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7.1.A. - Page 98 , <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2014 <br /> NOTE 12 — INTERFUND TRANSFERS AND TRANSACTIONS (CONTINUED) <br /> C. Long -Term Interfund Loans <br /> Fund Receiving Advance Fund Making Advance Amount of Advance <br /> $ <br /> Successor Agency Fund Capital Outlay Fund 2,269,543 <br /> Low and Moderate Income Housing Asset Fund 1,687,703 <br /> Water Utility Fund Internal Service Funds 2,400,000 <br /> Total Long -Term Interfund Loans 6,357,246 <br /> During FY 2004 -05, the capital outlay fund advanced $3,000,000 to the redevelopment agency fund to <br /> finance various downtown improvements. During FY 2008 -09 the Redevelopment Agency repaid <br /> $115,622 of the advance, during FY 2009 -10 the Redevelopment Agency repaid $238,439, and during FY <br /> 2010 -11 the Redevelopment Agency repaid $248,364. During 2011 -12 the Redevelopment Agency was <br /> dissolved and the advance payable was transferred to the successor agency private purpose trust fund. <br /> Prior to the dissolution the Redevelopment Agency repaid $128,032. <br /> During FY 2009 -10, the low and moderate income housing fund advanced $2,812,838 to the <br /> redevelopment agency fund to partially finance the amount taken away from the Redevelopment <br /> Agency by the State of California. During FY 2010 -11 the Redevelopment Agency repaid $562,568 to the <br /> low and moderate income housing fund. During FY 2011 -12 the Redevelopment Agency was dissolved <br /> and the advance receivable was transferred to the low and moderate income housing asset fund, and <br /> the advance payable was transferred to the successor agency private purpose trust fund. During FY <br /> 2011 -12 the Successor Agency repaid $562,567 to the low and moderate income housing asset fund. <br /> During FY 2012 -13, the equipment services internal service fund advanced $3,000,000 to the water <br /> utility enterprise fund for the implementation of the Automated Meter Infrastructure Project to replace <br /> water meters. During FY 2013 -14 the water utility enterprise fund repaid $300,000 to the equipment <br /> services internal service fund. As of June 30, 2014, $300,000 of this advance is considered current. <br /> NOTE 13 — RISK MANAGEMENT AND SELF- INSURANCE FUND <br /> A. Workers' Compensation and Property Insurance <br /> The City is self- insured for workers' compensation for the first $350,000 per occurrence and has a <br /> commercial insurance policy that covers the City's exposure above the retained limits up to the statutory <br /> limits required by the State of California. The City paid $423,239 during FY 2013 -14 for the coverage. <br /> The City's workers' compensation policy includes coverage for the Port of Redwood City. The Port <br /> carries property and liability insurance policies with limits of $15,000,000 and $150,000,000, <br /> respectively. <br /> 70 <br />