Public entity managers and finance directors all over Alaska are carefully monitoring the 30th Legislature now underway in Juneau, as they focus renewed attempts to craft a fiscal plan that will address the present reality that oil revenues and dwindling reserve accounts no longer provide sufficient dollars to support current and future years operating budgets necessary to meet present programs and services to the public. In these challenging economic times, those that participate in the Alaska Public Entity Insurance (APEI) joint insurance arrangement realize signing on as a pool member continues to be one of the best decisions they have made amongst ever increasing fiscal challenges they face each day as they attempt to reduce operating costs and stabilize risk within their individual programs.
Our pool membership continues to grow as eligible public entities come to realize this same cost/benefit decision. I invite you to download and read APEI’s 2016 annual report now available on our web site to carefully review the excellent financial condition of the company and the sizable distributions the APEI board approves each year as excess capital shared among our current members.
These numbers validate the benefits of participating in a stable, well-run, non-profit pooling program which combines broad form insurance coverage custom tailored to Alaska operations and activities. As you read through the annual report – note the improvements APEI has made in coverage terms and conditions as well as training and service offerings to our members.
Among the uncertainty in the Alaska public entity budget environment, the stability and fiscal strength demonstrated in the APEI programs provide stability and certainty with the continued expectancy these strengths will continue in future years.