Just weeks after officials reported an anticipated $100,000 to $150,000 municipal budget surplus, Finance Director Robert Tait was notified the town will be receiving nearly $95,000 in overpayments on its estimated 2017-18 premiums for Workers’ Compensation, Liability, and Property coverage.

The distribution is coming from the Connecticut Interlocal Risk Management Agency (CIRMA) — a public entity risk pool providing workers’ compensation, liability-auto-property insurance, and other risk management services to 386 member towns, schools, and local public agencies.

Since its establishment 37 years ago, CIRMA has grown to be the leading provider of Workers’ Compensation and Liability and Property coverage to local public entities in Connecticut. Unlike most commercial insurers, CIRMA’s directors are public officials from the Connecticut towns and cities the agency insures who work closely with members, business partners, and strategic alliances to help manage unique losses and exposures.

On August 14, those directors approved a $5 million distribution of Members’ Equity to be made in July and August 2018 to its members. This represents CIRMA’s seventh distribution of Members’ Equity in the past eight years, totaling nearly $25 million.

“The partnership and risk management efforts of our members are a sustaining force behind CIRMA’s outstanding financial strength, growth in service programs, and our ability to deliver a Members’ Equity Distribution Program. Working together, we are making our communities better and safer places to live, learn, and work in,” said David Demchak, CIRMA President and Chief Executive Officer.

Barbara Henry, First Selectman of Roxbury and CIRMA Chairman of the Board, said, “CIRMA’s Members’ Equity Distribution program, outstanding rate stability, and tailored programs are what makes CIRMA a tremendous value to our members.”

As a member-owned and governed organization, CIRMA stands as one of the most successful state-wide collaborative efforts between Connecticut municipalities, school districts, and local public agencies.

Earlier this year, the agency announced its financial and operational results for 2016-17 exceeded the previous year’s strong results “on all fronts.”

CIRMA’s financial highlights for 2016-17 include:

*Total gross premium was $97 million, a $4 million increase over the previous year, and attributed to a 100 percent retention rate and 15 new members for the year;

*Total assets reached $365 million, a new high; and

*CIRMA’s investment portfolio produced a solid investment income of $6.1 million for 2016-17, supporting the growth and stability of CIRMA’s Members’ Equity program and 2017’s $5 million Equity Distribution, another new high.

CIRMA’s financial strength backs its rate stability, its promise to pay claims, value-added programs, and its Member Equity Distribution program.

“As a member-owned and governed organization, we understand municipalities’ and public schools’ need for budget certainty,” said Mr Demchak. “CIRMA’s long-term rate stability and rate stabilization programs are excellent examples of what makes CIRMA unique.”

Almost 165 municipal and public school members, with nearly $50 million in premium, participated in CIRMA’s Rate Stabilization Programs in 2016-17. CIRMA’s budget stabilization programs help local governments control costs and keep tax rates stable, according to the agency.

Mr Tait said the latest distribution will be applied to the town’s general revenues fund.