In his unaudited reports, Fund comptroller David S. Demapan said the GHLIP has $18,794,701.19 in total liabilities versus its total assets of $737,797.13.
In his report, Demapan said the total operating revenues of GHLIP—$10,047,210.75—dropped by 3.5 percent.
The cost of medical claims reached $9.7 million translating to a savings of 3 percent while the total operating expenses reached to over $9 million.
During their board meeting this week, the Board of Trustees agreed to revise GHLIP’s budget to include the interest expense for the investment in the Retirement Fund, among other things.
Demapan said GHLIP’s life insurance surcharge now totals $160,930.04 which exceeded their revenue estimates by 12 percent.
In all, GHLIP owes different health providers $17.2 million.
In June, Demapan said the Retirement Fund paid over $1.2 million to Aetna Life & Casualty (Bermuda), Ltd for the cost of the health insurance premiums, and $522,045.53 to NetCare Life and Health Insurance Company.
Some $720,462.68, in the GHLIP’s separate account is now being used to pay NetCare Life and Health Insurance Company, Aetna Life & Casualty, and NMI Retirement Fund for the investment in GHLI, said Demapan.
“Overall, as of June 30, 2009 and for the 9-month ended June 30, 2009, GHLI trust fund’s financial position and results of operation resulted to fluctuations in deficit fund balances,” he said.
