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.Florida MLIiiicil)al Self -Insurer's Fund <br />r LIND'ADMIN1SI RA "I" I I ORIT"A Lt AGII( UI (.It If S, INC. <br />225 WEST JEFFER5UN SInEET — POST OFFICE BOX 1757 <br />TALLAHASSEE, FLORIDA 32302 — TELEPHONE: 1/800.342.8112 <br />July 9, 1979 <br />BOARD OF TRUSTEES M E M O,R A N D U M <br />TO: FMSIF Members <br />CHAIRMAN <br />JOHN t1ERTINO <br />MAYOR,DANIA FROM: FMSIF Administrator' <br />J. BLAKE OUNSON RE: First Year's Fund <br />MAYOR, DADE CITY <br />WALTER W. FALCK <br />MAYOR, TAMARAC <br />The Board of Trustees of the FMSIF recently met to consider some <br />NORMAN C.FLOYD,SR, <br />important issues regarding the self-insurance fu,id. <br />MAYOR <br />ALTAMONTE SPRINGS <br />The final audit•for the first year Of operation was.reviewed and <br />a copy is enclosed for your information. As reported in the <br />JEFFERSON H.MILNER <br />MAYOR-.BOCARATON <br />final audit, the fund showed an unappropriated surplus of $42,567 <br />as of September 30, 1978, As of May 31, 1979, the FY 77-78 fund <br />-TROY J. PILAND <br />year has experienced an increase in uanppropriated surplus as a <br />MAYOR <br />result of claims settlements and reductions in open claims <br />WINTER SPRINGS <br />reserves. The monthly loss report for May indicates an unappro- <br />CLiNTONR.WHITE <br />priated surplus in the fund of $175,318.94'= with 62 claims <br />MAYOR. <br />remaining open for FY 77-78• The Trustees voted at their recent <br />KENNETH CITY <br />meeting to declare $175,000 of surplus and interest as dividends <br />„•• <br />to,FY 77-78 members In good standing. A member, to be eligible <br />for a dividend,'must have a loss ratio in the May 1979 Loss Report <br />of less than 70%. The lower the loss ratio of an individual <br />member, the larger will be their dividend; however, Trustees set <br />a maximum dividend of an individual member at -25% of normal <br />premium. The enclosed list shows the eligible FY 77-78 members <br />and the amount of dividend that has been declared for them. The <br />distribution is determined by an approved allocation formula, <br />also explained in the enclosure. Members will receive their <br />dividend in October 1979, <br />The Trustees also approved a new payment plan which will become <br />effective October 1, 1979. While all members are urged to pay <br />their entire annual premium at the beginning of each FY, the <br />Trustees realize that this is frequently difficult due to lack <br />of revenues, investment policies, etc. Therefore, -in order'to <br />be flexible yet maintain uniformity in paying premiums, the <br />following schedule will be available to members beginning <br />October 1, 1979 <br />47110 May Loss Reonrl was calculated on a 70", loss fund. Actually, the toss /rind was 69 76% (see footnote 1 ) <br />which resulted In a reduction In surplus of 13,794. For purposes of dividend distribution, surplus is $171.525. <br />SEP 191979 <br />SERVICED BY: RISK MANAGrMENT SERVICES. INC. — POST OrrlCE Rol: 20654 <br />ORLANDO, rLORIDA 32814 — TELEPIION1:t 1/800432.3976 <br />Boa 41 FnE529 <br />