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6.1 B
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<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 BGPIA condensed audited financial
<br /> results for the year ended June 30, 2010:
<br /> $
<br /> Assets 23,330,841
<br /> Reserves for Claims 9,973,434
<br /> Liabilities 1 3,294,530
<br /> Net Assets Unrestricted 10,062,877
<br /> Member Contributions 10,348,260
<br /> Other Income 1gg�22g
<br /> Provisions for Claims and Claim Adjustment Expenses 1�g72�272
<br /> Operating Expenses z 6,701,274 ,
<br /> Change in Net Assets 1,872,942
<br /> � Excluding claims liabilities
<br /> z Excluding provisions for claims
<br /> I
<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
<br /> incurred but not reported claims are maintained within this fund. These reserves are based on an
<br /> actuarial analysis 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 2008, 2009, and 2010
<br /> were:
<br /> Beginning Current Year Claims/ Claim Ending
<br /> Balance Changes in Estimates Payments Balance
<br /> $ $ $ S
<br /> 2007/OS 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 /> 2009/10 10,361,038 2,122,455 (1,427,167) 11,056,326
<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
<br /> made with a developer.
<br /> The Agency has entered into agreements with developers and other government entities for the
<br /> purpose of ensuring the redevelopment of properties in its area. The Agency's agreements with
<br /> developers, termed disposition and development agreements or owner participation agreements,
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