Chronicles, September 2012

SC Workers’ Compensation Commission’s REPORT FROM THE COMMISSION By Gary M. Cannon, Executive Director The Commission completed Fiscal Year 2012 on June 30 and is pleased to provide highlights of major activities and accomplishments. Financial... More

SC Workers’ Compensation Commission’s REPORT FROM THE COMMISSION By Gary M. Cannon, Executive Director The Commission completed Fiscal Year 2012 on June 30 and is pleased to provide highlights of major activities and accomplishments. Financial The Commission continues its efforts to be good stewards of the financial resources provided by the State General Fund and the revenues generated by fees and assessments allocated in the Other Funds. The Commission’s total budget for FY 2012 was $5 million, $1. 7 million in General Funds and $3. 3 million in Other Funds. The fiscal year closed with total expenditures of $4. 8 million for a $210,000 reduction in actual versus budgeted expenses. Even though the Commission implemented measures to reduce expenses, it was necessary to utilize $400,000 in fund balance. Over the previous three years the General Assembly has reduced the Commission’s budget, necessitating the implementation of a series of expenditur Less