Financial Statements and Wellness Report
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ASSETS
Cash and investments
21,561,550
$
Accrued interest
199,010
Total assets
21,760,560
LIABILITIES
Compensated absences payable
48,141
Claims incurred but not reported (IBNR) Current 90%
3,603,600
Claims incurred but not reported (IBNR) Non-current 10%
400,400
Premiums paid in advance
10,340
Due to city
753,822
Employees claims payable, due to Blue Cross Blue Shield
2,211,176
Retirees claims payable, due to Blue Cross Blue Shield
402,592
COBRA claims payable, due to Blue Cross Blue Shield
8,486
Total liabilities
7,438,557
NET POSITION
Unrestricted
14,322,003
Total net position
14,322,003
$
Note: December 31, 2023 minimum end of year reserve including IBNR and two months costs as
projected by Segal Consulting.
$ 9,431,000
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Net Position
June 30, 2024
2024
Budget
2024
Budget
Prorated
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
20,867,290
$
10,433,645
10,645,070
$
211,425
$
Employee self insurance premiums
3,117,240
1,558,620
1,591,646
33,026
Retiree premiums
2,661,500
1,330,750
1,321,780
(8,970)
COBRA premiums
46,460
23,230
10,567
(12,663)
Other:
BCBS wellness programs
25,000
25,000
25,000
-
BCBS wellness coordinator
125,000
125,000
125,000
-
BCBS administration
25,000
25,000
25,000
-
BCBS communication
30,000
30,000
30,000
-
Recovery of medical claims
30,000
15,000
15,236
236
Total operating revenues
26,927,490
13,566,245
13,789,298
223,053
OPERATING EXPENSES
Personnel support
457,115
228,558
199,912
(28,645)
Audits & financial services
10,125
-
-
-
Promotional
30,000
15,000
(2,122)
(17,122)
Operating supplies & equipment
120,027
60,014
2,848
(57,166)
Bank charges
400
200
250
50
Contractual services
188,000
94,000
-
(94,000)
Other:
Self-insurance administrative fees
3,187,621
1,593,811
1,920,880
327,069
PCORI fees
11,000
11,000
11,086
86
Wellness programs
125,936
62,968
10,143
(52,825)
Health savings & flex spending acct contributions
279,672
279,672
209,650
(70,022)
Claims paid:
Employees
19,319,000
9,659,500
10,728,707
1,069,207
Retirees
4,872,000
2,436,000
2,165,927
(270,073)
COBRA
309,000
154,500
51,756
(102,744)
Total operating expenses
28,909,896
14,595,222
15,299,037
703,816
OPERATING INCOME (LOSS)
(1,982,406)
(1,028,977)
(1,509,740)
(480,763)
NONOPERATING REVENUES (EXPENSES):
Transfers Out - Technology Fund
(5,530)
-
-
-
Transfers In - General Fund
5,000,000
-
-
-
Interest income (loss)
407,450
203,725
516,592
312,867
Total nonoperating revenues (expenses)
5,401,920
203,725
516,592
312,867
Change in net position
3,419,514
(825,252)
(993,148)
(167,897)
NET POSITION:
Total net position, as of January 1, 2024
15,315,151
15,315,151
15,315,151
-
Total net position, as of June 30, 2024
18,734,665
$
14,489,900
$
14,322,003
$
(167,897)
$
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Revenues, Expenses and Changes in Net Position
For the Six Months Ended June 30, 2024
Cash flows from operating activities:
Cash received for premiums and other operating purposes
17,735,068
$
Cash payments for claims
(12,265,455)
Cash payments to suppliers for other services
(2,156,627)
Cash payments to employees for services
(215,741)
Net cash provided by operating activities
3,097,245
Cash flows from investing activities:
Investment income
647,419
Proceeds from sales of investments
3,626,531
Purchases of investments
(7,371,195)
Net cash used for investing activities
(3,097,245)
Net increase in cash and cash equivalents
-
Cash and cash equivalents, January 1, 2024
-
Cash and cash equivalents, June 30, 2024
-
$
Reconciliation of operating income to cash provided by operating activities:
Operating income
(1,509,740)
$
Adjustments to reconcile operating income to net cash provided by
operating activities:
Changes in assets and liabilities:
(Increase)/Decrease in due from (to) city
3,829,439
(Increase)Decrease in Accounts receivable
105,991
Increase/(Decrease) in premiums paid in advance
10,340
Increase/(Decrease) in claims payable
680,936
Increase/(Decrease) in accounts payable
(3,893)
Increase/(Decrease) in accrued payroll
(15,829)
Net cash provided by operating activities
3,097,245
$
Reconciliation of Cash and Cash Equivalents to the Statement of Net Position:
Cash and cash equivalents
-
$
Investments
21,561,550
Cash and investments
21,561,550
$
CITY OF CHANDLER
Chandler Health Care Benefits Self-Insurance Trust Fund
Statement of Cash Flows
For the Six Months Ended June 30, 2024
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
Jan - Jun
2024
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
25,000.00
349,031.73
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
25,000.00
363,231.73
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
250.00
21,743.62
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
1,600.00
164,160.38
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
66.24
8,120.34
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
7,249.43
14,047.50
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
-
-
150.00
2,588.10
Other Wellness Expenses
2,648.92
-
-
-
-
-
-
-
-
-
-
-
-
827.51
3,476.43
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
10,143.18
247,439.14
Net Wellness Funds Remaining
115,792.59
Chandler Health Care Benefits Trust
Wellness Programs Tracking thru June 30, 2024 (updated thru 6/30/24 Preliminary)