Financial Statement and Summary

CIS Strengthens Financial Reserves in 2021

CIS Strengthens Financial Reserves

CIS is a public entity with no shareholders. Our earnings are set aside for your benefit — and the benefit of every CIS member. Because you're a member of CIS, your entity owns a part of our capital.

Despite the continuing pandemic in 2021, and the economic uncertainty it has caused, CIS had a solid financial year.

Our consolidated net position (assets minus liabilities) for the year came in at $228.3 million, which is $14 million more than a year ago.

Your investment in the Trusts’ capital helps keep your rates stable and ensures strong coverage no matter what calamities occur.

Our Board sets rates for both employee benefits and property/casualty programs. The purpose of CIS’ capital is to provide rate stability for you and all CIS’ members, year after year.

This year we subsidized member contributions for our healthcare program to ensure a more stable rate.

The Board also works to protect the Trusts’ capital positions to ensure we continue to have strong reserves to stabilize rates for members. Capital helps minimize the impact of catastrophic claims and the volatile markets for our reinsurance coverage services.

While 2021 was another tough year, we continued to build our capital to meet members' expectation of stability and strength.

As we prepare for an uncertain economic future in 2022, CIS’ financial strength stands with you — because that’s what families do.

For over 40 years, CIS has saved cities and counties money in insurance premiums and protected their valued assets. Commercial insurers typically build a 10-15 percent profit margin across all lines into their pricing. Since CIS is a public entity, like our members, we’re not profit-driven. Premium allocation is based on anticipated claims, operational costs, and members' exposures and experience.

PDF Financial Statement and Summary

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The Summary Financial Information at June 30, 2021 has been derived from the Financial Statements with Independent Auditor’s Report for the Fiscal Years Ended June 30, 2021, 2020, and 2019; which is readily available at http://www.cisoregon.org/About/TrustDocs.

CIS’ Financial Statements with Independent Auditor’s Report is also filed annually with the Oregon Secretary of State-Audits Division and those filings are available at: https://secure.sos.state.or.us/muni/public.do. Search for government name starting with “CIS.” The Summary Financial Information is unaudited and does not contain all the disclosures, Management’s Discussion and Analysis and other required supplementary information required by generally accepted accounting principles as established by the Governmental Accounting Standards Board who considers that information an essential part of financial reporting for placing basic financial statements in an appropriate operational, economic or historical context. Reading the Summary Financial Information at June 30, 2021, therefore, is not a substitute for reading the Financial Statements with Independent Auditor’s Report for the Fiscal Years Ended June 30, 2021, 2020, and 2019.