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6.1 B - Attachment No. 4
<br /> NOTE 13—RISK MANAGEMENT AND SELF-INSURANCE FUND(CONTINUED�
<br /> Audited financial statements are available from the Bay Cities Joint Powers Insurance Authority at 1020
<br /> 19�' Street, Sacramento, California 95814. The following is the BCJPIA condensed audited financial
<br /> results for the year ended June 30, 2009:
<br /> Assets $22,789,374
<br /> Reserves for Claims 11,045,579
<br /> Liabilities ' 3,553,860
<br /> Net Assets Unrestricted � 8,189,935
<br /> Member Contributions 9,576,067
<br /> Other Income 679,261
<br /> Provisions for Claims and Claim Adjustment Expenses 4,308,149
<br /> Operating Expenses 2 6,069,004
<br /> Change in Net Assets (121,825)
<br /> 1 Excluding claims liabilities
<br /> 2 Excluding provisions for claims
<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 analysis
<br /> 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 2007, 2008, and 2009
<br /> were:
<br /> Beginning Current Year Claims/ Claim Ending
<br /> Balance Changes in Estimates Payments Balance
<br /> 2006/07 8,900,222 2,104,378 (1,347,760) 9,656,840
<br /> 2007/08 9,656,840 1,096,552 (1,007,612) 9,745,780
<br /> 2008/09 9,745,780 1,685,063 (1,069,805) 10,361,038
<br /> Settlements have not exceeded coverage for each of the past three fiscal years.
<br /> NOTE 14—REDWOOD CITY REDEVELOPMENT AGENCY
<br /> The Agency has purchased parcels of land for redevelopment in order to develop or redevelop blighted
<br /> properties within the city limits of Redwood City. Such land parcels are accounted for at the lower of
<br /> cost, estimated net realizable value, or agreed-upon sales price if a disposition agreement has been made
<br /> with a developer.
<br /> The Agency has entered into agreements with developers and other government entities for the purpose of
<br /> ensuring the redevelopment of properties in its area. The Agency's agreements with developers, termed
<br /> disposition and development agreements or owner participation agreements,generally require the Agency
<br /> 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 measured by increases in property taxes and sales t�es
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