Title
Request to Transfer Funds
Proposed Motion
That the Workers' Compensation Board's (WCB) 2012 special rebate funding in the amount of $11,062.07 be transferred to Future Operating Restricted Surplus.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
To allocate the 2012 special rebate funding from Workers' Compensation Board to Future Operating Restricted Surplus.
Summary
Alberta Workers' Compensation Board is a nonprofit organization providing no fault insurance for employers; the Alberta Workers' Compensation Board Act requires that sufficient funds be available in Workers' Compensation Board Alberta Accident Fund for the payment of present and future compensation to injured workers. This Accident Fund is directed by Alberta Workers' Compensation Board funding policy; this policy states that if Workers' Compensation Board surpasses its required funding level, Workers Compensation Board is to consider issuing a surplus distribution payment to employers. In 2012, this fund had a surplus. The rebate is related to 2012 premiums and employers' performance for that year. Previous WCB rebates have been transferred to Future Operating Restricted Surplus to support future safety initiatives for Parkland County employees.
Strategic Plan/Policy/Legal/Staff Implications
N/A
Financial Impact:
Cost: $11,062.07
Source of Funding: Future Operating Restricted Surplus
Other
N/A