HomeMy WebLinkAboutFIN-06-003 - Waterloo Region Municipalities Insurance Pool 2005 Financial Statements
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KITCHENER
Financial Services
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Report To:
Date of Meeting:
Submitted By:
Prepared By:
Ward(s) Involved:
Date of Report:
Report No.:
Subject:
Councillor B. Vrbanovic, Chair, and Members of
the Finance and Corporate Services Committee
January 9, 2006
Pauline Houston, General Manager of Financial Services
& City Treasurer
Pauline Houston (2646)
ALL
December 22, 2005
FIN-06-003
Waterloo Region Municipalities Insurance Pool 2005 Financial
Statements
RECOMMENDATION:
None. For information only
REPORT:
On June 1, 1998, all eight municipalities in Waterloo Region joined the Waterloo Region
Municipalities Insurance Pool (WRMIP). Now at the end of year seven, this innovative risk-
financing venture has proven to be a highly effective method by which the municipalities have
enjoyed:
· Stability in insurance pricing
· Broader insurance coverage
· Strategic control of claims
· Pro-active risk management services
· Lower overhead and operating costs than that of a traditional insurance company
· The ability to earn investment income on the retained portion of the pre-funded loss
reserve
· The non-required pre-funded loss reserve remaining in the municipalities surplus
Attached are the annual audited financial statements for the Waterloo Region Municipalities
Insurance Pool for the year ended May 31,2005. The Board of Directors for the WRMIP have
reviewed and approved these statements on December 16, 2005.
Some financial highlights:
· The total municipal levies in 2005 - $3,500,000. (1998 - $4,000,000.)
· Total insurance premiums paid in 2005 - $2,020,921 (1998 - $1,305,071)
· Total expenses 2005 - $3,144,735 (1998 - $3,228,961)
· Total unappropriated Surplus 2005 - $4,042,859 (1998 - $900.442)
Clearly, the WRMIP continues to be an excellent example of a successful "shared service" for
all eight municipalities in the Region.
FINANCIAL IMPLICATIONS:
There are no financial implications related to this report, at this time
Pauline Houston, CA
General Manager of Financial
Services & City Treasurer
PH/mf