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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 13 — RISK MANAGEMENT AND SELF-INSURANCE FUND (CONTINUED)
<br />B. General Liability and Automobile, Continued
<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 fiscal year ended June 30, 2018:
<br />Assets
<br />$ 40,219,180
<br />Reserves for Claims
<br />24,425,292
<br />Liabilities(1)
<br />4,447,733
<br />Net Position Unrestricted
<br />11,346,155
<br />Member Contributions
<br />15,236,366
<br />Other Income
<br />1,562,114
<br />Claims and Claim Adjustment Expenses (2)
<br />3,976,785
<br />Operating Expenses(3)
<br />12,703,336
<br />Change in Net Position
<br />118,359
<br />(1)Excluding claims liabilities
<br />(2)Including change in unpaid claims
<br />(3)Excluding claims and claim adjustment expenses
<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 incurred
<br />but not reported claims are maintained within this fund. These reserves are based on an actuarial
<br />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 2016, 2017, and 2018
<br />were:
<br />Settlements have not exceeded coverage for each of the past three fiscal years.
<br />86 292
<br />Current Year
<br />Beginning
<br />Claims/Changes
<br />Balance
<br />in Estimates
<br />Claim Payments
<br />Ending Balance
<br />S
<br />S
<br />S
<br />S
<br />2015-16 20,903,558
<br />7,782,145
<br />(5,568,861)
<br />23,116,842
<br />2016-17 23,116,842
<br />4,486,534
<br />(3,822,883)
<br />23,780,493
<br />2017-18 23,780,493
<br />6,743,172
<br />(3,976,982)
<br />26,546,683
<br />Settlements have not exceeded coverage for each of the past three fiscal years.
<br />86 292
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