FY2016 CCDOA Financial Report as of 6302016.pdf - page 128

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
115
Minimum Future
Rents
Fiscal Year
(000)
2017
258,451
$
2018
211,073
2019
209,418
2020
152,598
2021
38,621
Thereafter
391,352
15.) RISK MANAGEMENT
The Department is exposed to various risks of loss related to theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees and customers; and natural
disasters. These risks are covered by commercial insurance purchased from independent third
parties and County self-insured programs for off-airport auto liability, employee medical
benefits, and workers’ compensation.
From time-to-time, the Department carries cash and cash equivalents on deposit with financial
institutions in excess of federally-insured limits. However, the extent of any future loss to be
sustained as a result of uninsured deposits in the event of a failure of a financial institution, if
any, is not subject to estimation at this time.
The County has established a fund for self-insurance related to medical benefits provided to
employees and covered dependents. An independent claims administrator handles all claims
procedures. The County also provides an option for employees to select an independent
health maintenance organization for medical benefits.
The County has also established a fund for self-insurance related to workers' compensation
claims. The County maintains reinsurance coverage obtained from private insurers for losses in
excess of $1.0 million per claim.
The Department reimburses the County at a per capita rate for employee medical benefits
and for a percentage of payrolls for workers’ compensation coverage. Rates for this coverage
are uniform for all County departments and are adjusted based on the overall performance of
the self-insured medical benefits fund and the self-insured workers' compensation fund.
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