State of West Virginia - West Virginia Legislature

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West Virginia Board of Risk and Insurance ManagementUNAUDITED BALANCE SHEETASSETSShort Term AssetsCash and Equivalents 23,695December 312010 2009(in thousands)$ $ 25,162Advance Deposit with Carrier/Trustee 190,053 176,172Receivables - Net 1,479 1,453Prepaid Insurance 3,079 3,128Total Short Term Assets 218,306 205,915Long Term AssetsInvestments 129,629 118,048Total Long Term Assets 129,629 118,048TOTAL ASSETS 347,935 323,963LIABILITIESShort Term LiabilitiesAccounts payable 1,620 2,150Claims Payable 238 274OPEB Liability 181 -Agents Commissions Payable 671 633Unearned Revenue 7,182 7,881Current Estimated Claim Reserve 46,451 41,905Total Short Term Liabilities 56,343 52,843Long Term LiabilitiesCompensated Absences 66 58Estimated Noncurrent Claim Reserve 88,792 104,624Total Long Term Liabilities 88,858 104,682TOTAL LIABILITIES 145,201 157,525Prior Year Net Assets 192,207 150,958Current Year Earnings 10,527 15,480TOTAL NET ASSETS 202,734 166,438TOTAL LIABILITIES AND RETAINED EARNINGS $ 347,935 $ 323,963DRAFT - Unaudited - Management Purposes Only8/22/2011BRIM - Page 1
West Virginia Board of Risk and Insurance ManagementUNAUDITED INCOME STATEMENTFor the six months endingDecember 312010 2009(in thousands)Operating RevenuesPremium Revenues $ 26,616 $29,373Less - Excess Insurance (3,034) (3,128)Total Operating Revenues 23,582 26,245Operating ExpensesClaims Expense 20,033 19,252Property & MS Claims Expense 2,115 4,500Personal Services 690 641General & Administrative Expense 1,411 1,343Total Operating Expenses 24,249 25,736Operating Income (Loss) (667) 509Nonoperating RevenuesFees and Assessments 15 18Investment Income 11,179 14,953Total Nonoperating Revenues 11,194 14,971Net Income 10,527 15,480DRAFT - Unaudited - Management Purposes Only8/22/2011BRIM - Page 2
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Page 17 and 18: 3UNFINISHED BUSINESSThere was no un
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State of West Virginia - West Virginia Legislature

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