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6.G. - Pagf Redwood 187
<br />City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2018
<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 />Water Utility Fund Equipment Service Fund 1,200,000
<br />Docktown Marina Parking Fund 1,700,000
<br />Equipment Service Fund 6,000,000
<br />Total Long-term Interfund Loans 8,900,000
<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 2016-17 the water utility enterprise fund repaid $300,000 to
<br />the equipment services internal service Fund. During FY 2017-18 the water utility enterprise fund repaid
<br />$300,000 to the equipment services internal service Fund. As of June 30, 2018, $300,000 of this advance
<br />is considered current. During FY 2017-18, the parking fund and equipment services internal service fund
<br />advanced $7,700,000 to the docktown marina fund for operations.
<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 $694,236 during FY 2017-18 for the coverage.
<br />The City's workers' compensation policy includes coverage for the Port of Redwood City. The Port carries
<br />property and liability insurance policies with limits of $15,000,000 and $150,000,000, 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 2017-18 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 into
<br />account loss experience, annual payroll, and population. This premium pays for administrative costs and
<br />funds liability reserves. The premium paid in FY 2017-18 was $973,761.
<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 $28,000,000. A layer from $1,000,001 to $4,000,000 is self-
<br />insured by CARMA, the layer from $4,000,001 to $28,000,000 is reinsured through agreements with
<br />commercial insurers.
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