec
2023
Cumulative
Total Since
Inception
Revenue
Wellness Funds from BCBS
24,031.73
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
324,031.73
YOGA Program Revenues
-
2,150.00
2,288.00
2,466.00
2,266.00
1,820.00
1,062.00
2,148.00
-
-
-
-
-
14,200.00
Total Wellness Program Revenue
24,031.73
27,150.00
27,288.00
27,466.00
27,266.00
26,820.00
26,062.00
27,148.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
338,231.73
Expenses
YOGA Program Expenses
-
1,820.00
3,360.00
3,220.00
3,150.00
2,905.00
2,555.00
1,000.00
-
-
360.00
-
-
18,370.00
Other Professional Services
-
-
-
1,200.00
-
93.62
-
-
-
-
-
2,500.00
17,700.00
21,493.62
Promotional/Advertising Svcs
-
7,547.42
22,174.80
24,361.61
10,408.85
8,567.47
15,024.50
10,060.07
17,712.80
9,759.42
10,434.58
16,795.78
9,713.08
162,560.38
Supplies (printing, office, etc.)
-
227.89
2,954.17
1,259.37
1,447.85
1,735.20
12.30
3.02
35.22
-
-
-
379.08
8,054.10
Food & Events
-
350.19
375.02
64.56
795.09
677.75
427.82
535.24
1,163.33
424.57
843.38
648.96
41.55
6,347.46
Clothing & Uniforms
-
628.00
-
-
-
-
51.58
-
-
-
-
-
-
679.58
Other Supplies
-
26.16
-
26.75
-
-
-
-
-
-
-
-
-
52.91
Office Furniture
-
-
-
-
-
-
-
-
-
-
-
489.80
440.88
930.68
Employee Activities/Recognition
-
-
-
-
-
1,000.00
-
-
-
-
1,121.00
3,200.73
1,476.34
6,798.07
Postage & Freight
-
-
481.63
-
-
-
-
-
-
-
-
-
-
481.63
Travel
-
-
27.12
-
-
-
288.50
942.96
1,327.36
-
-
-
-
2,585.94
Subscriptions & Memberships
-
365.00
352.00
310.00
-
-
395.00
365.00
-
-
-
574.22
450.00
2,811.22
Education & Training
-
-
(600.00)
-
120.00
79.00
439.10
625.50
895.50
460.00
419.00
-
-
2,438.10
Other Wellness Expenses
2,648.92
-
-
-
-
-
-
-
-
-
-
-
-
2,648.92
Registrations
-
-
-
-
-
-
625.50
-
200.00
-
70.00
70.00
77.85
1,043.35
Total Wellness Program Expenses
2,648.92
10,964.66
29,124.74
30,442.29
15,921.79
15,058.04
19,819.30
13,531.79
21,334.21
10,643.99
13,247.96
24,279.49
30,278.78
237,295.96
Net Wellness Funds Remaining
100,935.77
Chandler Health Care Benefits Trust
Wellness Programs Tracking thru December 31, 2023