Laserfiche WebLink
City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2013 <br />NOTE 12 — INSURANCE (Continued) <br />The following provides a reconciliation of claims and judgments: <br />Liability <br />Balance <br />July 1 <br />2010-2011 $5,569,852 <br />2011-2012 7,931,093 <br />2012-2013 7,071,223 <br />Current Year <br />Claims for <br />Claims and <br />Payments in <br />Liability <br />Changes in <br />Current and Prior <br />Balance <br />Estimates <br />Fiscal Years <br />June 30 <br />$5,339,930 <br />($2,978,689) <br />$7,931,093 <br />1,219,327 <br />(2,079,197) <br />7,071,223 <br />4,316,045 <br />($4,689,144) <br />6,698,124 <br />NOTE 13 - COMMITMENTS AND CONTINGENCIES <br />The City participates in several Federal and State grant programs. These programs have been audited by <br />the City's independent accountants in accordance with the provisions of the Federal Single Audit Act as <br />amended and applicable State requirements. No cost disallowances were proposed as a result of these <br />audits. However, these programs are still subject to further examination by the grantors and the amount, if <br />any, of expenditures that may be disallowed by the granting agencies cannot be determined at this time. <br />The City expects such amounts, if any, to be immaterial. <br />The City is a defendant in a number of lawsuits which have arisen in the normal course of business. <br />While substantial damages are alleged in some of these actions, their outcome cannot be predicted with <br />certainty. In the opinion of the City Attorney, these actions when finally adjudicated will not have a <br />material adverse effect on the financial position of the City. As discussed in Note 12 to the Financial <br />Statement, the City maintains a Self Insurance Fund which has reserves of $1,752,614 at the end of June <br />30, 2012. These reserves are available to satisfy any future liability. <br />NOTE 14 - EMPLOYEE RETIREMENT PLANS <br />Plan Description - The City of San Leandro Miscellaneous Plan is an agent multiple -employer public <br />employee defined benefit pension plan. Ca1PERS provides retirement and disability benefits, annual cost - <br />of -living adjustments and death benefits to plan members and beneficiaries. PERS acts as a common <br />investment and administrative agent for participating public entities within the State of California. <br />The City of San Leandro Safety Plan is in a cost-sharing multiple -employer plan which is a single plan <br />with pooling (cost-sharing) arrangements for the participating employers. All risks, rewards, and costs, <br />including benefit costs, are shared and are not attributed individually to the employers. A single actuarial <br />valuation covers all plan members and the same contribution rate(s) applies for each employer. A menu <br />of benefit provisions and other requirements are established by State statutes within the Public <br />Employee's Retirement Law. The City of San Leandro selects optional benefit provisions from the benefit <br />menu by contract with CalPERS and adopts those benefits through local resolutions. The City of San <br />Leandro participates in separate Safety and Miscellaneous (Police, and Miscellaneous) Employee Plans. <br />74 <br />