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<br />. ; NOTE 12 ":"'lNTERFUND TRANSFERS AND TRANSA<;TIONS (CONTINUED) :
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<br />C Long-Term Inteifund Loans
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<br />: Redevelopment Agency Fund
<br />. -Sewer l)tility Fund . _ .
<br />'. Total Long-Term Interfund Loans:. .:.
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<br />Capital Outlay Fund
<br />;. Water Utility ,Fund, '
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<br />,Amount of Advance
<br />$
<br />, 3,000.000
<br />2.083.333
<br />.. 5.083.3.u
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<br />: . Fund Receiving A.'dvance
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<br />: Fund Making Advance
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<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 2006/07,. the. water utility fund advanced
<br />.$2.500,000 to the sewer utilitY . fund to cover the unanticipated increase in. the capital replacement fund
<br />needs of the. South Bayside System Authority. During FY, 2007/08: :the sewer utility fund repaid
<br />'$416,667, of the advance~ ' '
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<br />'NOTE-13-RISKM^NAGEMENTA~lD SELF-INSURANCE FUND.
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<br />.. A. ' . Workc,rS' Compensat!Dn and Property Jns~rance
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<br />The..:City is. self-insured for workers' compensati~~ for the first $35.0,000 .per occun:.ence and. has a.
<br />corrimercial insurance:policy.that covers.thc;Cit)i's'.cxposure above the re.tained'limits up to $100,000,000
<br />per incident. The City paid $24:0,581.during FY 2007/08 for the coverag~.. . , '
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<br />1be. City's .workers'. compensation policy includes coverage for the p~. of Red~ood City., The Port
<br />. carries property and liability insurance' policies with :limits of $10,000,000 and $150,000:000,
<br />respectively. .
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<br />B. General LiabUity and Automobile'
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<br />The .City.:is a member of the Bay.Cities Joint l)owerk ins~rance'Aothority:(BCJPIA), which is a liability ,
<br />pool consisting of 17 San.Frimcisco Bay Area. government. agencies, for general 11 ability and auto liability
<br />; .coverage.. InFY 2007/08 the. City maintained a $35.(}.,OOO self~insUred retention ~th coverage from
<br />: ::$350,000 .to. $1,0.00.000 through'the BCJPIA. The purpose of the pool:is to provide certain levels of:
<br />; liability coverage, c1aitns ~dmj.nistration, and loss .control s~pport to ,member agencies., AnntiaBy, each;,
<br />agency pays an: actuarially-determined premium, hased : upon, a: forinula which takes into account the
<br />prior three years' less experience, annual payroll, and population. This premium pays for administrative
<br />..cost:Sand fun~s liability reserves. The prem~um paid in FY 2007/08 was $399,465. . . : .
<br />
<br />The BCJPIA belongs to. the California Affiliated Risk Management Authorit)"'(CARMA) which is an
<br />excess liability poor comprised of the BCJPIA and five other local" government insurance pools:
<br />. ,:CARMA provides coverage'from $1,009,001 to. $25,000,000. A layer from $l"OOO,OOl.to $5,000,000 is.;
<br />self-insmed by CARMA, the layer from $5,000,001 to $25,000.OOOiis reinsuredthfough agreement.c; with,
<br />: commercial insurers. . . . '
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<br />. The City also ca~esall risk coverage on. buildings and their.contepts at current appraised value.
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