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<br />NOTE 13 - ~SK MANAGE.MENT AND SELF-INSURANCE fuND (CONT.INUED)
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<br />Audited 'financial statements are. available. from the Bay Cities.Joint Powers lrisurance Authority at 1020
<br />19m Street, Sacramento, California 95814. The .fonowing is the BCJPIA condensed audited financial
<br />results for the year ended June :30, 2008.: '
<br />
<br />Assets
<br />Reserves for Claims
<br />Liabilities: I .. ..',. ':.
<br />Net Assets Unrestricted' . :' .
<br />. Member Contributions
<br />Other Income
<br />Dhridends from Excess Pool.. ,
<br />Provisions fOT Claims and Claim Adjustment Expenses
<br />Operating Expenses 2 '
<br />Change in Net Asse.rs
<br />
<br />$20,055'~378 .
<br />9,336,392;
<br />2A07,226
<br />.. 8~31C760
<br />9,526,813
<br />f,124,327
<br />.963,872
<br />. ,. 2.476,591
<br />, 5,976531
<br />3,161,890"
<br />
<br />1. Excluding claims liabilities
<br />2 E~cluding provisions for claims
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<br />
<br />C Self-Insurance Fund..
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<br />. The City.mainta1n~ a: self-insurance internal s~ce -fund for:: 'Its ' workers' compensation and general
<br />. liability, self-ipsurance progrdms. This fund accounts Jor revenues' from departmentaLcharg~s . and
<br />operathig expens'es, inchlding settlements wiihin the: City'sself-insured r.etentions.:. Reserves for incurred
<br />butno(reported Claims are maintained withiIi this fund. . These r:eserves are based on an actuarial analysis
<br />. perfonned by Richard E. Shennan & AssO~~fes, lnc. 'in accor~ce with GASB 10.
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<br />. . . . ....
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<br />Changes in the self-insuHmce fund's ~laims payable. liability. f~r fisc~il years ended 2006;2007, and 2,0.08
<br />. .
<br />were:
<br />
<br /> Beginnm.g. Current. Year Claims! . . Claim Ending
<br /> Balance Changes in Estimates: . . Payments. . , Balance
<br /> . , .
<br />: . 2005/06 8,953,720. 1,714,189. (1,76.7,681.),' 8,900.222 .
<br />, 200.6/0.7' . 8~9o.O,222 . . 2;104,378 (1,347,760) 9,656,840.
<br />20.07/08 . .9,65'6~840 . . 1,096,552 (1,0.0.7.61'2) .9,745,780.
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<br />. ..
<br />. . . .
<br />.... . . .
<br />. . .
<br />. . .. . .
<br />:, . Settlements ;havenot exceeded coverage for each of-the past thre~ :fiscal yeaTS. . .
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<br />NOTE 14 -:REDWOOD CITY REDEVELOPMENT AGEN'CY.:
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<br />. .,.The. Agency has purchased parcels of land fo~ rede.~~loPI11erit. i1;1 ~rder to develop. or redevelop blighted
<br />properties within the city limits of Redwood. City. Such :}and parcels are accounted fOr .at the lower: of
<br />., .; .cost, estimated netreaJizable value. or agreed-upon sales .price if-a diSposition .agreement has been made
<br />' . with a developer. . . .
<br />
<br />60"
<br />
<br />
<br />The Agency has .entei-ed jnto .agreem,ents with developers and other government,entitieS for the purj:>ose , .
<br />of ensuring the, redevelopment of properties in its area. . The Agency's agreements With developers,
<br />termed disposition and development agreemertts',or owner participation a.greements, generally require. the
<br />Agency to assist in. financing land acquisition or operating costs of a .specific project, but are based on the
<br />developer's performance" on that" project as imeasured. by inc~eases in: property taxes and saJes taxes
<br />generated:by the projector to provjde affordable housiIlg: to the. community. The. increases. iil. these taxes,
<br />: are. tfre. only source of Agency assistance fOf::the project. ;
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