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Auditor‑Controller reports SJVIA cash position and net‑position figures; Gallagher settlement funds remain in pooled investments
Summary
The Auditor‑Controller's office updated the San Joaquin Valley Insurance Authority on cash averages and net position through March 2025, and said Gallagher settlement funds remain in the pooled investment account without a set transfer date to counties.
Jose Palacio of the Auditor‑Controller's office presented SJVIA cash‑flow and net‑position figures and answered questions about allocation of the Gallagher settlement funds.
Palacio reported the weekly cash average for SJVIA was about $44,451,117 with a low of $440,304,187 (transcription numeric formatting unclear in the slides) and a high of $49,072,843. He said the average cash position was projected to be about $51,621,302 for May–June under the assumption that fiscal‑year revenues would be received by June.
Palacio gave a cash‑balance snapshot as of May 9, 2025: $44,154,673. Subtracting a three‑month stabilization reserve and the Gallagher settlement of $7,000,000 produced a reported “total excess” cash figure of $7,025,487 in the consultant’s slide deck. When asked whether the Gallagher settlement funds had been distributed to Fresno and Tulare counties, Palacio said they were “not yet” distributed and remained in the SGV cash‑balance investment pool earning interest; there was no specific transfer date.
On the statement of net position as of March 31, 2025, Palacio reported total assets of $15,481,455 and total liabilities of $18,439,947, leaving a net position of negative $2,958,492 (presented as a net position figure in the slide material). For the statement of revenues and expenses through March 31, 2025, Palacio reported operating revenues and expenses that produced an operating income figure of $1,394,007. After adding nonoperating items, the reported total change in net position was $2,395,510 as of March 31, 2025.
Board members asked whether the Gallagher settlement amounts had been distributed; Palacio repeated there was no decision or date and that the funds continued to earn interest in the pooled investment. No board vote was taken; the item was informational.
The slides and figures were presented as staff and consultant data; board members asked for clarification on distribution timing for the Gallagher settlement and for continued reporting on cash projections ahead of renewal decisions.
