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MEMORANDUM <br /> <br />To: <br /> <br />From: <br /> <br />Date: <br /> <br />Subject: <br /> <br />John Witherspoon <br /> <br />Blair Bennett <br /> <br />February 21, 1995 <br /> <br />Cabarrus County Workers' Compensation <br /> <br />Beginning last fiscal year we made a decision to become self-insured for Workers' Compensation <br />Insurance. I wanted to summarize for the Board of Commissioners the results of the first 6 <br />months. As you probably remember we set up a separate workers' compensation fund and planned <br />to appropriate to this fund the amount that would normally be expended to purchase this coverage <br />from our previous insurance carrier. That amount as computed in the budget and allocated <br />throughout the various departmental budgets is approximately $375,000. For comparative <br />purposes the amount funded for six months would be one half of the $375,000 or $187,500. The <br />amount of actual cost expended for claims, administrative fees, and excess insurance during the <br />first six months was $53,314.79. The difference between the amount funded versus the actual <br />costs expended is a savings of $134,185.21 for the first 6 months. I have attached a graph which <br />indicates the fixed amount of $31,250 set aside each month to fund the workers' compensation <br />account versus the actual incurred cost. <br /> <br />I am very pleased with the first 6 months performance while being self-insured. The administrator <br />for the claims, Lost Time Control of Concord, is doing an excellent job and attempting to return <br />injured workers back to their job as quickly as possible to reduce lost time. Hopefully, the success <br />of the program will continue throughout the remainder of the fiscal year. <br /> <br /> Finance D~-a ...... n, <br /> <br />::' C ~:x ?O? · -/'c:::'x NC 28:~26 ,)707 * 704! 788 ;3 <br /> <br /> <br />