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Financial Audit of Workers’ Compensation Program

September 28, 2004

King County self-insures its workers’ compensation program. The county’s workers’ compensation reserve fund is significantly inadequate to cover future claims obligations estimated by the county. The workers' compensation fund balance is approximately $9 million less than the reserve level established by county code and reported in the county's financial statements. However, the deficit is even larger when one considers the actuarial estimate of future liabilities.

Based on a large and growing unfunded liability, the workers' compensation fund faces an increased risk in meeting its ability to pay future long-term claims obligations. Furthermore, county financial statements do not disclose the full extent of estimated future claims obligations.

Recommendation Status

Of the 8 recommendations:

  • DONE: 8
    Recommendations have been fully implemented. Auditor will no longer monitor.
  • PROGRESS: 0
    Recommendations are in progress or partially implemented. Auditor will continue to monitor.
  • OPEN: 0
    Recommendations remain unresolved. Auditor will continue to monitor.
  • CLOSED: 0
    Recommendation is no longer applicable. Auditor will no longer monitor.