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Connecticut's Historical Costs
| Date |
Total Reimb. Recv'd |
Initial Payment
Made by NatLUST |
Avg.
Advance Rate |
Residual Payment Made byNatLUST |
Residual As %
of Claim |
Carrying Costs As % of Claim |
| March 07 |
13,346 |
12,101 |
90.67% |
1,117 |
8.27% |
.90% |
| June 07 |
55,124 |
55,124 |
90.00% |
5,185 |
9.41% |
.59% |
| August 07 |
131,582 |
118,472 |
90.00% |
11,890 |
9.03% |
.97% |
| Sept 07 |
37,834 |
34,050 |
90.00% |
3,558 |
9.40% |
.60% |
| Oct 07 |
555,425 |
499,882 |
90.00% |
49,507 |
8.91% |
1.08% |
| Dec 07 |
149,309 |
134,378 |
90.00% |
12,878 |
8.625% |
1.37% |
| Jan 08 |
89,976 |
80,978 |
90.00% |
8,268 |
9.19% |
.91% |
| April 08 |
125,950 |
113,355 |
90.00% |
11,231 |
8.91% |
1.09% |
| June 08 |
462,060 |
415,854 |
90.00% |
41,505 |
8.98% |
1.02% |
| Sept 08 |
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90.00% |
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8.71% |
1.29% |
| Nov 08 |
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90.00% |
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8.79% |
1.21% |
| Dec 08 |
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89.45% |
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9.81% |
.74% |
| Mar 09 |
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90.00% |
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9.15% |
.85% |
| Jun 09 |
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89.63% |
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9.20% |
1.17% |
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August 23, 2009 Comment: Carrying costs in Connecticut have been runing about 1% give or take, or about 3.5% annualized. Since January 2009 we have been billing out the variable portion of carrying costs at 3.25% annually, and the one-time fixed charge at 2/10 of 1%.
Of particular note, claim turnover started to increase in 2009. For example, we did not receive reimbursements on the Dec 08 and Feb 09 batch of claims until June of 2009. The longer claim turnover is due to the fact that the legislature cut the funding to the program in January 2009 from $10 million to $9 million annually (they actually removed $1 million that was sitting in the UST fund back to CT's General Fund). As of this date, the legislature has NOT finalized the FYE 6/30/2010 appropriation. But most parties, including ICPA and GASDA, believe the UST program will likely suffer a significant cut in funding, perhaps to no more than Governor Rell's proposed $4.9 million. Given the expected lower funding levels, NatLUST believes UST claim turnover in Connecticut will likely lengthen substantially in coming months. Immediately prior to the 8/18/2009 Board meeting, DEP reported to NatLUST that it had approximately $2.1 million in approved unpaid claims outstanding.
Updated August 23, 2009
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