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Ninetieth Annual Report May 15, 2007
 
 

FINANCIAL - 2006

In accordance with established practice, an outside accounting firm is retained on a three year rotating basis to audit the Bureau.  Deloitte & Touche LLP was appointed to complete the audit for the fiscal year ending June 30, 2006.  Following the close of the fiscal year, this firm made a complete audit of the books and records of the Bureau, which were found to be proper.  The audit report was dated August 23, 2006.  Following receipt of the report, the difference between the fiscal year assessments, and other income and expenses was returned through the usual assessment adjustment.  The result is to establish for the fiscal year an exact balance between the assessments levied upon the member companies and the expenses of the Bureau.

In like manner, the factor included annually in the premium rate structure is based on the current approved budget with due consideration of the funds generated by application of the preceding factor and the premium to which it is applied.  The result is a continuing balance between the expenses of the Bureau and the funds developed for this purpose through the premium rate structure.

Table II shows the income and expenditures statement for calendar year 2006.  The twenty-five year development of New Jersey workers compensation business and the net cost of administering the Bureau are shown in Exhibit E in the Appendix.  The Exhibit is of interest in recording the growth of the business in terms of written premium, number of policy and statistical filings, as well as the number of experience rated risks.

  
 

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