AgdaPkt 2014-01-13 Interview, Closed and Regular

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City of Redwood City 7.1.G. - Page 98 Notes to the Basic Financial Statements For the year ended June 30, 2013 NOTE 12 — INTERFUND TRANSFERS AND TRANSACTIONS (CONTINUED) C. Long -Term Interfund Loans Fund Receiving Advance Fund Making Advance Amount of Advance Successor Agency Fund Capital Outlay Fund $ 2,269,543 Low and Moderate Income Housing asset fund 1,687,703 Water Utility Fund Internal Service Fund 3,000,000 Total Long -Term Interfund Loans $ 6,957,246 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 2011/12 the redevelopment agency was dissolved and the advance payable was transferred to the successor agency private purpose trust fund. Prior to the dissolution the redevelopment agency repaid $128,032. 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. During FY 2011/12 the redevelopment agency was dissolved and the advance receivable was transferred to the low and moderate income housing asset fund, and the advance payable was transferred to the successor agency private purpose trust fund. During FY 2011/12 the successor agency repaid $562,567 to the low and moderate income housing asset fund. During FY 2012/13, the Equipment Services internal service fund advanced $3,000,000 to the Water Utility enterprise fund for the implementation of the Automated Meter Infrastructure Project to replace water meters. As of June 30, 2013, $300,000 of this advance is considered current. NOTE 13 — RISK MANAGEMENT AND SELF- INSURANCE FUND A. Workers' Compensation and Property Insurance The City is self- insured for workers' 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 $282,401 during FY 2012/13 for the coverage. The City's workers' 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. 70