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City of Redwood City 6.1.E. - Page 102 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2015 <br /> NOTE 12—INTERFUND TRANSFERS AND TRANSACTIONS(CONTINUED) <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. During FY 2014-15 the water utility enterprise fund repaid $300,000 to <br /> the equipment services internal service Fund. As of June 30, 2015, $300,000 of this advance is <br /> 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 <br /> statutory limits required by the State of California. The City paid $466,681 during FY 2014-15 for the <br /> 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 /> B. General Liability and Automobile <br /> The City is a member of the Bay Cities Joint Powers Insurance Authority (BCJPIA), which is an insurance <br /> pool consisting of 19 San Francisco Bay Area government agencies, which the City uses for general <br /> liability and auto liability coverage. In FY 2014-15 the City maintained a $350,000 self-insured retention <br /> with coverage from $350,000 to $1,000,000 through the BCJPIA. The purpose of the pool is to provide <br /> certain levels of liability coverage, claims administration, and loss control support to member agencies. <br /> Annually, each agency pays an actuarially-determined premium based upon a formula which takes <br /> into account loss experience, annual payroll, and population. This premium pays for administrative <br /> costs and funds liability reserves. The premium paid in FY 2014-15 was $758,962. <br /> The BCJPIA belongs to the California Affiliated Risk Management Authority (CARMA) which is an excess <br /> liability pool comprised of the BCJPIA and four other local government insurance pools. CARMA <br /> provides coverage from $1,000,001 to $29,000,000. A layer from $1,000,001 to $4,000,000 is self- <br /> insured by CARMA, the layer from $4,000,001 to $29,000,000 is reinsured through agreements with <br /> commercial insurers. <br /> The City also carries all risk coverage on buildings and their contents at replacement cost value. <br /> Audited financial statements are available from the Bay Cities Joint Powers Insurance Authority at 1750 <br /> Creekside Oaks Drive, Suite 200, Sacramento, CA 95833. The following is the BCJPIA condensed audited <br /> financial results for the year ended June 30, 2015: <br /> 73 <br />