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Financial Plan for Workers Compensation Fund (Fund 600) <br />Cabarrus County has elected to be self-funded for Workers Compensation on <br />March 21,1994. The Fund receives it revenues from premiums charged for each <br />employee covered by the fund at the appropriate rate based on the employee's <br />job task and interest earnings on the excess funds in reserve. Expenditures are <br />incurred in this fund when claims occur, additional insurance is purchased, or <br />the third party administrator is compensated for their services. This Fund was <br />established to collect all the receipts and cost associated with Workers <br />Compensation claims for Cabarrus County while also allowing excess premiums <br />to collect in order for the fund to become self-supporting. In FY 2007, the <br />County discontinued funding based on the excess balance in the Fund. As of <br />November 29, 2007, an actuarial Analysis was performed which indicated the <br />estimated required reserve balance for Cabarrus County program was $424,115. <br />At June 30, 2008, the accumulated cash balance was approximately $1,780,613. <br />For Fiscal Year 2009 the County estimates expenditures of $675,000 and <br />estimates revenues in the amount of $675,000 from Fund Balance appropriated <br />and interest earnings on the excess funds accumulated thus far. <br />Item# 12 <br />Attachment number 1 <br />Page 70 of 199 <br />