Full Disclosure Are you treading water, swimming upstream, or are you leading the pack?

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Presentation transcript:

Full Disclosure Are you treading water, swimming upstream, or are you leading the pack?

Perspective As a Risk Manager Consultant Re-insurer

Objective/Vision/Mission Credibility –Third-Party review of financial statements Integrity Accountability Challenges Comfort level as an administrator

How many Risk Management Organizations engage/contract a separate Independent Financial Audit of your risk management activities?

How many internally create financial information, and as a component part of the state, your financials are blended into the State’s financials?

Is there anyone who does not create financial statements, nor obtain an audit of their program of any type?

How many produce an Annual Report, either as required by statute, or simply to inform the public of your financial condition?

FULL DISCLOSURE Governments have a special responsibility to provide the public with a fair representation of their financial affairs. End users of the financial statements are: –Citizens –Members of your pool –Representatives of higher units of government –Bond rating organizations –Creditors/investors

How do State Risk Management agencies of government promote full disclosure? How do State Risk Management agencies of government provide the public with a fair representation of their financial affairs?

Interim (monthly) financial statements End of fiscal year financial statements End of fiscal year financial statements audited by an independent auditing firm Alternatively, third-party financial review with an opinion Produce a Comprehensive Annual Financial Report (CAFR)

Report of Independent Auditors Our responsibility is to express an opinion on these financial statements based on our audit. To make certain the audited financial statements are free from material misstatements. In our opinion, the financial statements present fairly, in all material respects, the financial condition of the organization.

Independent auditors agreed to do Express and opinion on financial statements Review required supplementary and other financial information for consistency Review CAFR Report on compliance on internal controls Issue a management letter

How many prepare a Comprehensive Annual Financial Report (CAFR) and submit it to the Government Finance Officers Association (GFOA) for review?

CAFR publishers Unit of government, i.e., –a state; –a risk management agency –County –Municipality –School district Public college of university Public employee retirement system Governmental investment pool

Government Finance Officers Association (GFOA) GFOA encourages all government units to prepare an easily readable and understandable comprehensive annual financial report. CAFR provides reviewers useful information in evaluating the financial condition of a government.

LOSS RATIO

EXPENSE RATIO

Combined Ratio

2004 Unpaid claims and claims adjustment expense (in thousands) Liability Property Mine Subsidence House Bill 601 Total $170,850 $2,723 $2,497 $43,258 $219,328

Nominal Ultimate Values

Ultimate Projections $36,802,486 $42,693,402 $42,711,737 $41,615,477 $41,020,612 $37,939,062 $35,948,256 $41,331,465 $46,708,337 $61,161,270 $65,484,645 $63,852,757

Unfunded Liability net asset (deficiency)