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<br />NOTE 12 - INTERFUND TRANSFERS AND TRANSACTIONS ( CONTINUED) <br /> <br />B. <br /> <br />Current Interfund Balances <br /> <br />Current interfund balances arise in the normal course of business and are expected to be repaid <br />shortly after the end of the fiscal year. The following is a summary of interfund balances as of <br />June 30, 2004. <br /> <br />(Liability ) <br />Payable Fund <br /> <br />(Asset) <br />Receivable Fund <br /> <br />Amount <br /> <br />Capital Outlay Fund <br /> <br />Self Insurance Fund <br />Internal Services Fund <br />Water Utility Fund <br /> <br />$1,000,000 <br />1,000,000 <br />6,000,000 <br />$8,000,000 <br /> <br />Total <br /> <br />c. <br /> <br />Long- Term Interfund Loans <br /> <br />Fund Receiving Advance <br /> <br />Fund Making Advance <br /> <br />Amount of Advance <br /> <br />Transportation Grant Special Revenue <br />Fund <br /> <br />General Fund <br /> <br />$90,700 <br /> <br />During 1996/97, the general fund advanced $1,125,700 to the transportation grant special revenue <br />fund. $140,000 was repaid in fiscal year 1998, $820,000 was repaid in fiscal year 2000, $85,000 <br />was advanced in fiscal year 2001, $160,000 was repaid in 2002, and $284,467 was advanced in <br />fiscal year 2003 and repaid in fiscal year 2004 leaving a balance of $90,700 owed to the general <br />fund. <br /> <br />NOTE 13 - RISK MANAGEMENT AND SELF-INSURANCE FUND <br /> <br />A. <br /> <br />Workers' Compensation and Property Insurance <br /> <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 $50,000,000. <br />The City paid $310,328 during FY 2003/04 for the coverage. <br /> <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 /> <br />B. <br /> <br />General Liability and Automobile <br /> <br />The City is a member of the Bay Cities Joint Powers Insurance Authority (BCJPIA), which is a liability <br />pool consisting of 1 7 San Francisco Bay Area government agencies, for general liability and auto liability <br />coverage. The City maintains a $250,000 self-insured retention with coverage from $250,000 to <br />$1,000,000 through the BCJPIA. The purpose of the pool is to provide certain levels of liability <br />coverage, claims administration, and loss control support to member agencies. Annually, each agency <br />pays an actuarially -determined premium based upon a formula which takes into account the prior <br />three years' loss experience, annual payroll, and population. This premium pays for administrative costs <br />and funds liability reserves. The premium paid in FY 2003/04 was $430,365. <br /> <br />52 <br />