HomeMy WebLinkAboutMINUTES - 12151992 - 1.99 TO: BOARD OF SUPERVISORS SE
Contra
FROM: �.
Phil Batchelor, County Administrator Co LCI
County
DATE: December 15, 1992 r�TT Bei
SUBJECT: Actuarial Study of County' s Self-Insurance Trust Funds
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS:
1 . Receive this report on the actuarial analyses of the County' s
self-insured workers' compensation, general liability and medical liability
programs.
2 . Reaffirm the goal of funding the County' s self-insurance programs
at the 80 to 90 percent confidence levels, if sufficient monies can be
identified to meet this goal.
FINANCIAL IMPLICATIONS:
Receipt of this report has no direct financial. implications. However,
greater funding is required to cover the. County' s liabilities at a
confidence level higher than expected value.
BACKGROUND:
An actuarial study is conducted of the County' s self-insurance trust
funds as of the end of each fiscal year. The objectives of the study are
to estimate loss. reserves for accidents that have occurred from the
inception of the self-insurance plan through the end of that fiscal year;
and to estimate the liabilities for losses occurring during the next fiscal
year.
The actuary estimates funding needed at expected value and different
confidence levels. Expected value refers to the overall average level of
losses estimated for a coverage year and approximates a 55 percent
confidence level. Confidence level refers to the estimated probability
that losses will not exceed the indicated reserve funding amount.
X
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BO'A44MMIAE
APPROVE OTHER
SIGNATURE (S):
ACTION OF BOARD ON DEC 15 1997- APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT JJI�t_�y ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
Contact: Joseph J. Tonda - 646-2014 DEC 15 1997-
CC: CAO Risk Management ATTESTED
Auditor-Controller PHIL BATCHELOR,CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
BY�fJ ' DEPUTY
M382 (10/88)