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6.1.F. - Page 94 ,
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2012
<br /> NOTE 12—INTERFUND TRANSFERS AND TRANSACTIONS�CONTINUED�
<br /> During FY 2004/05, the capital outlay fund advanced $3,000,000 to the redevelopment agency fund to
<br /> finance various downtown improvements. During FY 2008/09 the redevelopment agency repaid
<br /> $115,622 of the advance, during FY 2009/10 the redevelopment agency repaid $238,439, and during FY
<br /> 2010/11 the redevelopment agency repaid $248,364. During 2011/12 the redevelopment agency was
<br /> dissolved and the advance payable was transferred to the successor agency private purpose trust fund.
<br /> Prior to the dissolution the redevelopment agency repaid $128,032. During FY 2009/10, the low and
<br /> moderate income housing fund advanced $2,812,838 to the redevelopment agency fund to partially
<br /> finance the amount taken away from the redevelopment agency by the State of California. During FY
<br /> 2010/11 the redevelopment agency repaid $562,568 to the low and moderate income housing fund.
<br /> During FY 2011/12 the redevelopment agency was dissolved and the advance receivable was transferred
<br /> to the low and moderate income housing asset fund, and the advance payable was transferred to the
<br /> successor agency private purpose trust fund. During FY 2011/12 the successor agency repaid $562,567
<br /> to the low and moderate income housing asset fund.
<br /> NOTE 13—RISK MANAGEMENT AND$ELF-INSURANCE FUND
<br /> A. Workers'Compensation and Property Insurance
<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 the statutory
<br /> limits required by the State of California. The City paid $243,901 during FY 2011/12 for the coverage.
<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 $15,000,000 and $150,000,000,
<br /> respectively.
<br /> e. General Liability and Automobile
<br /> The City is a member of the Bay Cities Joint Powers Insurance Authority (BCJPIA), which is a liability pool
<br /> consisting of 18 San Francisco Bay Area government agencies, for general liability and auto liability
<br /> coverage. In FY 2011/12 the City maintained a $350,000 self-insured retention with coverage from
<br /> $350,000 to$1,000,000 through the BCJPIA. The purpose of the pool is to provide certain levels of
<br /> liability coverage, claims administration, and loss control support to member agencies. Annually, each
<br /> agency pays an actuarially-determined premium based upon a formula which takes into account the
<br /> prior three years' loss experience, annual payroll, and population. This premium pays for administrative
<br /> costs and funds liability reserves. The premium paid in FY 2011/12 was$535,657.
<br /> The BCJPIA belongs to the California Affiliated Risk Management Authority (CARMA) which is an excess
<br /> liability pool comprised of the BCJPIA and five other local government insurance pools. CARMA
<br /> provides coverage from $1,000,001 to $29,000,000. A layer from $1,000,001 to $4,000,000 is self-
<br /> insured by CARMA, the layer from $4,000,001 to $29,000,000 is reinsured through agreements with
<br /> commercial insurers.
<br /> The City also carries all risk coverage on buildings and their contents at current appraised value.
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