abag plan corp. 17th annual board of directors meeting may 28, 2003 south san francisco, ca
TRANSCRIPT
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ABAG PLAN Corp.17th Annual
Board of Directors Meeting
May 28, 2003
South San Francisco, CA
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AGENDA
• Business Meeting
• Year in Review
• Actuary & Underwriting Report– Actuarial Analysis– Renewal Options
– Funding Recommendations
• Loss Prevention Programs– Risk Assessment – Police Training & Equipment– Sewer Backflow Prevention
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AGENDA
• Financial Summary– Investment Performance Report– Audited Financials
• Planning Meeting Update• Claims Committee Report
– Staffing Plan Update– Loss Run & Analysis
• Administrative Budget
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ABAG PLAN Mission Statement
The purpose of the PLAN is to benefit the citizens of each Member Entity by establishing a stable, cost-effective self-insurance, risk sharing and risk management program for each Member Entity.
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Actuary Report
• John Alltop, Principal Actuary, Bickmore Risk Services, will present his firm’s report of the PLAN’s outstanding liabilities as of 6/30/03 and funding for FY 2003-04 expected losses.
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Renewal Options
• Dennis Mulqueeney, Vice President, Driver Alliant Risk Services, will present his firm’s activities and results in marketing the PLAN’s excess liability and property coverages for FY 203/04
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Funding Options & Recommendations
• Outstanding Liabilities– Comparison of 6/30/02 & /03 Expected
Liabilities and Fund Balances– Retention of funds > 90% CL in SIR Fund
• Funding for FY 2003-04– Funding Guidelines & Ratios – Cost of excess insurance at various levels– Choice of SIR
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Funding PolicyObjectives
• Sufficient assets to pay expected losses
• Stability of funding to avoid substantial fluctuations in deposits or assets
• Support risk management programs to benefit all members
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Funding PolicyDistribution of Funds*
• EXPECTED LIABILITIES (50% CL, disc.)• $11.2 million
• RISK MARGIN FUND (50% TO 90% CL)• $5.4 million
• SIR FUND (Above 90% CL)• $ 16.8 million
• Loss Prevention Programs • $350,000
* Projected 6/30/03
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Breakdown of Liabilities & Fund Balance
$3,973,000Case Reserves, undiscounted
$7,239,000IBNR Reserves, undiscounted
$5,400,000Risk Margin Fund
(90th percentile of discounted losses)
$16,805,000SIR FUND
$350,000
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
Liability Breakdown at June 30, 2003
Total Assets at June 30, 2003 = $33,767,000
$33,417,000
$16,612,000
$11,212,000
$3,973,000
Fund Balance$22,205,000
Liabilities (Undiscounted Expected Basis)$11,212,000
Loss Prevention Fund
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Funding Comparison FY02 to 03Actuary BRS TTP Difference
Estimates As Of 6/30/2003 6/30/2002
Interest % 4 4.5 -0.50%ULAE 572,000$ 0 572,000$
Est. Ult. Losses 86-01 31,785,000$ 37,158,900$ (5,373,900)$ Projected Balance Sheet
Assets 33,767,000$ 32,141,000$ 1,626,000$ Expected Liabilities (50% CL) 11,212,000$ 12,936,000$ (1,724,000)$
Risk Margin Fund 5,400,000$ 9,831,000$ (4,431,000)$ Self-Insured Retention (SIR) Fund 16,805,000$ 9,374,000$ 7,431,000$
Loss Prevention Fund 350,000$ 0 350,000$ Funding Factors
Expected Liabilities (90% CL) 16,612,000$ 22,767,000$ (6,155,000)$ Total Fund 22,205,000$ 19,205,000$ 3,000,000$
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Funding PolicyBenchmarks
• Maintain Risk Margin Fund at 90% CL
• Yearly Deposit at least 50% CL– Goal = 70%.
• Total Fund to SIR ratio at least 2:1 – Goal = 3:1
• SIR Fund to SIR ratio at least 1:1– Goal = $10 Million Revise to 2:1?
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Funding Ratio ComparisonEstimates As Of 6/30/2003 6/30/2002 Difference
Expected Liabilities (90% CL) 16,612,000$ 22,767,000$ (6,155,000)$ Self-Insured Retention (SIR) Fund 16,805,000$ 9,374,000$ 7,431,000$
Total Fund 22,205,000$ 19,205,000$ 3,000,000$ Ratios
Total Fund/$5mil SIR 4.4 3.8 Min = 2Total Fund/$7mil SIR 3.2
Total Fund/$10mil SIR 2.2 Goal = 3
SIR Fund/$5mil SIR 3.4 1.9 Min = 1SIR Fund/$7mil SIR 2.4 Goal = 2?
SIR Fund/$10mil SIR 1.7 Goal = $10 mil?
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FY 2003-04 Liability Program Funding
• Ratios allow for up to $7 mil retention
• $3 mil xs $7 mil SIR = $300,000– Total Funding -2.3% from 02/03
• $5 mil xs $5 mil SIR = $416,500– Total Funding + 0.5% from 02/03
• Increase in $5 mil premium = 8.5%
• Recommendation was cap at $400,000
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FY 03-04 Funding Recommendations
• $5 xs $5mil Option– Price per “riskier” million is $83,300 vs.
$100,000 for $3 mil xs $7 mil option – Compare to $93,514 per mil for “riskier” $7 xs $3
mil layer
• Increase of 8.5% less than expected– 30% average, 19-20% expected– Enough to consider raising retention
• Increased funding ratios/stability
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Liability Program FundingBoard Motions
• Fund FY 2003-04 expected losses with a $5 mil or $7 mil SIR
• Maintain funds > 90% CL in the SIR Fund.
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Property Program Funding
• See Funding & Comparison FY 2003 v. 04
• Insurance Premium Decrease from $0.0611 to $0.05 per $100 TIV
• Change in Total Funding = -4%
• Continue to fund appraisals with service credits and up to $50,000 of pool funds.
• Board Motion to Approve Funding
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BREAK
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7. Loss Prevention Programs
• Risk Assessment
• Sewer Program Update
• Police Training & Equipment
• Defensive Driving
• Risk Management Training
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Risk Assessment BRS Proposal
• Safety Perception Assessment
• Loss Analysis & Savings Projections
• Risk Assessment Site Surveys
• Risk Assessment Report
• Safety Video Library & Reference Material
• Follow Up Consultation & Training
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Risk Assessment
• BRS Proposal Option B (p. 14)
• $106,000/yr. for 2 years to complete
• $20,000 for follow up as needed
• Total Funding Request = $232,000
• Recommended as presented with addition of cancellation provision.
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7. Loss Prevention Programs
• Sewer Program - Update– Training Sessions Completed
• Maintenance, Prevention & Response
• Verbal Judo
– Model Ordinances being implemented– Public Education Brochures Completed– Pop-Up Matching Grant Program > 2,000 – Total Spent $50,000 of $125,000 budget
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7. Loss Prevention Programs
• Sewer Program - FY 2003/04– Training - first response and code issues– Maintenance Audit - Larry Rugaard– Public Service Announcements– Continue grant program for pop-ups– Complete inserts for remaining members– Claim specialist working with members – No new funds requested
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7. Loss Prevention Programs
• Police Risk Management– POST Funding Cut– South Bay has started mobile training– Escalation of Force training well attended – In-car Camera Matching Grants– Total Funding Recommendation = $103,962
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7. Loss Prevention Programs• Defensive Driving - $5,000
– State of CA Program well received– Policy part of Risk Assessment
• Risk Management Education - $10,000– Up to $500 per member– PARMA, IEA, ARM courses, etc.
• Board Motion to Approve Programs– Total Funding Request = $350,962
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8.A. Investment Performance
• Presented by Joseph Chan, Finance Director
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Investment PolicyObjectives
• Safety of invested funds
• Liquidity to meet cash flow needs
• Yield is maximum possible consistent with above principles
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ABAG PLAN CorporationInvestment Portfolio Summary ($'000)
As of April 30, 2003
$20,000
$7,581$11,000
LAIF
Bullet Securities
Callable Securities
51.8%
28.5% 19.6%
Total Portfolio $38,581
(Average Yield 4.46%)
(Average Yield 5.60%)(Current Yield 1.86%)
Overall Average Yield 4.3%
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Investment Report
Maturing Securities ($'000) As of 4/30/03
$0$2,000
$4,000$6,000$8,000
$10,000
$12,000$14,000
LAIF 03-04 04-05 05-06 06-07 07-08 08-09 09-10
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Total Admin Fund Liability Fund Property Fund
ASSETS
CASH IN BANK 346,322$ -$ 340,865$ 5,457$ LOCAL AGENCY INVEST. FUND 13,047,472$ 444,785$ 10,523,455$ 2,079,232$
INVESTMENTS IN SECURITIES 23,000,000$ -$ 23,000,000$ -$ DISCOUNT ON SECURITIES (28,293)$ -$ (28,293)$ -$ PREMIUM ON SECURITIES 321,843$ -$ 321,843$ -$ NET INVESTMENTS IN SECURITIES 23,293,550$ -$ 23,293,550$ -$
ACCT. REC. CLAIMS REIMB. 244,800$ -$ 244,800$ -$ ACCR. INT. REC. LAIF 100,798$ -$ 100,798$ -$ ACCR. INT. REC. SECURITIES 315,316$ -$ 315,316$ -$ CAPITIALIZED SOFTWARE 278,253$ -$ 278,253$ -$ FURNITURE & EQUIPMENT 25,777$ -$ 25,777$ -$ ACCUM. DEPREC. FURN. & EQUIP. (25,777)$ -$ (25,777)$ -$
TOTAL ASSETS 37,626,512$ 444,785$ 35,097,038$ 2,084,689$
LIABILITIES
ACCOUNTS PAYABLE 151,970$ 138,841$ 11,666$ 1,463$
CLAIMS RESERVE 15,122,425$ -$ 15,065,597$ 56,827$ ABOVE-DEDUCTIBLE CLAIMS PAID (856,917)$ -$ (785,166)$ (71,752)$ ADJUSTMENT TO CLAIM RESERVE 1,597,024$ -$ 1,424,600$ 172,425$
CLAIMS RESERVE AT MONTH-END 15,862,532$ -$ 15,705,032$ 157,500$
TOTAL LIABILITIES 16,014,502$ 138,841$ 15,716,698$ 158,963$
FUND EQUITY
GENERAL EQUITY
RETAINED EARNINGS 17,616,628$ 277,342$ 15,445,571$ 1,893,715$ CURRENT YEAR SURPLUS/(DEFICIT) 3,995,382$ 28,602$ 3,934,770$ 32,010$
TOTAL GENERAL FUND 21,612,010$ 305,944$ 19,380,341$ 1,925,726$
TOTAL FUND BALANCE 21,612,010$ 305,944$ 19,380,341$ 1,925,726$
TOTAL LIABILITIES AND FUND BALANCE 37,626,512$ 444,785$ 35,097,038$ 2,084,689$
Balance Sheet June 30, 2002
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Financial Report
• Board Motion to accept the Investment Report and Audited Financials as of 6/30/02
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9. Planning Meeting Progress• Previous Goals Identified
– Funding Policy - Implemented– Staffing Plan - update in claims report – Evaluate Loss Control Approach - complete – Update Strategic Plan Annually - scheduled– Document Review - begun– Define Committee Roles - begun– Become Accredited? TBD
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9. Planning Meeting Progress
• Eight Goals from October 2002 & progress• Implement loss control approach
– begin w/ risk assessment• Recommended practices/audit
– begin w/ risk assessment– List of consultants and lists of model policies
• Rent a risk manager – examiners & RM available, consultant?
• Humiliate non-participants – see claim reports
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9. Planning Meeting Progress• Eight Goals from October 2002 & progress• Good standing v. bad standing members
– will grade based on risk assessment and losses • Current listing of board members and alternates
– on site• Continue to evaluate the funding variables to
update/revise funding policy – discussion & decisions today
• MOC Revision to include one insuring agreement and one set of exclusions – at next retreat and by 7/1/2004
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9. Planning Meeting 2003
• Governing Doc Revisions – MOC – Bylaws– Claim Policy
• Review of Funding Policy
• Full Day for Board 1/2 Day for Exec Cmte
• Approval of meeting schedule & topics
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10. Claims Committee Report
• Staffing Plan Update
• Claim Reports
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Staffing Plan
• Needs of Members– Improved claimant communication– Follow up to ensure hazards remedied– Balance workload & staffing – Keep improving services– Minimize claim costs – Maintain & improve RM programs
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Staffing Plan
• Needs of Staff– Improve examiner support– Improve risk management support– IT contact for RiskMaster– Web site support– Improve legal support– Improve member involvement
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Staffing Plan Update• Mixed results outsourcing sewer claims
– Communication with claimants and members – Costs continue to escalate – Recovery workload and expansion of duties– Dedicated property expertise
• Need to develop expertise in-house– New Hire = Bruce Carey. Property and
Recovery Specialist
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Staffing Plan Update
• More resources devoted to sewer claims– New Hire– More Training– Test case for code defense– Public education and back flow devices
• Continue addressing needs - improving service and minimizing claim costs
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$-$1,000,000
$2,000,000$3,000,000$4,000,000
$5,000,000$6,000,000$7,000,000
1986
1988
1990
1992
1994
1996
1998
2000
2002
Year
Incurred By Year
Claim Reports
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Claim Reports
0
100
200
300
400
500
600
700
800
1986
1988
1990
1992
1994
1996
1998
2000
2002
Claims By Year
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Claim Reports
Major Causes of Loss 1991 to 2002
$-$1,000,000$2,000,000$3,000,000$4,000,000$5,000,000$6,000,000$7,000,000$8,000,000$9,000,000
All Auto
Wate
r Dam
age
Sidewal
k
Sewer
line
Road Des
ign
Other B
odily ..
.
Landsl
ide
All Polic
e
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Claim Reports Sewer Claims Incurred
$-$200,000$400,000$600,000$800,000
$1,000,000$1,200,000$1,400,000$1,600,000$1,800,000$2,000,000
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Claim Reports
Average Cost Per Sewer Claim
$-$5,000
$10,000$15,000$20,000$25,000$30,000$35,000$40,000$45,000
Year
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Claim Reports Property Program Claims By Policy YearAs Of 5/1/03
Year Claims Reserve Paid Collection Incurred1992 29$ -$ 139,535$ 22,871$ 116,664$ 1993 58$ -$ 80,545$ 42,035$ 38,509$ 1994 72$ -$ 94,570$ 33,064$ 61,506$ 1995 80$ -$ 189,225$ 43,160$ 146,065$ 1996 69$ -$ 117,382$ 42,213$ 75,169$ 1997 82$ 4,983$ 142,452$ 94,711$ 52,724$ 1998 105$ 3,406$ 231,050$ 142,022$ 92,434$ 1999 116$ 900$ 148,788$ 94,383$ 55,304$ 2000 159$ 22,149$ 250,072$ 208,494$ 63,727$ 2001 187$ 8,548$ 488,982$ 269,158$ 228,371$ 2002 139$ 187,808$ 265,438$ 65,446$ 387,800$
Total 1,096$ 227,793$ 2,148,038$ 1,057,557$ 1,318,274$
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11. Admin Budget 2003-04• Total Expenses = $1,873,578
– 11% Increase from FY02-03 – 14% Increase in Personnel, driven by increased
overhead, including benefits and new hire
• Total Funding = $1,800,000– Difference of $73,578 from reserve– Used $160,000 of reserve in FY 02-03
• Board Motion to Approve Admin Funding
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Other Business?
• Questions?
• Comments?
• Announcements?
• Motion to adjourn
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THANK YOU!
• From the ABAG staff - thanks for your support and assistance.
• We look forward to working with you
in FY 03-04.