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Actuarial Report Comparison
June 30, 2023
June 30, 2024
Change from
Prior Year
Estimated Unpaid Losses & ALAE
11,105,144
11,708,406
603,262
Projected Ultimate Losses & ALAE
2,885,000
3,042,000
157,000
13,990,144
14,750,406
760,262
5.4%
Audit Report Comparison
June 30, 2023
June 30, 2024
Change from
Prior Year
Net Position
6,661,330
8,988,861
2,327,531
IBNR & Case Reserves
11,105,144
11,708,406
603,262
Net Position w/o IBNR
17,766,474
20,697,267
2,930,793
16.5%
Amount over (under)
3,776,330
5,946,861
Reserve Analysis
Actual FY
22/23
Actual FY
23/24
Estimate FY
24/25
Proposed FY
25/26
Beginning Fund Balance
15,833,984
18,258,014
20,886,041
22,282,435
Revenues
Contribution to Fund/Int Income
4,998,219
5,952,016
5,868,300
5,475,100
Transfer In from Utilites for Safety Pos.
61,446
68,017
72,888
72,888
Transfer In from General Fund
-
-
-
-
*Transfer In for Muni FF Cancer Reimb Fd
676,429
-
-
-
Total Revenues
5,736,094
6,020,033
5,941,188
5,547,988
Expenditures
Operating Expenditures
(1,835,860)
(1,985,318)
(2,344,794)
(2,314,281)
Claim Expenditures
(1,476,205)
(1,406,688)
(2,200,000)
(3,000,000)
Total Expenditures
(3,312,064)
(3,392,005)
(4,544,794)
(5,314,281)
Ending Fund Balance
18,258,014
20,886,041
22,282,435
22,516,142
Actuarially Calculated "Nominal/Central Level" (6/30/24 report)
14,750,406
Projected Fund Balance for FY 2025-26 over Nominal/Central Level
7,765,736
* Municipal Firefighter Cancer Reimbursment embedded in the Contribution beginning FY 2023-24
FY 2024-25
FY 2025-26
Change in
Contribution
No change to ongoing contribution
5,060,100
5,060,100
-
Recommendation of Change in City Contribution
to Trust for FY 2025-26
Workers' Compensation and Employer Liability Trust
Contribution and Reserve Analysis for FY 2025-26
Nominal/Central Value
Net Position