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Show The Helper Journal THURS., JAN. 18, 1951 PAGE 6 WORKER INSURANCE RATES TOO HIGH FOUNDATION For The Year Ending December 31, 1950 SAYS Insurance rates charged Utah employers for Workmen's Compensation have been higher than necessary, it was indicated in a research report released today by Utah Foundation, the private tax study agency. Payments by employers to the State Insurance Fund have fteen sufficient to pay all approved benefit claims and provide all reserves required iby law, and in addition build a surplus exceeding four million dollars, the report states. Reduction, of rates and a return to employers of their proportion of this surplus are prescribed by law, but have been delayed by absence of adequate accounting records and the complexity of the legal machinery, according to the Utah Foundation analysis. Approximately 155,000 workers in the State are covered by the Workmen's jointly administered and Occupational Compensation Disease Disability programs. These programs provide payments to workers injured on the job, and to the dependents of workers killed in the course of their employment. Benefit provisions also apply to workers who are disabled or die as a result of occupational diseases.. Allowances Include payments for medical, surgical, hospital, and funeral expenses and the purchase of prosthetic devices when necessary. Cost of the program is borne by the employers of the State. Each must guarantee his employees the disability and death benefits provided in the law. An empKyer may insure his employees in one of three ways: (1) ty car.ying a compensation insurance policy with the State Insurance Fund. (2) by insuring with a private insurance company, or (3) by furnishing annual proof to the Industrial Commission of financial ability to pay the necessary direct compensation to eligible employees. There are approximately 10,500 employers in the State covered by the Workmen's Compensation Of these, about 4,300 program. are insured with the State Insurance Fund, over 4,000 are with private insurance and about 65 are An estimated 2,000 employers Aavt not reported to the Industrial Commission as the law requires, principally because of a 1949 amendment which extended .coverage for the first time to many employers baring only one or two employees. Analysing finances of the program, the Utah Foundation report states that benefits paid workers under the programs to. taled approximately $2 million during fiscal lyear ended June 30, 1950. This Included 1816,118 paid by the State insurance Fund, about $670,000 paid by. private $550,000 paid by employers. Net premiums paid by employer for compensation liability Insur ance amounted approximately to $2.4 million during fiscal i960. Ot this. $1,330,791 was paid to and the State Insurance Fund, lnsur-ance to $1,160,000 private about January l, City Matching Retirement Contributions . Materials and supplies Truck expense 1939 Water Bond Fund Principal and Interest Freight and Express Payroll Insurance Water Assessment Equipment Hire Officers Bonds Truck Insurance Engineering and Legal .. Railroad Avenue Sewer Material Railroad Avenue Sewer Labor Railroad Avenue Sewer Outside Hire 1951 Honorable Mayor and City Council: Helper, Utah Gentlemen: non-prof- it car-Tier- . carriers Comuensatlon Insurances rates for private insurance carriers are fixed by the State industrial Commission. Rates for the State insurance Fund are established by the Finance Commission. Rates adopted are determinel from recommendations largely made by the National Council on Compensation Insurance. Rates for the State Insurance Fund rave, in the past, ibeen unibelow those for priformly 20 vate insurance carriers. Despite this fact, the fund has grown so that rapidly In recent year, as of June 30, 1950, total reserves and surplus of the fund amounted to $7,335,776. This Is more than nedouble the amount considered cessary for all reserves. Both the State Insurance Fund and private insurance carriers use rea Return Premium plan for turning part of an employer' premium when his actual losses 1n claims paid to employees are less than allowed losses. This how-eveplan as presently defined, estimated to the only applies 3 of the employers In the State whose premiums exceed $1,000 r, per year. of the Supervision Compensation and Occupational Disease Disability programs la under the State Indust Tial Commission. : Workmen's Compensation proIn operation to all of grams the 48 states. State instance funds are used In IS state. herewith submit the Helper City Financial Statement for the year 1950. This statement is based on money turned over to the treasury and receipts up to and including December 31, 1950: I RECEIPTS Cash on deposit General Fund January 1, 1950 Cash on deposit Auditorium Bond Fund January 1, 1950 Cash on deposit Special Improvement Fund January 1, 1950 Cash on deposit 1939 Water Bond Fund January 1, 1950 Cash on deposit Swimming Pool Fund January 1, 1950 Cash on deposit Child Welfare Fund January 1, 1950 Cash on deposit Housing project Fund January I, 1950 Tax $ 7,203.70 Special Improvement District No. 9 125.81 69.02 2,102.90 Guarantee Fund Transfer 1775 TOTAL DISBURSEMENTS, GENERAL FUND 1950 351.30 14,004.67 7,940.74 1,814.38 26,972.96 25,000.00 29,176.38 Total cash on deposit January 1, 1950, Receipts and collections to December 31. 1950 .... 1,902.88 64.41 125.81 127.50 26.H 17.75 40,765.24 7,763.20 145.60 450.00 $ . $ 2,921.32 $ 4,000.00 $ 4,385.75 6.00 2,031.74 125.81 83.72 Road B 80.75 94.86 & C 25.75 Fund Street improvement costs 625.71 15,498. $ 597.95 8.85 Swimming Pool Fund 150.00 12,170.19 costs Engineering Transfer Contract 2.473.96 $ of funds to General Fund balance payment 526.04 ..... ... 13,499.64 $ Laborers Salaries Auditorium Manager salary City Hall Janltress salary Librarian salary Recreation Directors salaries .. Tax withheld from wages Employee Retirement contributions Citf Matching Retirement contributioms Repairs and Misc. supplies Telephone service : Freight and express Interest on bonds Coal, City Hall , Coal, Auditorium (Payroll Insurance Library Fund Transfer .. Library Equipment . -- .. Laborers ' salaries ......... Tax withheld from wages Employee Retirement contributions City Matching Retirement contributions Truck expense Payroll Insurance .. Truck Insurance 3,0000.00 1,360.00 $ Interest payments Printing 2,,358.00 Child Welfare Fund 694.80 966:40 Youth Director salary Tax withheld from wages Youth Activity supplies Rent, Youth Activity building New Park Improvements 300.00 114.95 113.40 103.40 807.42 76.66 50.71 820.00 170.01 467.45 125.81 300.00 84.48 . . 3,143.20 13.20 .. 852.46 80.00 2,320.20 $ 11,242.(4 250.00 960.00 120.00 12.50 1,886.60 288.67 208.80 10.00 $ Manager salary Caretaker salaries Security deposit refunds Rent refunds Misc. supplies Misc. Repairs . . . .. ., - . 68.16 Transfer of funds to General Fund 6,497.35 595.40 82.20 82.20 ..... 1.231.90 125.81 26.11 . $ 4,100.00 f 7,90041 TOTAL DISBURSEMENTS ALL FUNDS TO $ DECEMBER 31, 1950 109,244.72 BALANCE SHEET 8.640.97 General Fund Meter Refunds .... $ 2,140.00 Cash on deposit January 1950 1, 1950 436.88 47.66 700.00 $ 7,209.70 222.065.77 $ - receipts Total Less 1950 Disbursements Statutory and General Carbon County Tax Assessment .. Elections expense Audit fee - 6,409.06 Housing Project Fund (Land Lease Mfsc. Labor . 16,499.64 1 679.15 $ Electric Meter Refunds 140.00 26.83 21.32 redemption Bond redemptions 6.00 $ 125.82 166.83 1,450.00 1,450.00 $ 1939 Water Revenue Bond Fund 5(4.(0 87.55 34.95 2.00 21,720.30 Auditorium Bond Fund Bond Garbage Department 325.02 331.92 188.36 980.78 590.10 253.06 69.09 DISTRICT NO. 9 Bond and Interest payments Transfer of funds to General Fund Printing and supplies Insurance 12,528.83 1,929.00 9,180.00 11,680.00 538.15 $ Light Company $ Public Safety 928.94 $ Public Buildings Department 11,817.10 f 8,128.73 297.07 $ 9,120.57 (14.70 260.88 260.88 . 955.65 125.81 392.25 .... 86.36 - 202.50 Laborers Salaries Tax withheld from wages Junior Baseball Director Salary Employee Retirement contributions City Matching Retirement contributions Material and supplies Payroll Insurance Freight and Express Equipment Hire Engineering Ball Park Fence repairs Ball Park Fence labor Telephone service Swimming Pool Insurance Public Affairs and Finance 525.94 403.00 $ DISTRICT NO. 8 Bond and Interest Payments Transfer of funds to General Fund Engineering Printing and Advertising Refunds, Payments Parks and Cemetery Department DISBURSEMENTS .... Special Improvement Fund GENERAL Street Improvements Transfer of funds to General Fund $ 316.20 202.50 Resale Power 332.729.68 $ & 228,979.73 $ 6,317.90 $ 17,729.36 Utah Power 100.00 $ 362.34 Laborers Salaries Tax withheld from wages . Employee retirement contributions City Matching Retirement contributions Misc. supplies Truck expense Utah State Sales Tax Freight and Express Payroll Insurance Rent if Poles Truck Insurance Officers Bonds 1,090.89 - Transfer of Funds 26.11 163.34 162.87 Electric Light Department 22.83 640.00 Transfer of Funds $ Money Officers salaries Firemen salaries Tax withheld from wages Employees retirement contributions . City matching Retirement contributions Misc, supplies Police car expense ... Firemen supplies Telephone service Prisoners meals Freight and express . Payroll Insurance Police Car insurance Police uniforms Fire Truck Insurance Officers bonds New Police car 4,346.00 78.83 4,000.00 Tax Anticipation Loan License Fees 8,869.80 Fines and fees 3,043.50 49.00 Sewer Connections 268.50 .. Water Connections 87,283.88 Light Collections 1,740.78 Sales Tax Collections Water Collections 26,016.53 7,088.00 Garbage Collections Meter Deposits 2,330.00 Auditorium Receipts 2,450.10 Sale of Cemetery Lots and Perpetual Care 2,815.64 498.00 Dog Tax Collections 426.43 Sale of Material 240.00 Rent of Poles 174.75 Rent of Equipment 6.00 Property Leases 5,166.00 State Liquor Receipts 550.00 Baseball Park Light Receipts 162.40 Special Improvement Receipts Transfer of Funds from Swimming Pool Fund ... 526.04 Transfer of funds from Housing Project Fund ... 4,503.00 1,544.41 Swimming Pool Receipts Special Improvement District No. 8 Transfer of funds 11,680.00 Special Improvement District No. 9 Transfer 1,450.00 of funds 1,200.00 Day's of '49 Receipts 6,433.00 City Housing Project Fund Receipts 4,000.00 Auditorium Bond Fund Receipts 916.08 Special Improvement Fund Receipts 32,219.54 Fund Receipts Special Improvement District No. 8 Special Improvement District No. 9 8,682.45 Fund Receipts 1939 Water Bond Fund Receipts 4,346.00 15,498.66 Road Class "C' Fund Receipts 2,494.97 Swimming Pool Fund Receipts .., Officers salaries Tax Withheld from wages Employees Retirement Contributions City Matching Retirement Contributions . Printing and supplies Payroll Insurance Officers Bonds . "Telephone Service Special Improvement District No. 8 Guarantee Fund Transfer 103.20 13,414.31 642.53 229,265.47 228,947.73 .- .- Cash on deposit December 285.74 31, 1950 Special Improvement Funds 8165 1,400 00 $ 1,184.64 GENERAL: $ 19,504.24 . Advertising 10,876.02 665.80 187.92 187.92 $ U. N. 130.55 116.82 42.71 136-9- 8,811.67 17.75 323.00 2.00 $ Flag expense 26,417.66 1950 .... DISTRICT 73.90 .. .. 2,494.97 11.270.45 $ 6,960.47 156.40 103.20 9.97 1, 1950 receipts $ DISTRICT 412.93 32.219.54 21,720.80 1950 48,441.41 4,000.00 10,499.24 $ 1, 1950 .00 receipt 8,682.45 Total Less 1950 disbursements Cash on deposit December $ 31, 1950 NO. 0 Cash on deposit January 130.00 .00 32,219.64 . Cash on deposit December 1,450.00 36.00 16,000.00 Auditorium Bond Sinking Fund Transfer Transfer of funds 31, 1950 Total Less 1950 disbursements 9,180.00 938.91 928.94 .. ..... NO. 8 Cash on deposit January 1950 22.83 $ 916.08 Cash on deposit December 620.73 295.31 211.33 - ... 1, 1950 receipts Total Less 1950 disbursements $ Water Department salaries Tax withheld from wages Employee Retirement Contributions . Special Improvement outside hire Special Improvements Portable Public Address System Days of '49 Labor Court Costs Transfer of funds to Swimming Pool fund Transfer of funds to Road Class "C" funtf Transfer of Funds to Special Improvement District No. 8 Fund Transfer of Funds to Special Improvement District No. 9 Fund Official Travel Expense Payment Tax Anticipation Note Payment Tax Anticipation Note Interest Business License Refund (Legal Fee 1,460.01 3,564.08 General Workmen's laborers Cash on deposit January 119.60 148.50 6.47 990.52 Club memberships Streets and Sidewalks Laborers salaries Tax withheld from wages Employee retirement contributions City matching retirement contributions Material and supplies Truck and tractor expense Truck Insurance Telephone service Freight and express Payroll Insurance Equipment Hire onds Officers Engineering Property Leases Contingent Fund 8,682.45 2,921.32 81, 1950 $ 5,761.13 (Continued on Page Serea) |