AgdaPkt 2012-01-09 - Laserfiche WebLink

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6.1. B. - Page 86 NOTE 12 — INTERFUND TRANSFERS AND TRANSACTIONS �CONTINUED) 8. Short-Term Due to/From other Funds At the end of the fiscal year the General Fund had net utility users tax receivable in the amount of $1,253,166. The policy of the City Council dictates the transfer of utility users tax to the Capital Outlay Fund, and once the revenue is received, the General Fund will transfer the cash to the Capital Outlay Fund. Receivable Fund Payable Fund Amount of Capital Outlay Fund General Fund $ 1,253,166 C. Long Interfund Loans Fund Receiving Advance Fund Mal<ing Advance Amount of Advance Redevelopment Agency Fund Capital Outlay Fund $ 2,397,575 Low and Moderate Income Housing fund 2,250,270 Capital Outlay Fund Self Insurance Fund 500,000 Total Long-Term Interfund Loans $ 5,147,845 During FY 2004/05, the capital outlay fund advanced $3,000,000 to the redevelopment agency fund to finance various downtown improvements. During FY 2008/09 the redevelopment agency repaid $115,622 of the advance, during FY 2009/10 the redevelopment agency repaid $238,439, and during FY 2010/11 the redevelopment agency repaid $248,364. During FY 2008/09, the self insurance fund advanced $2,500,000 to the capital outlay fund to finance the purchase of real property. During FY 2009/10 the capital outlay fund repaid $1,000,000 of the advance and during FY 2010/11 the capital outlay fund repaid $1,000,000. 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. During FY 2010/11 the redevelopment agency repaid $562,568 to the low and moderate income housing fund. NOTE 13 — RISK MANAGEMENT AND SELF FUND A. Workers' Compensation and Property Insurance The City is self-insured for worl<ers' 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 $233,913 during FY 2010/11 for the coverage. The City's worl<ers' compensation policy includes coverage for the Port of Redwood City. The Port carries property and liability insurance policies with limits of $15,000,000 and $150,000,000, respectively. e. General Liability and Automobile The City is a member of the Bay Cities Joint Powers Insurance Authority (BCJPIA), which is a liability pool consisting of 18 San Francisco Bay Area government agencies, for general liability and auto liability 60