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6.1.E. - Page 103
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2015
<br /> NOTE 13—RISK MANAGEMENT AND SELF-INSURANCE FUND(CONTINUED)
<br /> $
<br /> Assets 30,839,366
<br /> Reserves for Claims 19,384,942
<br /> Liabilities 1 3,546,576
<br /> Net Position Unrestricted 7,907,848
<br /> Member Contributions 11,452,248
<br /> Other Income 243,006
<br /> Provisions for Claims and Claim Adjustment Expenses 6,962,884
<br /> Operating Expenses 2 7,216,607
<br /> Change in Net Position (2,484,237
<br /> 1 Excluding claims liabilities
<br /> 2 Excluding provisions for claims
<br /> C. Self-Insurance Fund
<br /> The City maintains a self-insurance internal service fund for its workers' compensation and general
<br /> liability self-insurance programs. This fund accounts for revenues from departmental charges and
<br /> operating expenses, including settlements within the City's self-insured retentions. Reserves for
<br /> incurred but not reported claims are maintained within this fund. These reserves are based on an
<br /> actuarial analysis performed by Richard E. Sherman &Associates, Inc. in accordance with GASB 10.
<br /> Changes in the self-insurance fund's claims payable liability for fiscal years ended 2013, 2014, and 2015
<br /> were:
<br /> Beginning Current Year Claims/ Claim Ending
<br /> Balance Changes in Estimates Payments Balance
<br /> $ $ $ $
<br /> 2012-13 11,778,790 4,732,771 (3,111,209) 13,400,352
<br /> 2013-14 13,400,352 7,617,770 (2,563,399) 18,454,723
<br /> 2014-15 18,454,723 6,671,124 (4,222,289) 20,903,558
<br /> Settlements have not exceeded coverage for each of the past three fiscal years.
<br /> NOTE 14—DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY
<br /> As part of the FY 2011-12 State Budget package, and in an effort to help solve the State's budget
<br /> problems, the California legislature enacted and the Governor signed two companion bills addressing
<br /> redevelopment, AB X1 26 (Dissolution Act) and AB X1 27 (Voluntary Program Act), which took effect on
<br /> June 29, 2011.
<br /> The Dissolution Act immediately suspended all new redevelopment activities and incurrence of
<br /> indebtedness, and eliminated redevelopment agencies as of October 1, 2011.
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