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Y ciTY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
From:
Rachel G. Clark, City Clerk
Dept:
City Clerk's Office
OalGINAL
Subject: BICEP Joint Powers Authority financial
statements & supplementary information
for fiscal years ending June 30, 1995
and 1996.
Date:
April 23. 1997
Synopsis of Previous Council action:
3/16/92 -- Received and filed statements for FY ending June 30, 1991.
Recommended motion:
That the Mayor and Common Council receive and file the Big Independent Cities
Excess Pool (BICEP) financial statements and supplemental information for the
fiscal years ending June 30, 1995 and 1996.
.l\DMLU.. OF'FlCf;l
24 /LPR 97 10: OJ
--i4~~L );J. ~
Signature
Contact person:
Rachel G. Clark
Phone:
~007
Supporting data attached:
Yes
Ward:
FUNDING REQUIREMENTS:
Amount:
Source: (Acct. No.!
(Acct. DescriPtion)
Finance:
Previously
?-ft1 .,ft51~
Council Notes:
75.0262
-?~1
-#- e:l'l Agenda Item
....
"
BIG INDEPENDENT CITIES EXCESS POOL JOINT POWERS AUTHORITY
clo General Manager, Ken Spiker And Asso'ciates, Inc. 14156 Magnolia Blvd., Suite 103
Sherman Oaks, California 91423 . (818) 788-0406 . FAX No, (818) 784-1187
"'".......",-- -
r '/'... -,-' j r '''It'.Tj{
.. . --.... ",J": -,j r-,"
April 16, 1997
"r'c .w 21 .., :5~
Ms, Rachel Clark, City Clerk
City of San Bernardino
300 North D Street
San Bernardino, California 92418
Dear Ms. Krasney:
Enclosed please find a copy of the June 30, 1996, Big Independent Cities Excess
Pool (BICEP) Financial Statements and Supplementary Information With
Independent Auditor's Report for the years ended June 30, 1996, and 1995. The
BICEP Joint Powers Agreement requires the report to be filed as a public record
with each of the BICEP Member Cities. Please place the report in the appropriate
file in your office. Thank you for your cooperation.
Sincerely,
Gregory J. Spiker, ARM
BICEP General Manager
Ken Spiker And Associates, Inc.
GJS:sl
Enclosure
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BIG INDEPENDENr CITIES EXCESS POOL
FINANCIAL STATEMENTS AND
SUPPLEMENTARY INFORMATION
WITB INDEPENDENr AUDITOR'S REPO~T
JUNE 3D, 1996 and June 3D, 1995
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BIG INDEPENDENT CITIES EXCESS POOL
Table of contents
Paqe
Financial Statements:
Independent Auditor's Report
1
Balance Sheets, June 30, 1996 and June 30, 1995
2
Statements of Revenue, Expenses and
Changes in Retained Earnings for the
years ended June 30, 1996 and June 30, 1995
3
Statements of Cash Flows for the
years ended June 30, 1996 and June 30, 1995
4
Notes to Financial Statements
6-11
Supplementary Information
Claims Development Information From Inception to
June 30, 1996. Required Supplementary Information
13
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EDWARDS, EICHEL & BERANEK
CERTIFIED PUBLIC ACCOUl'\TANTS
INDEPENDEN'r AUDITOR'S REPORT
The Board of Directors
Big Independent Cities Excess Pool
We have audited the accompanying balance sheets of the Big Independent Cities
Excess Pool (BICEP) at June 30, 1996, and 1995 and the related statements of
revenue, expenses and changes in retained earnings and cash flows for the years
then ended. These financial statements are the responsibility of BICEP's
management. OUr responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the 1996 and 1995 financial statements referred to above present
fairly, in all material respects, the financial position of the Big Independent
Cities Excess Pool at June 30, 1996 and 1995, and the results of its operations
and its cash flows for the years then ended in conformity with generally accepted
accounting principles.
Note 7 to the financial statements discusses an issue that involves uncertainties
not presently resolved.
BICEP has nine years of historical data for use in its estimates of incurred but
not reported claims ~nd the corresponding premi~m adjustments. Although BICEP
considers its exper~ence and industry data ~n determining such amounts,
assertions and projections as to future events are necessary and ultimate losses
may be higher or lower than amounts projected.
A claim involving a member city whose cost has exceeded that city's self-insured
retention is being defended by BICEP and its attorneys but BICEP has stated that
it is reserving its right to deny coverage. The excess carrier has categorically
denied coverage. The matter is currently under discussion by the various parties
and its out=ome cannot be predicted.
The comparative schedule of Claim Development, on page 11 is not a required part
of the basic financial statements but is supplementary information required by
the Governmental Accounting Standards Board. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the
methods of measurement and presentation of the supplementary information.
However, we did not audit the information and express no opinion on it.
Pasadena, California
January 22, 1997
'("V-Ill" ~~ .. ~W'~
Edwards, Eichel & Beranek
Certified Public Accountants
468 N. ROSEMEAll BOULEVARD
SUITE #100
PASAOENA. CALIFORNIA 91107-3059
818/351-3800
FAX 818/351-3804
E-MAIL 76064.23@compuscrve.com
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BIG INDEPENDENT CITIES EXCESS POOL
IlALAJfCE SHEET
June 3D, 1996 and June 3D, 1995
ASSETS
Cash and cash equivalents,
unrestricted
Restricted cash equivalents
Total cash and cash
equivalents (Note 2)
Investments (at cost, which
approximates market value) (Note 2)
Accrued interest receivable
Total assets
LIABILITIES AND RETAINED EARNINGS
Liabilities:
Accounts payable
Unpaid losses and loss
adjustment expenses (Note 3)
Bonds payable (Note4)
Less-unamortized issuance cost
Accrued interest payable
Estimated future premium
adjustments
Total liabilities
Retained earnings
Total liabilities and
retained earnings
1996
1995
s
15,172
S 11,381
261.710
3.762.286
276,882
3,773,667
15,387,801
13,505,500
198,042
156,750
S15.86?.725
S17.435.917
s
14,295
s
9,970
4,006,065
4,130,971
12,550,000
( 1.214.892\
11,335,108
12,855,000
( 530.339\
12,324,661
248,960
350,084
258.297
620.231
15,862,725
17,435,917
S15.862.725
$17.435.917
The accompanying notes are an integral part of these financial statements.
2
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BIG INDEPEKDENr CI~IES EXCESS POOL
S~S 01" REVEIlUE, EXPEJfSES AJlD CBAIl'GES IX RE~AlHED EARHIXGS
Year. ended June 30, 1996 and June 30, 1995
1ll.2
1995
Revenue:
Deposit premiums earned
Premium refunds
Estimated future premium
adjustments
$ 2,080,178
18,542
$ 2,511,981
161 q14
(7q7 777)
2.460.654
].714.704
Expenses:
Net increase in actuaria11y
determined unpaid losses and
loss adjustment expenses
Purchased liability insurance
and reinsurance
General and administrative
expenses
988,039
84,541
1,398,567
1,676,802
2]3.534
]84.520
2.600.140
1.Q45.863
Excess (deficiency) of
revenue over expenses,
before net investment
income
I11Q 486)
('31.159\
Net investment income:
Investment income
Interest expense
1,088,609
I 949.123)
139.486
1,305,980
(1.074.82] )
231.159
Excess of revenue
over expenses
Retained earnings, at beginning
of year
Retained earnings, at end of year
s
s
These accompanying notes are an integral part of these financial statements.
3
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BIG INDEPENDENT CITIES EXCESS POOL
STATEMENTS OF CASH FLOWS
Years ended JUDe 3D, 1996 and JUDe 3D, 1995
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1996
I
Cash flows from operating
Excess (deficiency) of
over expenses before
investment income
Adjustment to reconcile excess
(deficiency) of revenue over
expenses before net investment
income to net cash provided by
operations:
Amortization of bond issuance and
early refunding costs
Increase (decrease) in
accounts payable
Increase (decrease) in unpaid
losses and loss
adjustment expenses
premium
Accounts receivable decrease(increase)
(Decrease) increase
in estimated future
premium adjustments payable
4,325
activities:
revenue
net
$
(139,486)
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58,096
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124,906)
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359.451)
Net cash provided (used)
by operating
activities
1561. 422\
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Cash flows from investing activities:
Interest received
1,047,317
I
Net change in investment
portfolio
re issuance of new bonds
and refund of old bond issue
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1. 882.301
Net cash provided (used) by
investing activities
1834.984\
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Continued on page 5
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1995
$ (231,159)
39,185
(27,949)
(1,230,669)
26,141
1.851.673
427.222
1,299,966
1.299.966
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Cash flows from noncapital financing
activities:
Refunding of Series 1988 bonds and
issuance of 1996 bonds
Annual principal payments 1988 bonds
Interest paid
Refunding of remaining 1988 bonds
Issuance of 1996 bonds
Net cost of funding new issue
Net cash (used) in noncapital
financing activities
Net increase (decrease) in cash and
cash equivalents
Cash and cash equivalents at
beginning of year
Cash and cash equivalents at
end of year
1996
1995
(520,000)
( 1,050,247)
(12,335,000)
12,550,000
1745.132 \
(485,000)
(1,087,108)
12.100.379\
11.572.108\
(3,496,785)
155,080
~ 77~ fin?
~.n'R.~R7
S 276.882
S 3.773.667
The accompanying notes are an integral part of these financial statements.
5
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BIG IHDEPENDENT CI~IES EXCESS POOL
HOftS ro FIIIAIICIAL S~ATEMEII'rS
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Oraanization and Ooerations
Big Independent Cities Excess Pool (BICEP) was created effective September
23, 1988, by a joint powers agreement among five cities organized and
operating under the laws of the State of California. BICEP is organized
pursuant to the provisions of the California Government Code for the
purpose of providing joint insurance coverage and related risk-management
services for member cities. The extension of joint insurance coverage to
member cities began October 1, 1986.
BICEP's liability program offers a combination of pooled and commercially
purchased public auto and general liability coverages, plus errors and
omissions coverage, for losses in excess of the member cities' specified
self-insurance retention levels of one million dollars. Individual and
aggregate claims in excess of specified levels are covered by excess
insurance policies purchased from commercial insurance carriers which,
combined with the program's self-funded layers, offer a total of $25
million in coverage limits. Additionally, through its broker AON Risk
Services, it enables its members to purchase property and worker's
compensation insurance as a group.
BICEP is a nonprofit California public agency; thus, it is tax-exempt. It
is also considered a "Special District" by the Office of the State
Controller, Division of Local Government Fiscal Affairs, for the purpose
of filing an Annual Report of Financial Transactions of Special Districts.
Basis of Accountino
The accounting records of BICEP are maintained on the accrual basis of
accounting.
Bond Issuance Costs
Bond issuance costs are amortized over the life of the bond issue using
the straight line method. In 1996 due, in part, to more advantageous
interest rates the 1988 bond issue was retired and new bonds were issued
carrying substantially lower interest rates. Cost of issuance expense and
the premium paid on retirement are being amortized over the remaining life
of the original issue. See note 4 for further explanation.
cash and Cash Eauivalents
BICEP considers money market funds and all highly liquid debt instruments
purchased with a maturity of three months or less to be cash equivalents.
Restricted Cash
Restricted cash represents funds held in trust for payment of bond
principal and interest, future debt service, and claims payment.
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BIG IKDEPENDEHr CI~IES EXCESS POOL
HODS TO FlHAHCIAL S~A~S
continued
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued):
Rebatable Arbitraae Earninas
Rebatable arbitrage earnings represents the excess of the amount earned on
all cash equivalents and investments over the amount which would have been
earned if such cash equivalents and investments were invested at a rate
equal to the bond yield for activity through January "1, 1995. This excess
is subject to change due to bond and investment activity occurring after
January 1, 1995. The interim calculation previously referred to indicates
that there would be no arbitrage payable.
Deoosit Premium Revenue
Premiums are recognized as earned over the periods covered by the
policies.
Under the terms of the Liability Risk Coverage Agreement, between BICEP
and its member cities, premium adjustments resulting in additional premium
assessments or refunds were to commence in February 1992, covering the
experience of BICEP from inception. Estimates of such adjustments are
recorded in the financial statements annually as estimated future premium
adjustments. Premium adjustments are subject to change as the ultimate
cost of claims becomes known, investment income and expenses are realized,
and BICEP's costs are allocated to each Policy Year.
Unpaid Losses and Loss Adiustment Expenses
Estimated unpaid losses and loss adjustment expenses include an amount for
losses incurred but not reported. These estimates have been discounted to
their present value.
Liabilities are based on the estimated ultimate cost of settling the
claims, including the effects of inflation and other societal and economic
factors. The previously noted claims and ultimate recoveries will be
deducted from the gross amount of unpaid losses.
Claims which have been incurred but not reported to the claims
administrator at June 30, 1996 have been estimated through an independent
actuarial analysis based on loss development experience of BICEP and the
member cities and available industry loss development data.
BICEP's recognition of losses incurred but not reported is in conformity
with Government Accounting Standards Board (GASB10), Accounting and
Financial Reporting for Risk Financing and Related Insurance Issues and
the Risk Finance Omnibus (GASB 30) and the American Institute of Certified
Public Accountants (AICPA) Statement of position 94-5.
2.
CASH AND INVESTMENTS
Under provisions of the California Government Code (Code), BICEP is
authorized to invest in:
.
A variety of federal and state treasury obligations (including
local California agencies)
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BIG IRDEPEHDENT CITIES EXCESS POOL
NOTES TO PINANCIAL STATEMEJlTS
continued
2.
CASH AND INVESTMENTS (continued):
.
Obligations or other instruments of or issued by a federal
agency or government sponsored enterprise.
.
Bankers' acceptances which are eligible for purchase by the
federal reserve system (subject to certain limitations)
.
Prime quality
limitations)
paper
commercial
(subject
to
certain
.
Negotiable certificates of deposit issued by nationally or
state chartered banks, savings and loan associates and credit
unions
.
Repurchase agreements or reverse repurchase agreements of any
securities authorized by the Code
Cash and Cash Eauivalents, Unrestricted
At June 30, 1996, the net carrying amount and deposit balance was $15,172
of which $14,739 was invested in the Local Agency Investment Fund, an
investment pool maintained by the State Treasurer.
Restricted Cash Eauivalents and Investments
BICEP invests only in investments that are insured or registered, or for
which the securities are held by BICEP or its agent in BICEP's name.
Investments held by the Trustee at June 30, 1995, consist of:
Cash equivalent-repurchase agreements and cash
U.S. Treasury and Federal agency securities
Commercial paper
S 261,710
15,137,801
250.000
S15.649.511
Deposits and investments by governmental agencies are categorized in three
classes depending upon the relative level of risk.
Category 1 -
Cash or investments fully insured or registered or where
the securities are held by the unit or its agent in the
unit's name.
Category 2 -
Uninsured and unregistered instruments held by the
broker or advisor's trust department or an agent in the
unit's name~
Category 3 -
Uninsured
broker or
agent but
and unregistered investments held by the
dealer or by its trust department of by an
not in the unit's name~
All of Bicep's cash and investments are in category 1, excepting deposits
with the Local Agency Investment Fund (LAIF), which cannot be categorized.
3.
UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES:
The following represents changes in the unpaid losses and loss adjustment
expenses for BICEP for the years ended June 30:
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aIG IHDEPEHD~ CITIES EXCESS POOL
NOTES TO FINAIl'CIAL STATEMENTS
continued
3.
UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (continued):
1996
1995
Unpaid losses and loss
adjustment expenses at
beginning of year
$4,130,971
$5,361,640
provisions for insured events
of the current year
Additional provisions for
prior years
Payments of claims reported
(all in previous policy years)
84,541
(1,112,945)
84,541
62,071)
Increase (decrease) in funding
levels for previous policy years.
988,039
( 1,253,139)
Total unpaid losses and loss
adjustment expenses at end
of year
S4.006.065
S4.130.97'
4.
BONDS PAYABLE AND ADVANCE REFUNDING OF 1988 BOND ISSUE:
In January 1989, BICEP issued Revenue Bonds Series 1988A for the purpose
of acquiring working capital and to finance under writing expenses. These
bonds were outstanding until early 1996 when, as provided in the Bond
Purchase Agreement Dated January 29, 1996, revenue bonds in the face
amount of $12,550,000 were issued for the advance refunding of the 1988
issue. The new issue carries stated interest rates varying from 5.0 per
cent to 6.5 per cent in contrast to the 8.1253 per cent average yield of
the remaining outstanding bonds of the refunded issue.
Interest on the bonds is payable semi-annually at rates ranging from 5.0\
to 6.15\. Principal maturities range from $625,000 to $1,215,000 and are
due annually on March 1, from 1997 through 2009.
The bonds maturing after March 1, 2004 are. subject to optional early
redemption on either March 1, principal and interest payment date or
September 1, interest payment date, at a premium, if any, as follows:
March 1, and September 1, 2004
March 1, and September 1, 2005
March 1, 2006 and thereafter
101. 0\
100.5\
100.0%
The bonds are assigned the first rights to pay principal and interest from
premiums and interest income earned. Each member city is obligated to pay
all premiums as assessed, except when for some reason insurance coverage
is discontinued.
Year ending
June 30
Principal
Interest
Total
1997
1998
1999
2000
2001
$625,000
735,000
770,000
810,000
850,000
$736,463
703,380
666,048
626,071
581,585
$1,361,463
1,438,380
1,436,048
1,436,071
1,431,585
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BIG IHDEPENDERr CITIES EXCESS POOL
HOTES TO FllIAIICIAL STATEMEllTS
continued
4. BONDS PAYABLE AND ADVANCE REFUNDING OF 1988 BOND ISSUE (cont.)
The accounting for the refunding, as prescribed by the Governmental
Accounting Standards Board (GASB) were as though the cost of the new issue
including legal and underwriting fees, refunding premiums, rema1.n1.ng
issuance costs of the retired issue were a prospective adjustment of the
interest rate to be amortized over the remaining ;Life of the refunded
issue.
Those costs deferred are summarized as follows:
Remaining unamortized cost old issue
Premium paid on refunding
Cost of issuance, new issue
$504,214
370,050
372.599
1. 246.863
Less amortization taken between March 1, 1996
and June 30, 1996.
31.971
Balance outstanding, June 30, 1996
51.214.892
5.
REINSURANCE:
Historically BICEP has reinsured its risks under excess of loss
reinsurance agreements for the purpose of limiting its maximum exposure
on anyone loss or group of losses. BICEP is contingently liable for
losses and loss adjustment expenses related to ceded business to the
extent that its reinsurer is unable to fulfill its commitments.
Management believes that its reinsurer is and will continue to be able to
satisfy its obligations under the reinsurance agreement for years through
June 30, 1996.
During the years ended June 30, 1995 and June 3D, 1996 because of
substantial reductions ~n rates BICEP placed all of its liability
coverages with private insurance carriers. This includes the $1 million
to $2 million layer, which was previously retained.
BICEP's liabilities for unpaid losses and loss adjustment expenses as of
June 3D, 1996, have been estimated net of amounts that would be
recoverable from the reinsurer. For the years ended June 3D, 1995 and June
30, 1996 BICEP has no direct liability having placed all of its coverages
with outside carriers.
6.
RELATED-PARTY TRANSACTIONS:
Aon Risk
insurance
the period
1995.
Services, formerly Rollins Hudig Hall, serves as BICEP's
broker and brokered $2,614,551 in insurance agreements during
ended June 3D, 1996 and $2,668,832 in the year ended June 3D,
7
UNCERTAINTY RELATED TO A CLAIM INVOLVING A MEMBER CITY..
A claim is presently being litigated involving due process on a
condemnation action whose costs have already exceeded that city's self-
insured retention and which BICEP, in the opinion of counsel, may not have
provided coverage due to the alleged willful nature of the alleged damages
inflicted. The reinsurer has denied coverage. BICEP has continued to pay
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BIG INDEPENDENT CI~IES EXCESS POOL
Nons ro FINANCIAL S~ATEMEN'rS
continued
Note 7 UNCERTAINTY RELATED TO A CLAIM INVOLVING A MEMBER CITY (CONT.)
for the cost of defense in excess of the self-insured retention but has
reserved its rights and is actively pursuing a course of attempting to
obtain a settlement before the matter reaches the courts.
There are several matters in contention, the nature of the acts by the
member city, whether SICEP is liable for its level of coverage, that of
the excess carrier or at all, and whether or not the excess carrier has
liability.
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BIG INDEPENDENT CITIES EXCESS POOL
CLAIMS DEVELOPMENT INFORMATION
Cumulative from inception through June 30, 1996
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1989
policv Year Ended June 30
1990 1991
I
Estimated incurred
claims and expenses,
end of policy year
Paid claims (cumula-
tive) as of:
End of policy year
one year later
Two years later
Three years later
Four years later
Five years later
Six years later
Re-estimated incurred
claims and expenses;
End of policy year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Increase (decrease) in
estimated
incurred claims and
expenses from end
of policy year $(518,105) $(732,813) $2,577,720 $(562,684)
The table above illustrates how BICEP's earned revenues and investment income compare
to related costs of loss and other expenses assumed by BICEP as of the end of each
policy year. The rows of the table are defined as follows: 1. This line shows the
total of each fiscal year's earned deposit premiums and investment income, net amounts
earned for purchased reinsurance. 2. This line shows each fiscal year's other
operating costs including overhead and claims expense not allocable to individual
claims. 3. This line shows the estimated incurred losses and allocated loss
adjustment expenses as originally reported at the end of the first year in which the
event that triggered coverage under the contract occurred (both paid and accrued) net
of loss assumed by excess or reinsurers. 4. This line shows the cumulative amounts
paid as of the end of successive years for each policy year. 5. This section of rows
shows how each policy year's incurred claims and expenses increased or decreased as of
the end of successive years. This annual re-estimation results from new information
received on known claims, re-evaluation of existing information on known claims, as
well as emergence of new claims not previously known. 6. This line compared the
latest re-estimated incurred claims and expenses amount to the amount originally
established (line 3) and shows whether this latest estimate of claims and expenses
costs are greater or less than originally thought. As data for individual policy years
mature, the correlation between original estimates and re-estimated accounts is
commonly used to evaluate this accuracy of incurred claims and expenses currently
recognized in less mature policy years.
1.
Net deposit premium
revenue earned and
investment income
Other costs
$ 799,203
338,203
$2,341,824
1,619,824
2.
3.
543,000
778,000
4.
$3,640
$28,381
$33,256
5.
543,000
496,000
461,000
435,842
352,937
250,000
24,895
778,000
722,000
657,391
691,497
33,256
45,187
6.
13
1992
$2,216,499
1,359,499
$2,125,932
1,322,932
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857,000
803,000
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$ 4,736
$114,925
$577,599
636,139
$3,845
I
3,887
I
857,000
807,806
1,004,736
3,004,736
3,434,720
803,000
767,049
10,000
240,316
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Policv Year Ended June 30
1993 1994
$2,317,408
1,705,829
886,906
3,488
886,906
10,000
711,287
{$175,619}
$2,513,490
1,717,915
1,035,407
1,035,407
767,244
($268,153)
1995
$2,511,981
1,305,980
$
1996
2,080,178
1,088,609
$