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City of Redwood City 6.1.F. - Page 95 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2012 <br /> NOTE 13—RISK MANAGEMENT AND$ELF-INSURANCE FUND�CONTINUED� <br /> Audited financial statements are available from the Bay Cities Joint Powers Insurance Authority at 1750 <br /> Creekside Oaks Drive, Suite 200, Sacramento, CA 95833. The following is the BCJPIA condensed audited <br /> financial results for the year ended June 30, 2012: <br /> S <br /> Assets 23,351,254 <br /> Reserves for Claims � � <br /> Liabilities 1 � � <br /> Net Assets Unrestricted � � <br /> Member Contributions � � <br /> Other Income � <br /> Provisions for Claims and Claim Adjustment Expenses � � <br /> Operating Expenses z � � <br /> Change in Net Assets � <br /> 1 Excluding claims liabilities <br /> Z Excluding provisions for claims <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 2010, 2011, and 2012 <br /> were: <br /> Beginning Current Year Claims/ Claim Ending <br /> Balance Changes in Estimates Payments Balance <br /> S S S S <br /> 2009/10 10,361,038 2,122,455 (1,427,167) 11,056,326 <br /> 2010/11 11,056,326 2,051,359 (2,155,725) 10,951,960 <br /> 2011/12 10,951,960 2,407,125 (1,580,295) 11,778,790 <br /> Settlements have not exceeded coverage for each of the past three fiscal years. <br /> 67 <br />