Extracted text (via pymupdf)
5187 characters
ASSETS
Cash and investments
18,893,208
$
Accrued interest
113,200
Due from City
1,006,125
Total assets
20,012,533
LIABILITIES
Claims payable
50,000
Total liabilities
50,000
NET POSITION
Unrestricted
19,962,533
Total net position (1)
19,962,533
$
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
March 31, 2024
FY 2023-24
Budget
FY 2023-24
Budget
Prorated
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
5,060,100
$
3,795,075
$
4,134,174
$
339,099
$
Other:
Recovery of claims
-
-
612
612
Recovery of prior year expense
-
-
55
55
Total operating revenues
5,060,100
3,795,075
4,134,841
339,766
OPERATING EXPENSES
Personnel services
571,691
428,768
411,519
(17,249)
Professional services
261,110
195,833
38,323
(157,510)
Operating supplies and maintenance
9,200
6,900
4,302
(2,598)
Communication and transportation
2,100
1,575
234
(1,341)
Excess insurance
700,000
700,000
564,371
(135,629)
Premium insurance
70,000
52,500
18,171
(34,329)
Other insurance
750,000
750,000
713,825
(36,175)
Claims paid
3,000,000
2,250,000
1,103,469
(1,146,531)
Other:
Education and training
2,100
1,575
2,068
493
Computer Software
6,580
4,935
-
(4,935)
Total operating expenses
5,372,781
4,392,086
2,856,282
(1,535,804)
OPERATING INCOME (LOSS)
(312,681)
(597,011)
1,278,559
1,875,570
NONOPERATING REVENUES (EXPENSES):
Interest income (loss)
411,000
308,250
378,792
70,542
Transfers out to technology fund
(3,845)
(3,845)
(3,845)
-
Transfers in from Municipal Utilities for Safety Position
68,017
51,013
51,013
-
Total nonoperating revenues (expenses)
475,172
355,418
425,960
70,542
Change in net position
162,491
(241,593)
1,704,519
1,946,112
NET POSITION:
Total net position, as of July 1, 2023
18,258,014
18,258,014
18,258,014
-
Total net position, as of March 31, 2024
18,420,505
$
18,016,421
$
19,962,533
$
1,946,112
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Revenues, Expenses and Changes in Net Position
For the Nine Months Ended March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for premiums
3,810,144
$
Cash payments for claims
(1,053,469)
Cash payments to suppliers for other services
(1,398,630)
Cash payments to employees for services
(411,519)
Net cash provided (used) by operating activities
946,526
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
51,013
Net cash provided (used) by noncapital financing activities
51,013
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Income
354,484
Net cash used from investing activites
354,484
Net increase (decrease) in cash and cash equivalents
1,348,178
CASH AND CASH EQUIVALENTS:
Beginning of year
17,545,030
As of March 31, 2024
18,893,208
$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss)
1,278,559
$
(Increase) decrease in due from City
(324,697)
Increase (decrease) in claims payable
50,000
Increase (decrease) in accounts payable
(7,336)
Increase (decrease) in miscellaneous payables
(50,000)
Total adjustments
(332,033)
Net cash provided (used) by operating activities
946,526
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Cash Flows
For the Nine Months Ended March 31, 2024