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 29,613June 302010 2009(in thousands)$ $ 32,181Advance Deposit with Carrier/Trustee 184,926 174,215Receivables - Net 1,573 1,139Prepaid Insurance - -Total Short Term Assets 216,112 207,535Long Term AssetsInvestments 120,331 105,461Total Long Term Assets 120,331 105,461TOTAL ASSETS 336,443 312,996LIABILITIESShort Term LiabilitiesAccounts payable 538 520Claims Payable 164 158OPEB Liability 181 87Agents Commissions Payable 1,230 1,247Unearned Revenue 6,629 7,235Current Estimated Claim Reserve 45,707 48,650Total Short Term Liabilities 54,449 57,897Long Term LiabilitiesCompensated Absences 66 58Estimated Noncurrent Claim Reserve 89,721 104,083Total Long Term Liabilities 89,787 104,141TOTAL LIABILITIES 144,236 162,038Prior Year Net Assets 150,958 127,630Current Year Earnings/Prior Year Earnings 41,249 23,328TOTAL NET ASSETS 192,207 150,958TOTAL LIABILITIES AND RETAINED EARNINGS $ 336,443 $ 312,996DRAFT - Unaudited - Management Purposes Only8/22/2011BRIM - Page 1
West Virginia Board of Risk and Insurance ManagementUNAUDITED INCOME STATEMENTFor the twelve months endingJune 302010 2009(in thousands)Operating RevenuesPremium Revenues $ 58,007 $62,427Less - Excess Insurance (6,257) (5,944)Total Operating Revenues 51,750 56,483Operating ExpensesClaims Expense 25,458 31,204Property & MS Claims Expense 6,210 5,400Personal Services 1,453 1,349General & Administrative Expense 2,493 2,545Total Operating Expenses 35,614 40,498Operating Income 16,136 15,985Nonoperating RevenuesCourt Fees 32 31Investment Income 25,081 7,312Total Nonoperating Revenues 25,113 7,343Net Income 41,249 23,328DRAFT - Unaudited - Management Purposes Only8/22/2011BRIM - Page 2
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State of West VirginiaBoard of Risk
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West Virginia Board of Risk & Insur
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STATE OF WEST VIRGINIADEPARTMENT OF
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3UNFINISHED BUSINESSThere was no un
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2• While BRIM could choose to pro
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4• As of May 31, 2011, a total of
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STATE OF WEST VIRGINIADEPARTMENT OF
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West Virginia Board of Risk and Ins
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State of West Virginia - West Virginia Legislature

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