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SJVIA reports $44 million average cash position; Tulare shows minor reserve shortfall
Summary
San Joaquin Valley Insurance Authority staff reported a weekly average cash position near $44.5 million and a projected May–June balance around $51.6 million; consultants said Tulare County shows a small reserve shortfall after required funding adjustments.
San Joaquin Valley Insurance Authority staff told the board on May 20 that the plan’s weekly average cash position has been roughly $44,451,117 and that projected cash between May and June is about $51,621,302.
Jose Palacio of the Auditor-Controller’s office presented the cash update, saying the SJVIA weekly cash average “has been around $44,451,117” with a low of $40,304,187 and a high of $49,072,843. Palacio said Anthem claim-related cash averaged about $1.41 million weekly.
The report noted the cash balance as of May 9, 2025, was $44,154,673. After subtracting items set aside for incurred but not reported claims (IBNR), the three-month stabilization amount and the $7 million Gallagher settlement, the presenter said the plan’s excess cash totaled $7,025,487.
Consultants later provided a reserve reconciliation that traced SJVIA finances from inception through the current year. The consultant’s report showed an overall SJVIA net position of about $11.6 million and described County of Tulare as having a minor deficit position after accounting for fully funding IBNR and stabilization. The consultant cautioned that calling it a “true deficit” is misleading because those statements reflect the status after reserve calculations and funding allocations.
Why it matters: the numbers reported form the basis of renewal and funding decisions for plan-year 2026 and affect short-term liquidity and the timing of distributions such as the Gallagher settlement funds. Board members asked whether the Gallagher settlement funds had been distributed to Tulare and Fresno; Palacio said those funds are currently held in the SJVIA investment pool and “as of today, there’s no decision” and no set date for transfers.
Board action: this item was informational; no formal action was taken on the cash-position update at the meeting.
