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6.1 B - Attachment No. 4
<br /> NOTE 12—INTERFUND TRANSFERS AND TRANSACTIONS(CONTINUED�
<br /> B. Long-Term Interfund Loans
<br /> Fund Receiving Advance Fund Making Advance Amount of Advance
<br /> $
<br /> Redevelopment Agency Fund Capital Outlay Fund 2,884,378
<br /> Sewer Utility Fund Water Utility Fund 1,250,000
<br /> Capital Outlay Fund Self Insurance Fund 2,500,000
<br /> Total Long-Term Interfund Loans 3��
<br /> During FY 2004/O5, the capital outlay fund advanced $3,000,000 to the redevelopment agency fund to
<br /> finance various downtown improvements. During FY 2008/09 the redevelopment agency repaid
<br /> $115,622 of the advance. During FY 2006/07 the water utility fund advanced $2,500,000 to the sewer
<br /> utility fund to cover the unanticipated increase in the capital replacement fund needs of the South Bayside
<br /> System Authority. During FY 2007/08 the sewer utility fund repaid $416,667 of the advance and
<br /> $833,333 in FY 2008/09. During FY 2008/09,the self insurance fund advanced$2,500,000 to the capital
<br /> outlay fund to finance the purchase of real property.
<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$270,211 during FY 2008/09 for the coverage.
<br /> The City's workers' compensation policy includes coverage for the Port of Redwood City. The Port
<br /> carries property and liability insurance policies with limits of $10,000,000 and $150,000,000,
<br /> respectively.
<br /> B. General Liability and Automobile
<br /> The City is a member of the Bay Cities Joint Powers Insurance Authority (BCJPIA), which is a liability
<br /> pool consisting of 18 San Francisco Bay Area government agencies, for general liability and auto liability
<br /> coverage. In FY 2008/09 the City maintained a $350,000 self-insured retention with coverage from
<br /> $350,000 to $1,000,000 through the BCJPIA. The purpose of the pool is to provide certain levels of
<br /> liability coverage, claims administration, and loss control support to member agencies. Annually, each
<br /> agency pays an actuarially-determined premium based upon a formula which takes into account the
<br /> prior three years' loss experience, annual payroll, and population. This premium pays for administrative
<br /> costs and funds liability reserves. The premium paid in FY 2008/09 was$402,458.
<br /> The BCJPIA belongs to the California Affiliated Risk Management Authority (CARMA) which is an
<br /> excess liability pool comprised of the BCJPIA and five other local government insurance pools.
<br /> CARMA provides coverage from $1,000,001 to $29,000,000. A layer from $1,000,001 to $3,000,000 is
<br /> self-insured by CARMA,the layer from $3,000,001 to $29,000,000 is reinsured through agreements with
<br /> commercial insurers.
<br /> The City also carries all risk coverage on buildings and their contents at current appraised value.
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