Program Statistics
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UNDERGROUND STORAGE TANK INDEMNIFICATION FUND |
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Claims and Revenue Summary |
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FINANCIAL INFORMATION |
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As of June 30, 2010 |
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Revenue Totals by Fiscal Year (July through June) |
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Source: Central Services Comptroller |
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Total revenue collected from tank, capacity and gallon fees per fiscal year. Miscellaneous expenses include such items as redeposit of checks and refunds. |
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FY 2009-2010 |
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FY 2008-2009 |
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FY 2007-2008 |
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REVENUE TYPE |
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AMOUNT |
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AMOUNT |
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AMOUNT |
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COLLECTED |
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COLLECTED |
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COLLECTED |
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Gallon Fees |
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$51,390,434.00 |
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$51,510,587.73 |
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$56,745,162.88 |
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Capacity Fees |
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$6,057,488.00 |
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$6,346,457.34 |
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$6,373,334.70 |
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TIIP Fees |
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$282,405.00 |
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$324,795.14 |
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$297,439.01 |
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Interest/Dividend Inc |
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$3,197,637.00 |
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$1,091,284.74 |
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$4,458,166.98 |
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Recapture of Broker Commission |
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$20,542.00 |
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$6,873.00 |
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$- |
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Net Inc (Dec) Fair |
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$8,907,076.00 |
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$(8,221,010.47) |
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$(7,536,403.41) |
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Value of Invest |
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Interest on Loans |
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$205,640.00 |
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$22,572.36 |
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$48,259.42 |
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Miscellaneous |
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$1,209,054.00 |
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$830,753.00 |
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$1,463,372.93 |
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TOTAL REVENUES |
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$71,270,276.00 |
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$51,912,312.84 |
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$61,849,332.51 |
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Expenditure Totals by Fiscal Year (July through June) |
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Source: Central Services Comptroller |
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| The Claims total includes indemnification payments plus legal and non-legal expenses. The Administrative total includes Insurance Dept personnel, TPA and other professional services. The DEP Allocations total includes funds released under 4 separate categories. |
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FY 2009-2010 |
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FY 2008-2009 |
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FY 2007-2008 |
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EXPENSE TYPE |
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AMOUNT |
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AMOUNT |
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AMOUNT |
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COLLECTED |
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COLLECTED |
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COLLECTED |
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Claims |
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$55,288,157.00 |
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$62,268,893.63 |
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$65,722,470.40 |
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Administrative |
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$5,593,432.00 |
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$4,059,392.20 |
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$6,375,200.70 |
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DEP Allocations |
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$4,027,232.00 |
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$5,507,790.72 |
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$2,760,548.41 |
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Miscellaneous |
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$- |
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$- |
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$- |
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TOTAL EXPENDITURES |
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$64,908,821.00 |
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$71,836,076.55 |
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$74,858,219.51 |
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REVENUES OVER |
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$6,361,455.00 |
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$(19,923,763.71) |
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$(13,008,887.00) |
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(UNDER) EXPENDITURES |
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Total Assets, Total Liabilities and Loss Development |
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Source: Central Services Comptroller
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ASSET |
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FY 2009-2010 |
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FY 2008-2009 |
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FY 2007-2008 |
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Investments and Cash |
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$115,270,659.00 |
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$110,185,054.00 |
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$129,123,658.87 |
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GF Loan Receivable |
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$67,500,000.00 |
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$67,500,000.00 |
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$70,500,000.00 |
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Accrued Interest Rec |
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$13,618,518.00 |
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$13,418,929.82 |
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$29,412,948.53 |
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Investments Interest and Dividends |
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$709,117.00 |
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$592,268.00 |
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$- |
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Investments Sold |
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$139,320.00 |
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$343,574.00 |
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$- |
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DCED Loans Receivable |
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$45,383.00 |
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$159,749.39 |
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$1,291,022.86 |
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TOTAL ASSETS |
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$197,282,997.00 |
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$192,199,575.21 |
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$230,327,630.26 |
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LIABILITIES |
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FY 2009-2010 |
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FY 2008-2009 |
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FY 2007-2008 |
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Payables and Accrued Liab |
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$6,861,262.00 |
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$10,530,276.00 |
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$6,450,329.58 |
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DEP Allocations |
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$651,341.00 |
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$1,121,391.00 |
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$2,970,905.28 |
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Reserves for Open Claims |
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$153,362,996.00 |
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$163,226,257.82 |
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$191,361,502.32 |
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Loss Development - Funded |
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$36,407,398.00 |
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$17,321,650.39 |
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$29,544,893.08 |
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TOTAL LIABILITIES |
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$197,282,997.00 |
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$192,199,575.21 |
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$230,327,630.26 |
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LOSS DEVELOPMENT |
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FY 2009-2010 |
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FY 2008-2009 |
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FY 2007-2008 |
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Actuarial Analysis Total Losses |
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$484,229,294.00 |
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$490,148,487.00 |
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$541,512,385.00 |
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Less: |
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Reserves for Open Claims |
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$(153,362,996.00) |
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$(163,226,257.82) |
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$(191,361,502.32) |
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Loss Development - Funded |
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$(36,407,398.00) |
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$(17,321,650.62) |
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$(29,544,893.08) |
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LOSS DEVELOPMENT |
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UNFUNDED |
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$294,458,900.00 |
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$309,600,578.56 |
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$320,605,989.60 |
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Claim Information
As of December 31, 2010
Tank Owners And Operators (O & O) By Calendar Year - (Source: USTIF)
Claim's activities by calendar year.
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2010 |
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2009 |
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2008 |
| New Claims Received |
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142 |
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174 |
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177 |
| Claims Reopened |
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15 |
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13 |
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19 |
| Total New Claims |
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157 |
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187 |
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196 |
| Claims Closed by Payment |
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140 |
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150 |
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189 |
| Claims Denied |
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32 |
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51 |
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58 |
| Claims Withdrawn |
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22 |
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24 |
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27 |
| Total Claims Closed |
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194 |
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225 |
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274 |
| Total Open Claims |
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1484 |
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1521 |
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1554 | |
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| TIIP By Calendar Year - (Source: USTIF)
TIIP activities by calendar year.
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2010 |
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2009 |
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2008 |
| New Claims Received |
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0 |
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2 |
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0 |
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Claims Reopened |
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0 |
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0 |
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0 |
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Total New Claims |
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0 |
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2 |
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0 |
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Claims Closed by Payment |
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0 |
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0 |
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0 |
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Claims Denied |
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0 |
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2 |
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0 |
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Claims Withdrawn |
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0 |
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0 |
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1 |
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Total Claims Closed |
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0 |
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2 |
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1 |
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Total Open Claims |
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2 |
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2 |
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2 |
Tank O & O Average Cost Per Claim Closed And Payments By Calendar Year - (Source: USTIF)
Claims closed by payment and the average cost plus the total amount of revenues on all open cases and the total money spent to date.
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2010 |
2009 |
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Claims Closed By Payment |
140 |
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189 |
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Amount Paid |
$29,512,241.21 |
$32,050,019.49 |
$31,476,943.41 |
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Average Cost Per Closed Paid Claims |
$210,801.72 |
$213,666.80 |
$166,544.67 |
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All Claims (Includes Closed Claims) |
$45,438,006.99 |
$55,291,764.63 |
$63,055,124.30 |
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Reserves |
$150,212,200.96 |
$155,664,804.24 |
$167,046,212.38 |
TIIP Average Cost Per Claim Closed By Payments By Calendar Year - (Source: USTIF)
TIIP claims closed by payment and the average cost plus the total amount of reserves on all open cases and the total money spent to date.
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2010 |
2009 |
2008 |
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Claims Closed by Payment |
0 |
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0 |
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Amount Paid |
$0.00 |
$0.00 |
$0.00 |
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Average Cost Per Closed Paid Claims |
$0.00 |
$0.00 |
$0.00 |
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All TIIP Claims (Includes Closed) |
$0.00 |
$0.00 |
$0.00 |
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Reserves |
$175,000.00 |
$175,000.00 |
$250,000.00 |
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