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charge considers recent trends in actual claims experience of the State as a whole and makes provision for catastrophic losses. The Program's liabilities are reported when it is probable that a loss has occurred and the amount of that loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported. Because actual claims liabilities depend on such complex factors as inflation, changes in legal doctrines, and damage awards, actual claims paid could differ from these estimates. Claims liabilities are reevaluated periodically to take into consideration recently settled claims, the frequency of claims and other economic and social factors. Liabilities for incurred workers' compensation losses to be settled by fixed or reasonably determinable payments over a long period of time are reported at their present value using a 4.0% discount rate. The workers' compensation and property and casualty costs are based upon separately determined actuarial valuations for the fiscal years ending. The employee health benefits liability is calculated based on claims subsequently reported and claims trends. Changes in the self-insurance liabilities during fiscal year 1998 were as follows (amounts expressed in thousands).
As of June 30, 1998, the Prograin held $114,964,000 in cash and investments designated for payments of these claims. Changes in the self-insurance liabilities during fiscal year 1997 were as follows (amounts expressed in thousands).
12. Equity: Fund Balances/Retained Earnings — Fund balances and retained earnings are reserved as follows (amounts expressed in thousands).
Loans receivable maturing after June 30, 1998, in the amount of $15,624,000 and $25,723,000 are not available for current operations and, accordingly, have been reflected as reservations of the special revenue and debt service fund balance. |
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Report of the Comptroller, 1997-98
| Volume 197, Page 66 View pdf image (33K) |
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