W. VA. WORKERS’ COMPENSATION AUDIT REPORTS POSITIVE TRENDS:

An independent audit report for fiscal 2004 shows continued positive financial trends for the West Virginia Workers’ Compensation Commission, according to Gregory Burton, executive director. The report cites a deficit or unfunded liability for the combined funds of the Workers’ Compensation Commission of $2.965 billion, compared to $3.1 billion for fiscal 2003. The deficit represents the amount that total liabilities exceed total assets. The Commission’s total liabilities as of June 30, 2004 were $4.277 billion. Total assets of $1.312 billion offset these liabilities, leaving the unfunded liability or deficit at $2.965 billion. The commission oversees the Workers’ Compensation Fund, as well as the Coal Workers’ Pneumoconiosis Fund and the Employers’ Excess Liability Fund. The CWPF had net assets of $30.3 million at the conclusion of fiscal 2004, while the EELF had net assets of $13 million.

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