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6.1 B Page 82 NOTE 12 — INTERFUND TRANSFERS AND TRANSACTIONS �CONTINUED) outlay fund to finance the purchase of real property. During FY 2009/10 the capital outlay fund repaid $1,000,000 of the advance. During FY 2009/10, the low and moderate income housing fund advanced $2,812,838 to the redevelopment agency fund to partially finance the amount taken away from the redevelopment agency by the State of California. NOTE 13 — RISK MANAGEMENT AND SELF-INSURANCE FUND A. Workers' Compensation and Property Insurance The City is self-insured for workers' compensation for the first $350,000 per occurrence and has a commercial insurance policy that covers the City's exposure above the retained limits up to the statutory limits required by the State of California. The City paid $266,450 during FY 2009/10 for the coverage. The City's workers' compensation policy includes coverage for the Port of Redwood City. The Port carries property and liability insurance policies with limits of $10,000,000 and $150,000,000, respectively. e. General Liability and Automobile The City is a member of the Bay Cities Joint Powers Insurance Authority (BGPIA), which is a liability pool consisting of 18 San Francisco Bay Area government agencies, for general liability and auto liability coverage. In FY 2009/10 the City maintained a$350,000 self-insured retention with coverage from $350,000 to $1,000,000 through the BCJPIA. The purpose of the pool is to provide certain levels of liability coverage, claims administration, and loss control support to member agencies. Annually, each agency pays an actuarially-determined premium based upon a formula which takes into account the prior three years' loss experience, annual payroll, and population. This premium pays for administrative costs and funds liability reserves. The premium paid in FY 2009/10 was $520,109. The BGPIA belongs to the California Affiliated Risk Management Authority (CARMA) which is an excess liability pool comprised of the BGPIA and five other local government insurance pools. CARMA provides coverage from $1,000,001 to $29,000,000. A layer from $1,000,001 to $3,000,000 is self- insured by CARMA, the layer from $3,000,001 to $29,000,000 is reinsured through agreements with commercial insurers. The City also carries all risk coverage on buildings and their contents at current appraised value. 59