Trust financials through March: net assets reported about $9.4 million; investments $7.3 million

Rachel (staff member) presented the trust’s financial statements through March at the May 8 meeting, reporting contributions, revenue and expense items and answering trustees’ questions.

Rachel said contributions year-to-date were about $6.3 million and total revenue was about $7.9 million, roughly consistent with the prior year. She reported medical claims year-to-date of about $4.0 million and prescription claims of about $1.4 million, noting prescription costs were roughly $322,000 higher than the prior year-to-date. “Your prescription claims are also higher than the prior year. They’re 1,400,000.0 with $322,000 increase over the prior year to date,” Rachel said.

Rachel described timing in receivables: an earlier figure of $167,000 in contribution receivables was noted, and she also said a payroll timing issue left a receivable of $467,000 at March-end. The presentation showed total investments of $7,300,000 and total assets of $10,400,000; Rachel reported net assets available for benefits at $9,400,000. “This is a timing issue…we have a receivable of 467,000,” she said when explaining the variance in receivables.

On monthly trends, Rachel said March was a comparatively high month for claims—medical claims were about $468,000 in March—and that prescription rebates have been increasing, with quarterly rebate receipts now in the range of roughly $130,000–$140,000. Rachel reported stop-loss recoveries and other items from prior policy years included in the year-to-date figures.

The board had no questions and the meeting moved on after the financial review. No formal action was taken on the financial statements during the meeting.