WC Financial Statements Through Sept 2024
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ASSETS
Cash and investments
20,214,135
$
Accrued interest
109,535
Due from City
91,968
Total assets
20,415,638
LIABILITIES
Claims payable
50,000
Total liabilities
50,000
NET POSITION
Unrestricted
20,365,638
Total net position (1)
20,365,638
$
(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
September 30, 2024
FY 2024-25
Budget
FY 2024-25
Budget
Prorated
Actuals
Budget to
Actual
Difference
OPERATING REVENUES
Contributions:
Employer self insurance premiums
5,401,725
$
1,350,431
$
1,439,826
$
89,395
$
Total operating revenues
5,401,725
1,350,431
1,439,826
89,395
OPERATING EXPENSES
Personnel services
614,769
153,692
182,800
29,108
Professional services
231,210
57,803
50,509
(7,294)
Operating supplies and maintenance
9,200
2,300
-
(2,300)
Communication and transportation
2,100
525
82
(443)
Excess insurance
700,000
700,000
608,931
(91,069)
Premium insurance
70,000
17,500
12,407
(5,093)
Other insurance
750,000
750,000
705,659
(44,341)
Claims paid
3,000,000
750,000
544,377
(205,623)
Other:
Education and training
2,100
525
-
(525)
Computer software
6,389
1,597
-
(1,597)
Total operating expenses
5,385,768
2,433,942
2,104,765
(329,177)
OPERATING INCOME (LOSS)
15,957
(1,083,511)
(664,939)
418,572
NONOPERATING REVENUES (EXPENSES):
Interest income (loss)
415,000
103,750
130,160
26,410
Transfers out to technology fund
(3,845)
(3,845)
(3,845)
-
Transfers in from Municipal Utilities for Safety Position
72,888
18,222
18,222
-
Total nonoperating revenues (expenses)
484,043
118,127
144,537
26,410
Change in net position
500,000
(965,384)
(520,402)
444,982
NET POSITION:
Total net position, as of July 1, 2024
20,886,040
20,886,040
20,886,040
-
Total net position, as of September 30, 2024
21,386,040
$
19,920,656
$
20,365,638
$
444,982
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Revenues, Expenses and Changes in Net Position
For the Three Months Ended September 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for premiums
2,110,135
$
Cash payments for claims
(494,377)
Cash payments to suppliers for other services
(1,447,334)
Cash payments to employees for services
(182,800)
Net cash provided (used) by operating activities
(14,376)
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
18,222
Net cash provided (used) by noncapital financing activities
18,222
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Income
164,328
Net cash used from investing activites
164,328
Net increase (decrease) in cash and cash equivalents
164,330
CASH AND CASH EQUIVALENTS:
Beginning of year
20,049,805
As of September 30, 2024
20,214,135
$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss)
(664,939)
$
(Increase) decrease in due from City
670,309
Increase (decrease) in claims payable
50,000
Increase (decrease) in accounts payable
(19,746)
Increase (decrease) in miscellaneous payables
(50,000)
Total adjustments
650,563
Net cash provided (used) by operating activities
(14,376)
$
CITY OF CHANDLER
Chandler Worker's Compensation and Employer Liability Trust
Statement of Cash Flows
For the Three Months Ended September 30, 2024