HomeMy WebLinkAboutMMIA - Workers' CompMontana Municipal Insurance Authority
TO:
FROM:
DATE:
MEMORANDUM
MMIA Workers' Compensation Program Members
Kathy Denke, Chair
Bob Worthington, Chief Executive Officer
Nec Hanson, Executive Director MLC&T
January 25, 2003
CiTY OF LAUREL
RE:
2~03 WORKERS' COMPEN..%4 TION PROGRAM DIVIDEND
Seventeen years ago a group of municipal leaders met to address the concems for the rising
cost and limited availability of insurance for Montana cities and towns. Utilizing the authority
contained in the Montana lnterlocal Cooperation Act, municipalities from across the State came
together to form the Montana Municipal Insurance Authority (MMIA).
As we reflect on those seventeen plus years the MMIA has developed into an organization
significantly greater than any of the creators ever envisioned. The MMIA was formed to provide
affordability and availability of insurance products for !ts members. With assets in excess of $55
million and a significant financial surplus in each Program, the MMIA has a sound financial
basis. The MMIA is recognized both within the state and nationally as a leader in the business of
managing municipal risks. The MMIA provides a broad range of insurance services to its 119
member agencies.
The MMIA Board of Directors and'staff are pleased to again have an opportunity to share the
financial success of the Workers' Compensation Program with its membership. During the
MMIA's 2002 annual meeting, Board Chair Kathy Denke announced the distribution of $1.5
million to members of the Workers' Compensation Program. In her remarks she~ noted that this
distribution brings the total amount of monies distributed to the Program's membership to $9.98
million. This distribution is being made in accordance with the formula set forth in the Programs
Membership Agreement.
Included with this letter is a check for your share of the $1.5 million dividend. We encourage
you to !nclude this announcement and a discussion of the MMIA at the next meeting of your
governing body. The significant support you, and all the membership, have given the MMIA and
the commitment all have made to the management of municipal risks creates the opportunity for
all to continue to sham in the Program's good fortune. .;
Congratulations and thanks for your continued support.
Kat-hyk5) enke~-B~ard Chair
Alec Hansen, Executive Director
Montana League of Cities and Towns
Worthington, (~hlef Executive Officer
O;\BWorthfngton ~Bol~Womers Comp~DIvidenc~Ltr2OO3.cJoc
P.O. Box 6669, Helena, Montana 59604-6669 (406) 443-0907 In MT: 1-800-635-3089 Fax (406) 449-7440
MONTANA MUNICIPAL INSURANCE AUTHORITY
WORKERS' COMPENSATION PROGRAM
SUMMARY OF MEMBER'S STATEMENT OF CHANGES IN RETAINED EARNINGS
AND CALCULATION OF DIVIDENDS
YEAR ENDED JUNE 30, 20D2
CITY/TOWN - LAUREL
MEMBER'S RETAINED EARNINGS (DEFICIT) ALLOCATED FOR DIVIDENDS:
Member's retained earnings (deficit) reserved June 30, 2002
Member's retained earnings allocated as designated for June 30, 2002
$68,253
17,729
85,982
7,596
6,283
13,879
10,133
8,382
Fifty percent credited on a pro rata basis:
Allocated for June 30, 2002
Allocated from June 30, 2002 reserved retained earnings
Total
Fifty percent credited on a favorable lose experience basis:
Allocated for June 30, 2002
Allocated from June, 30, 2002 reserved retained earnings
Total
~To~l dividends a~locate~d
18,515
32,394~
MEMBER'S RETAINED EARNINGS (DEFICIT) ALLOCATED AFTER DIVIDENDS:
Member's retained earnings (deficit) reserved June 30, 2002
Member's retained earnings designated June 30, 2002
Total member's retained earnings (deficit) June 30, 2002
53,588
0
$53~588
SEE THE ACCOMPANYING INDEPENDENT ACCOUNTANTS' REPORT AND THE NOTES
TO MEMBER'S STATEMENT OF CHANGES IN RETAINED EARNINGS
AND CALCULATION OF DIVIDENDS