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Home My WebLink AboutBUDGET & FINANCE AGENDA 04-14-08 Central Contra Costa Sanitary District, 5019 Imhoff Place, Martlllez, CA 94553-4392 (925) 228-9500 . wwwcentlalsan org BUDGET AND FINANCE COMMITTEE Chair McGill Member Nejedly Monday, April 14,2008 3:00 p.m. Executive Conference Room 5019 Imhoff Place Martinez, California 1. CALL MEETING TO ORDER 2. PUBLIC COMMENTS 3. OLD BUSINESS *a. Question on Office Depot 4. CLAIMS MANAGEMENT 5. REPORTS/ANNOUNCEMENTS *a. Draft Position Paper on GASB 45 trust options *b. Draft Position Paper on Self-Insurance Budget 6. REVIEW EXPENDITURES (Item 3.a. in Board Binder) 7. ADJOURNMENT * Attachment ft to, Recycled Paper 3. a.. Central Contra Costa Sanitary District April 11, 2008 TO: FROM: BOARD BUDGET AND FINANCE COMMITTEE RANDALL MUSGRAVES ~#A DEBBIE RATCLIFF SUBJECT: March 31, 2008 Finance Committee Meeting There was one outstanding question from the last Board Budget and Finance Committee meeting which required additional staff research. The question and answer is provided below: 1. 169917 - Office Depot - What department ordered $546.93 of supplies from Office Depot? This order (which is attached) was for the Administration Department. Color cartridges were ordered for the color printer on the third floor HOB. Also different employees in the Administration Department ordered pens, tape and toner for the fax machine. Offi,-=e DEPOT INFARMA TIONAL COpy AL...., - 31A PO BOX 5027 BOCA RATON FL 33431-0827 FEDERAL ID: 59-2663954 1.t!Y.~gI1:1()R!l5.!L~\!MBeR>,....A!H)O~1I)Ued".c )'~GE~V.l1~~Jf .lliiI.=~=tlGh=~;-L_!:. .: 02129/2008 BILL TO: ATTN: ACCTS PAYABLE CENTRAL CONTRA COSTA SANITARY DISTRICT ~ 5019 IMHOFF PL ~ MARTINEZ CA 94553-4316 11.1,"1..1,1,1"1,1",11,,1,,1,,11,,,,11.11,""111,1,,11.,,I SHIP TO: CENTRAL CONTRA COSTA SANITARY DISTRICT 5019 IMHOFF PL MARTINEZ CA 94553-4316 <">--- o- N >1- CS THANKS FOR YOUR ORDER IF YOU HAVE ANY QUESTIONS OR PROBLE"S. JUST CALL US FOR CUSTO"ER SERVICE/ORDER: (800) 888 - 4032 FOR ACCOUNT: (800) 721 - 6592 ."'It BILLTO ;:;:;;::;:;:;{:;::;:;; ::;:;::::::<:::::: ::, .': ...~:'.:: : .; 01 000319055 /CARTRIDGE,LASERJET 4600,C EA 166.750 166.75 C9721A Y 0 Instruction: Admin CoLor Printer 02 000319275 .CARTRIDGE,LASERJET 4600,B EA 123.250 123.25 C9720A Y 0 Instruction: Admin CoLor Printer 03 000154414 ~CARTRIDGE,LASER,Q2612A EA 2 62.990 125.98 Q2612A Y 2 0 '" ~ Instruction: (1)S.Crayton (1)RepLenish I 04 000864066 tPEN,REFILL,"ED,BRFS2",BLU PK 2 1.160 2.32 77228 Y 2 0 0 Instruction: R. Benne tt 05 000507512 L'TONER,LASER,BROTHER TN570 EA 75.590 75.59 TN570 Y 0 Instruction: Fax "achine 06 000489461 (fAPE,"GC,SCTH,3/4"X1000", PK 11.360 11.36 810P10PK-C38 Y 0 Instruction: Frontdesk /) ,..<\ /~/-(\> ~. ,< i. '-J /:\' I \- /-:< l.-" ,;,,\~Q '~. ,~~ d ../" 0\~ ~~ , , / "..::/ // \\\~/ . -,..y. CENTRAL CONTRA COSTA SANITARY DISTRICT ACCOUNT NUMBER ~ O;;Tf CONTINUED ON NEXT PAGE... 030584-000203 r'\QAt:.. 1 '----L.......-L:lL~~~,_.C__=.r_,<>....A.=......:......___.._,__.~,_.. .._.... Office DEPOT AC"" -31A PO BOX 5027 BOCA RATON FL 33431-0827 INF Rl\tIA TIONAL COpy BILL TO: FEDERAL ID: 59-2663954 ,.INV~ gEI.Mp;l\N~"a~ft ." ..' .........~~\.INl. .I)U~ .......,,-' "~liE~!LI'HlltR ,-i~Q!!!!Cl~~~:9.Q."--"7nC'_-'~~'_-'~7_ ~~Q:93 ..Mtli..'.'...c.L',c.:"," .,.' .' .' 02129/2008 ATTN: ACCTS PAYABLE CENTRAL CONTRA COSTA j SANITARY DISTRICT 5019 IMHOFF PL MARTINEZ CA 94553-4316 11.1.111..1.1.1..1.1...11111..1..11....11." "'11111.1..11...1 SHIP TO: CENTRAL CONTRA COSTA SANITARY DISTRICT 5019 IMHOFF PL MARTINEZ CA 94553-4316 l") iliiiiI l'a Q- C5 A. ...,.......,.'.'...'.- " SORCI MICHELLE LEIGH :~~~~t!.~illl,\:,j'iij::::~ THANKS FOR YOUR ORDER IF YOU HAVE ANY QUESTIONS OR PROBLEMS. JUST CALL US FOR CUSTOMER SERVICE/ORDER: (800) 888 _ 4032 FOR ACCOUNT: (800) 721 _ 6592 A::. 02125/2008 .-,::\\~\~:~:~\i\\\ :\\~~I.~~~~:~:~g=i~\\:\\\: To ,..turn supplies, pLease repack in original box ~nd insert our packing list, or copy of this 1nvo;c.~ pleas. note probLeII so we IlaY issue credit or replac_t, whichev.r you pref.r. Ple... do not ship coll.ct. Pl.... do not return furniture or ..chines until you call us first for Instructions. Shortage or da..ge ...st be reported within 5 days att.r delivery. .--~----.~---------_....._-------_.~-..._--- -------~-----._--~----- -------- ------.--,.--~---.------- -- -. --. ------_ - __0- __.~____ __ ,,__,. _____._ _. __,____ "__ __ ~ __ _____.. _ CUSTOMER NAME ACCOUNT INVOICE NUMBER NUMBER INVOICE DATE INVOICE AMOUNT CENTRAL CONTRA COSTA 89437517 420880864001 02129/08 546.93 030584-000203 ___.___,___",____,___,___,~.L'_.L__AL." ^_ Office DEPOT *** PACKING LIST *** Page 1 of 1 OFFICE DEPOT CUSTOMER SERVICE CENTER 6700 AUTOMALL PKWY. FREMONT CA 94538 Order Number 420880864-001 Order Summary Carton Counts Repack / Split Case Full Case Bulk lotal Item Details Description CARTRIDGE,LASERJET 4600,CYAN Admin Color Printer CARTRIDGE,LASERJET 4600,BLACV' Admin Color Printer CARTRIDGE,LASER,Q2612A ,/ (1)S.Crayton (1)Replenish V' PEN,REFILLMED ,BRFS2M ,BLU,2/PK RBennett J TONER,LASER,~OTHER TN570,BLK Fax Machine v T APE,MGC,SQtH ,3/4"Xlooo-::1 OPK Fro"-~e~~Y" _~ non . ~'.. _ CSC 1135 Blch 7150 Ord 420880864001 BO 010459 p, Balch PI1 UOB Ole 02.2216:53 781 PW20 C REGC ! 1 o o 1 "0 e! (I) "0 o Item Number @ i Mfgr Code -"'(I) ~ 'E! II Customer Code coO o I 319055 I C9721A i HEWC9721A o I 319275 C9720A HEWC9720A 2 J 0 1154414 , Q2612A ! HEWQ2612A I 2 V 0 i 864066 I 77228 I PIL772.28 01507512 I TN570 ~ BRTTN570 o 489461 810P10PK-C38 Shipping Address 00001 CENTRAL CONTRA COSTA 5019 IMHOFF PL SANITARY DISTRICT MARTINEZ CA 94553-4316 Comments "0 (I) 0. 0. E U) 3/ 2 i I 41 2 I ----i-- 51 1 i 6 Thank .vou/or your order. If you have any questions about your order please contact your customer service group. O/Jice Depot oj!ers a line of janitorial and sanitation products to keep your office clean and functional For more in!cJrmation, contact )-'our Customer Service Team or your Account Manager. Customer Information Customer#: 89437517 Contact: PATRICIA WEDEMEYER Phone#: 925-229-7355 Additional Information ODRE 355/PW/049 COST 001-0100-400-11-01 Route/Stop/Door: 0151/001/047 Order Date: 22-Feb-2008 Delivery Date: 25-Feb-2008 .~ Carton ID ::J I ! I I I o483OiOl- -1 EACH I 04830101 I , , I EACH I i 04830101 I EACH i 04830101 , ! I i I ' : -L-----I--._~.~_L~._ PACK! 04830101 ' ~(--<\~: .../;:..., -~ (.--; \-', -' . . ..,no' \\., ~ - "\ '\j,U -' . . ',,, !_.J' " - ". L. if, \ 'r \'~'6..' . \) ~....-:::: . ;))--/ ---;::--' : J ......--:;....- '. '. ~-::::---- \ '0 '{ ...... :::-- \.~ ~ Central Contra Costa Sanitary District 5. a. · BOARD OF DIRECTORS m DRAFT POSITION PAPER Board Meeting Date: May 1 , 2008 No.: Type of Action: APPROVE ESTABLISHMENT OF AN IRREVOCABLE TRUST Subject: ESTABLISH A GASB 45 TRUST WITH PUBLIC AGENCY RETIREMENT SERVICES (PARS) Submitted By: Debbie Ratcliff, Controller Initiating Dept./Div.: Administrative / Finance & Accounting REVIEWED AND RECOMMENDED FOR BOARD ACTION: D. Ratcliff R. Musgraves James M. Kelly, General Manager ISSUE: Board approval is required to establish a GASB 45 Trust for the purpose of setting aside funds for post-employment benefit obligations. RECOMMENDATION: Staff recommends the following actions: Establish an irrevocable trust with PARS to fund annual GASB 45 contributions each year as directed by the Board. Once the trust is established, deposit $6 million, which has been set by Board action, in the trust for FY 2006-2007 and FY 2007-2008 Approve a deposit of the amount recommended by the actuarial report ($5.2 million) for FY 2008-2009 which would be implemented upon approval of the FY 2008-2009 budget, at the start of FY 2008-2009 Authorize the Budget and Finance Committee to provide quarterly review with staff and an annual report to the Board FINANCIAL IMPACTS: The advantage to setting up a GASB 45 Trust is that the District has the potential to earn higher rates of return and additional interest income as the fund balance grows. This additional interest income will help to reduce the long- term costs of healthcare premiums for retirees. The establishment of a GASB 45 Trust with PARS would include fees for administrative services, trustee and investment management services, and additional fees associated with mutual fund investments. All-inclusive fees would be approximately $100,000 for a $10 million dollar investment balance and approximately $350,000 when the trust balance reached $50 million. N:\ADMINSUP\ADMIN\POSPAPER\GASB45 Trust 2008.doc POSITION PAPER Board Meeting Date: May 1, 2008 Subject ESTABLISH A GASB 45 TRUST WITH PUBLIC AGENCY RETIREMENT SERVICES (PARS) AL TERNATIVES/CONSIDERATIONS: The Board could consider continuing on a pay- as-you-go basis for post-employment benefit obligations or dedicate District reserves to address the District's financial liability. BACKGROUND: The Budget and Finance Committee was asked by the Board to review the various funding options for post-employment benefits, the pros and cons of establishing a GASB 45 trust, different trust providers and the issue of who should perform the fiduciary responsibilities of Trustee. A summary of the pros and cons of establishing a GASB 45 Trust, analysis of providers, and GASB 45 trust options are attached. Pros and cons of establishing a trust were reviewed with the Budget & Finance Committee. The committee concurs with staff's recommendation to contract with PARS because they have specialized exclusively in governmental plan consulting and administration since 1983, and they administer over 700 retirement programs. PARS utilizes Union Bank of California as Trustee, which has the second largest trust division in the state of California. Union Bank has approximately $219 billion of public agency retirement and trust funds under administration. Also, PARS uses HighMark Capital Management (a wholly owned subsidiary of Union Bank) to provide Investment Management Services. The PARS program is flexible with different asset allocation strategies to pick from as well as a complete tailoring of an investment approach should the District choose to design one. PARS does not require a specific format or specific assumptions for an agency's actuarial study and there are no restrictions to transfer to a new trustee should the District become dissatisfied. PARS takes on the responsibility of Trustee. The fees for administration, consulting, investment management and custodial services are very reasonable. The Budget & Finance Committee discussed the need for the Board to have review and oversight of the financial activities of the trust fund. The Committee recommends that staff would review the trust fund activity monthly, the Committee quarterly, and the full Board annually. Any significant impacts would be brought to the Board immediately. RECOMMENDED BOARD ACTION: Staff recommends the following actions: Establish an irrevocable trust with PARS to fund annual GASB 45 contributions each year as directed by the Board. N:\AOMINSUP\AOMIN\POSPAPER\GASB45 Trust 2008.doc POSITION PAPER Board Meeting Date: May 1, 2008 Subject ESTABLISH A GASB 45 TRUST WITH PUBLIC AGENCY RETIREMENT SERVICES (PARS) Once the trust is established, deposit $6 million, which has been set by Board action, in the trust for FY 2006-2007 and FY 2007-2008 Approve a deposit of the amount recommended by the actuarial report ($5.2 million) for FY 2008-2009 which would be implemented upon approval of the FY 2008-2009 budget, at the start of FY 2008-2009 Authorize the Budget and Finance Committee to provide quarterly review with staff and an annual report to the Board N:\ADMINSUP\ADMIN\POSPAPER\GASB45 Trust 2008.doc GASB 45 TRUST PROS . Allows for more diverse investments and potentially a higher rate of return . Protects funds from confiscation by others . Bond rating agencies look more favorably if funds are set aside . Higher rate of return would reduce outstanding unfunded liability and future annual costs . Funds are not included in District's reserves . If healthcare becomes nationalized, money can be returned . If District benefit levels change, can stop making contributions and reduce balance in Trust . Avoid a growing liability on District balance sheet . Funding could be viewed as goodwill by employees CONS . Funds can only be used for post-retirement benefit payments . Fees associated with Administration and Trustee services . Potential negative impact on negotiations whereby Union seeks guaranteed funding for all benefits at a high level N:\ADMINSUP\ADMIN\RATCLlFF\GASB 45 TRUST.doc GASS 45 Trust Analysis of Providers Public Agency Retirement Services (PARS) Staff is recommending the establishment of a GASB 45 Trust with PARS. PARS has specialized exclusively in governmental plan consulting and administration since 1983, and administers over 700 retirement programs. PARS utilizes Union Bank of California as Trustee, which has the second largest trust division in the state, providing security. The program is flexible with different asset allocation strategies to pick from as well as a complete tailoring of an investment approach should the District wish to design one. The fees for administration, consulting, investment management and custodial services are very reasonable. Also, there are no restrictions on leaving the trust and can be transferred to a new Trustee should the District choose. CALPERS Staff does not recommend using CALPERS for several reasons. CALPERS has just recently approved the establishment of a Trust, which will be managed by appointed staff members. The fees that will be charged (.4% to .6% plus fund fees) are currently just an estimate and they reserve the right to adjust these fees if needed. Very strict and inflexible rules apply that determine actuarial assumptions. This would require the District to have its actuarial study recalculated. CALPERS also requires a three-year commitment before transferring to another Trustee if not satisfied with the trust. US BANK Staff does not recommend using US Bank even though the fees are attractive (.35% to .15% plus fund fees). The reason for this recommendation is based on past experience with banks for escrow services, which was slow and frustrating and bank staff did not seem knowledgeable. It appears that banks in general do not have the level of investment expertise that an Investment Manager with an investment firm could provide. Also, US Bank was not as responsive as staff would have expected, requiring several requests for information. The fund fees vary depending on investments chosen. Staff is concerned that actual costs could be greater than the other options. Wells Fargo Wells Fargo charges custodial fees of approximately .8% of the asset balance. Additionally, there are fund fees that vary depending on the fund. The bank would assign a Portfolio Manager to oversee the District's investments. Staff does not recommend using Wells Fargo for the same reasons sited above for US Bank. leMA leMA is a more employer-directed program where the District chooses among established model portfolio funds with differing risk levels. An employee, Board member, or a combination serves as Trustee(s). It is not recommended that staff or Board members serve as Trustees due to lack of expertise in this area, the significant increase in workload and the potential liability involved. It is preferable that a professional Investment Advisor and Custodian take on this role. Independent Trust An independent trust appears to be the most costly in terms of legal fees to draw up documents, staff time to develop a program from scratch, higher fees than some of the other options, and no guarantee that investment yield will be that much greater. 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"0 0_'" 0 _ CU I- CU"'_II.. - c:_ c: 0 CD_~ e CDEc:cu::J- C:-::JJ::O~ .- en 8 E: .c: ...... t!:~ J2v,g 0.5 ~.5~,.... ... ~ 15. E CD .e "0 Ocu a. o ~ cuO; 11..=0) tn~cu =-.::;c: CDocu ~a.:!: tn ~ ~'E CU'CUCD _C:-E CDOCD 'C: Z 'C: 1;) C. "0 Co CD e c e > a.cua..E CD c: o Z Co o :E e> en _ CU c'" II.. :8 8, tn~cucu =c:-c: ~~~~ - o ... It) oc: ... CD .....1;)J2:= ..... .- CD CD cC_- o -q:: CD_ ._--~ 0) t)enenwc: CD 2 ::J.> = (/)t-E~2 D:: W C :; o D:: D.. ~ Z <C CD (/)0 ..JC) Lrl 0:: . ~Lt ~ 5.b. Central Contra Costa Sanitary Distri~ DRAFT BOARD OF DIRECTORS ~ POSITION PAPER Board Meeting Date: MAY 1, 2008 No.: Type of Action: REVIEW SELF-INSURANCE FUND BUDGET FOR FISCAL YEAR 2008-09 Subject: REVIEW THE FINANCIAL STATUS AND BUDGET OF THE SELF- INSURANCE FUND AND APPROVE THE ALLOCATION OF $850,000 TO THE FUND FOR INCLUSION IN THE FISCAL YEAR 2008-09 OPERATIONS & MAINTENANCE BUDGET Submitted By: Randall M. Musgraves, Director of Administration Initiating Dept./Div.: Administrative/Safety & Risk Management REVIEWED AND RECOMMENDED FOR BOARD ACTION: James M. Kelly, General Manager R. Musgraves K.Alm ISSUE: The Self-Insurance Fund (SIF) is to be reviewed each year by the Board of Directors with staff presenting funding recommendations for the upcoming fiscal year. The Budget and Finance Committee reviewed this position paper at the April 14, 2008 Committee meeting and recommends approval by the Board. RECOMMENDATION: Receive the fiscal year 2008-09 SIF Budget and authorize the allocation of $850,000 to the fund from the fiscal year 2008-09 Operations & . Maintenance (O&M) Budget for inclusion in the budget. FINANCIAL IMPACTS: The impact of this action requires the allocation of $850,000 from the fiscal year 2008-09 O&M Budget to the SIF. AL TERNA TIVES/CONSIDERA TIONS: The alternatives to this action are to provide less funds than recommended, to not fund the SIF, decrease the fund balance, or to increase the fund balance by transferring more than $850,000. BACKGROUND: The District has self-insured most of its liability and some of its property risks since July 1, 1986, when the Board approved the establishment of the Self-Insurance Fund. The SIF has effectively funded District losses over its twenty-two year h,istory. In 1994, a new Government Accounting Standards Board Statement No. 10 (GASB-10) set forth requirements on how public agencies must fund their self-insured risks. To assure compliance with GASB-10, the District restructured the SIF into three sub-funds. Each of the three (3) sub-funds was established for funding specific risks. POSITION PAPER Board Meeting Date: May 1 , 2008 Subject REVIEW THE FINANCIAL STATUS AND BUDGET OF THE SELF- INSURANCE FUND AND APPROVE THE ALLOCATION OF $850,000 TO THE FUND FOR INCLUSION IN THE FISCAL YEAR 2008-09 OPERATIONS & MAINTENANCE BUDGET SUB-FUND A: GASB-10 actuarially based risks. These include general liability and automobile liability risks. Under the requirements of GASB-1 0, risks that could be actuarially studied must be funded based on an actuarial study to be performed every two years. General liability and automobile liability are re~dily studied throughout the insurance and self-insurance industry to determine funding levels for these liabilities. The District obtained an actuarial review of its self-insured general liability and automobile liability in February 2007 that projected losses for these risks. The actuary, Advanced Risk Management Techniques (ARM Tech) recommended the Sub-Fund A fiscal year 2007-2008 reserve for future claims be $629,820 based on insurance industry statistics, the District's actual claims experience and a self insured retention (SIR) of $500,000. Staff has adjusted this level to $900,000 to account for the Brown claim, Kaiser claim and a $1,000,000 SIR. Staff discussed this reserve increase with the Board in the January 2008 Financial Planning and Policy Workshop. Sub-Fund A was established to insure these risks based on the District having a $15,000,000 excess liability policy with a $500,000 SIR in the past and a current $1,000,000 SIR. An actuarial study is required every two years to comply with GASB 10 requirements. The actuarial study was completed by ARM Tech in April 2007. Staff is pursuing an updated actuarial study in light of the two large claims and an increased SIR. Exhibit II reflects a significant claim from Kaiser paid in this fiscal year. Claims are projected to be $950,000 in fiscal year 2007-2008 due to this claim. The annual average expense for Sub-fund A over the past three fiscal years has been approximately $250,000 (excluding the Brown and Kaiser claims), offset by an average revenue of approximately $35,000 for a net draw down of reserves of $215,000 annually. The budgeted fiscal year 2008-2009 revenue is $34,000 and cost at $295,000 for an estimated reduction in Sub-Fund C reserves of $261,000. A transfer of $531,180 from Sub-Fund C is necessary in order to increase the reserve to the desired $900,000 level and meet GASB 10 requirement. SUB-FUND B: GASB-10 Non-actuarially-based risks. These include employment-related and pollution-related risks. GASB-10 requires that all potential risks be adequately and soundly funded even though these risks are not actuarially reviewed. An actuarial study was not required for these risks since losses for employment-related and pollution-related risks are often POSITION PAPER Board Meeting Date: May 1, 2008 Subject REVIEW THE FINANCIAL STATUS AND BUDGET OF THE SELF- INSURANCE FUND AND APPROVE THE ALLOCATION OF $850,000 TO THE FUND FOR INCLUSION IN THE FISCAL YEAR 2008-09 OPERATIONS & MAINTENANCE BUDGET predicted with less accuracy because these types of cases occur infrequently but may result in extremely high costs and losses. With guidance from risk management and insurance specialists, the District originally established Sub- Fund B at $2,450,000, now adjusted to $2,400,000, to fund employment-related and pollution-related risks based on the purchase of the above mentioned excess liability insurance policy. SUB-FUND C: Non-GASB 10 risks. This Sub-Fund covers all risk management program insurance premiums, potential losses from uninsurable risks, and the costs of initiating claims and lawsuits against others who have damaged the District. The District established this Sub-Fund to finance non-GASB 10 risks under our risk management program. Specific costs include: insurance premiums for a $15,000,000 excess general liability policy; $5,000,000 excess general and $10,000,000 pollution liability policy for the Household Hazardous Waste facility, $1,000,000 employment practices liability with $15,000 retention, and insurance premiums for insuring District properties for fire, explosion, water damage, etc. for losses above $250,000. This Sub-Fund has used its reserves to offset the significant increases in premiums for past years. Staff is anticipating an approximate increase in general liability insurance premiums of no more than five percent and a five percent increase in property insurance premiums. Exhibit IV depicts a revenue transfer of $1,600,000 from the O&M Fund. This reflects the budgeted transfer of $800,000 and the Kaiser claim ($800,000) in fiscal year 2007-2008. The annual average expense for Sub-fund C over the past three fiscal years has been approximately $500,000 offset by an average revenue of approximately $435,000 for a net decrease of $65,000 to reserves. The budgeted fiscal year 2008-2009 revenue is $907,500 and cost at $548,000 for an estimated addition to Sub-Fund C reserves of $359,500. However, $531,180 is anticipated to be transferred to Sub-Fund A. Exhibits II, III & IV (attached) present the projected Sub-Fund A, Sub-Fund Band Sub- Fund C fiscal year 2008-09 budget summary. Exhibit I presents a recent financial history and projection of the SIF and shows the 2008-09 SIF budget estimated total revenues of $1 ,018,500 and total expenses of $863,000, increasing the projected fiscal year 2008-09 total SIF reserves by $155,500 to ~,-_.~-- ~-------'---""'-"-'---'-'---'----~._-"---'._-~'---_.--~"--~-'-'"'-"-------"._-_._--'--"----~"-'-"""'---. ~ POSITION PAPER Board Meeting Date: May 1, 2008 Subject REVIEW THE FINANCIAL STATUS AND BUDGET OF THE SELF- INSURANCE FUND AND APPROVE THE ALLOCATION OF $850,000 TO THE FUND FOR INCLUSION IN THE FISCAL YEAR 2008-09 OPERATIONS & MAINTENANCE BUDGET $3,877,798 on June 30,2009. The budgeted revenues include a recommended allocation of $850,000 from the fiscal year 2008-09 O&M budget to the SIF. RECOMMENDED BOARD ACTION: Receive the proposed fiscal year 2008-09 Self- Insurance Fund Budget and approve the allocation of $850,000 to the fund for inclusion in the fiscal year 2008-09 O&M Budget. CENTRAL CONTRA COSTA SANITARY DISTRICT SELF-INSURANCE FUND (SIF) July 1, 2002 . June 30, 2009 Actual Actual Actual Actual Actual Projected Budget 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 Revenues SIF Allocation from O&M Fund 225,000 225,000 250,000 250,000 700,000 1,600,000 850,000 Insurance Allocation from HHW 25,246 28,625 27,758 32,326 33,278 34,000 39,000 Subrogation Recovery 0 50 575 0 0 0 5,000 Interest Income 95,046 61,242 82,028 124,771 162,627 167,500 124,500 Total Revenue 345,292 314,917 360,361 407,097 895,905 1,801,500 1,018,500 Expenses Claims Adjusting 0 0 0 1,217 0 0 1,000 Insurance Consulting 0 0 0 0 0 0 2,000 Loss Payments 157,884 82,122 107,048 198,292 43,013 951,000 260,000 Legal Services 9,321 61,406 69,401 200,568 3,711 51,000 30,000 Technical Services 58,463 62,762 75,860 26,577 27,569 52,000 55,000 Insurance Premiums 406,340 483,413 493,243 485,185 478,269 403,000 515,000 Total Expenses 632,007 689,703 745,552 911,839 552,562 1,457,000 863,000 Revenue Over Expense (286,715) (374,786) (385,191) (504,742) 343,343 344,500 155,500 Reserves Beginning of Year 4,585,889 4,299,174 3,924,388 3,539,197 3,034,455 3,377,798 3,722,298 Revenue over Expense (286,715) (374,786) (385,191 ) (504,742) 343,343 344,500 155,500 End of Year Reserves 4,299,174 3,924,388 3,539,197 3,034,455 3,377,798 3,722,298 3,877,798 Uncommitted Reserves Actuarial Reserves - GASB 10 (Fund A) 437,360 437,360 881,500 881,500 629,820 629,820 900,000 Non- Actuarial Reserves - GASB 10 (Fund B) 2,450,000 2,450,000 2,450,000 2,152,955 2,152,955 2,400,000 2,400,000 Non-GASB 10 Reserves (Fund C) 1,411,814 1,037,028 207,697 0 595,023 692,478 577,798 Total Reserves 4,299,174 3,924,388 3,539,197 3,034,455 3,377,798 3,722,298 3,877,798 Change in Reserves (286,715) (374,786) (385,191 ) (504,742) 343,343 344,500 155,500 Exhibit I SELF-INSURANCE FUND Actual 2006-2007, Projected 2007-08 and Budget 2008-2009 SUB.FUND A: GASB-10 ACTUARIALL Y BASED RISKS GENERAL LIABILITY AND AUTOMOBILE LIABILITY Actual Projected Budget 2006-2007 2007 -2008 2008-2009 Actuarial Reserves - GASB 10 - Beginning of Year $ 881,500 $ 629,820 $ 629,820 Revenues: O&M Subrogation Recovery 5,000 Interest 49,900 57,000 29,000 Total Revenues 49,900 57,000 34,000 Expenses: Losses 43,013 950,000 250,000 Legal 3,613 50,000 5,000 Technical 27,569 50,000 40,000 Total Expenses 74,195 1,050,000 295,000 Revenue over Expense (24,295) (993,000) (261,000) Reserves: Transfer (to)/from Sub-Fund C Transfer (to)/from Sub-FundC 24,295 (251,680) 993,000 261,000 270,180 Total Reserves Projected End of Year $ 629,820 $ 629,820 $ 900,000 Exhibit II SELF-INSURANCE FUND Actual 2006-2007, Projected 2007 -08 and Budget 2008-2009 SUB-FUND B: GASB-10 NON-ACTUARIALL Y BASED RISKS EMPLOYMENT RELATED AND POLLUTION RISKS Actual Projected Budget 2006-2007 2007 -2008 2008-2009 Beainnina Reserves $ 2,152,955 $ 2,152,955 $ 2,400,000 Revenues: O&M Recovery Interest 112,727 85,500 77,000 Total Revenues 112,727 85,500 77,000 Expenses: Losses 1,000 10,000 Legal 1,000 5,000 Technical 1,000 5,000 Total Expenses 3,000 20,000 Revenue over Expense 112,727 82,500 57,000 Reserves: Transfer (to)/from Sub-Fund A Transfer (to)/from Sub-Fund C (112,727) 164,545 (57,000) Total Reserves Projected End of Year $ 2,152,955 $ 2,400,000 $ 2,400,000 Exhibit III _.._,_._~,_,_________~___.._.,.,.,.~.___'_._.___,..___",______.,_.._.,_.._.~_~,~.,.,..~._...,_.,_._._____,,"'.~_.,_..._______.. __.._____t__..........-..----- SELF-INSURANCE FUND Actual 2006-2007, Projected 2007-08 and Budget 2008-2009 SUB-FUND C: NON GASB.10 RISKS RISK MANAGEMENT PROGRAM INSURANCE PREMIUMS AND COSTS OF INITIATING CLAIMS/LAWSUITS AGAINST OTHERS Actual Projected Budget 2006-2007 2007 -2008 2008-2009 Beainnina Reserves $ $ 595,023 $ 692,4 78 Revenues: O&M 700,000 1,600,000 850,000 Subrogation Recovery Insurance Recovery from HHW Partners 33,278 34,000 39,000 Interest 25,000 18,500 Total Revenues 733,278 1,659,000 907,500 Expenses: Insurance Consulting Services 2,000 Claims Adjustment 1,000 Losses Legal 98 20,000 Technical 1,000 10,000 Insurance Premiums 478,269 403,000 515,000 Total Expenses 478,367 404,000 548,000 Revenue over Expense 254,911 1,255,000 359,500 Reserves: Transfer (to)/from Sub-Funds A Transfer (to)/from Sub-Funds A Transfer (to)/from Sub-Funds B (24,295) 251,680 112.727 (993,000) (261,000) (270,180) 57,000 (164,545) Total Reserves Projected End of Year $ 595,023 $ 692,478 $ 577,798 Exhibit IV 00 -0 0 0 2 III N () (J) I (J) I"- "0' ~ 0 0 .... 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