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Self Insurance Fund
<br /> The Self Insurance Fund accounts for losses and liabilities related to lawsuits and public
<br /> liability related insurance deductibles and claims. In 2009/10FY the Urban Habitat
<br /> lawsuit was settled. The Settlement Agreement required the City to pay $1.9 million.
<br /> This was not anticipated; therefore, the actual expenditures exceeded the Amended
<br /> Budget by this amount as shown in Table 11.
<br /> Table 11. Self Insurance Fund — Amended Budget vs. Actual
<br /> Amended %Actual vs
<br /> Budget Actual Variance Budget
<br /> Beginning Fund Balance $ 8,666,147 $ 8,666,147 $ -
<br /> Plus Revenues $ 478,000 $ 478,487 $ 487 0.1%
<br /> Transfers In $ - $ -
<br /> Transfers Out $ - $ - $ -
<br /> Less Expenditures $ 1,976,800 $ 3,621,148 $ 1,644,348 83.2%
<br /> Ending Fund Balance $ 7,167,347 $ 5,523,486 $ (1,643,861) -22.9%
<br /> REVOLVING LOAN FUND
<br /> Loans are made periodically from the Lower Income Housing Fund. The Housing
<br /> Commission monitors the activity of this fund and the loans made from this fund. Table
<br /> 12 presents the status of the outstanding housing loans.
<br /> Table 12. Status of Outstanding Housing Loans.
<br /> STATUS OF HOUSING LOAN FUND
<br /> As of June 30, 2010
<br /> Outstanding Housing Loans Made to Individuals from the Low Income Housing Fund:
<br /> REVOLVING HOME LOANS
<br /> Total Revolving
<br /> C.A.S.A Nolan Far ms Bernal "HELP" - City "HELP' - State City Down Pmt Home Loans
<br /> 6/30/09 Loan Balance $15,000.00 $169,245.60 $461,743.96 $312,486.50 $298,524.47 $19,086.23 $1,276,086.76
<br /> New 09 -10 Loans Issued 20,000.00 20,000.00 $40,000.00
<br /> Loan Payoffs (52,974.11) (20,000.00) (9,293.53) ($82,267.64)
<br /> 09 -10 Principal Payments _ (36,707.07) (26,172.12) (28,870.22) (2,067.34) ($93,816.75)
<br /> 6/30/10 Outstanding Loan Balance $15,000.00 $79,564.42 $415,571.84 $332,486.50 $269,654.25 $27,725.36 $1,140,002.37
<br /> 1 LOAN 2LOANS 26 LOANS 19 LOANS 15 LOANS 3LOANS
<br /> Outstanding Housing Loans Made to Developers (for Multifamily Housing Projects) from the Low Income Housing Fund:
<br /> DEVELOPER LOANS
<br /> *Ridge View
<br /> Busch Sr Promenade Assisted Assisted 'Eden Commons Total Developer
<br /> Ho♦ u Aofs. Living Living Housing. Inc. Assoc. Loans
<br /> 6/30/09 Loan Balance $163,000.00 $998,062.00 $2,490,000.00 $1,500.000.00 $5,151,062.00
<br /> Prior Year Adjustment $4,000,000.00 $2,250,000.00 6,250,000.00
<br /> New 09 -10 Loans Issued 225,000.00 225,000.00
<br /> Loan Payoffs 0.00
<br /> 09 -10 Principal Payments (14,000.00) (14,000.00)
<br /> 6/30/10 Outstanding Loan Balance $149,000.00 $998,062.00 $2,490,000.00 $1,500,000.00 $4,000,000.00 $2,475,000.00 $11,612,062.00
<br /> *In 1988, the City loaned $4,000,000 to Eden Housing, Inc. for the development of the Ridge View Commons senior housing project. Funding for this loan
<br /> came from a Department of Housing and Urban Development (HUD) grant. In 1999, the City loaned $2,250,000 out of the Lower Income Housing Fund to
<br /> Ridge View Commons Associates, a California Limited Partnership affiliated with Eden Housing, Inc., also for this housing project. In FY09 -10, the City loaned
<br /> an additional $225,000 to Ridge View Commons Associates to buy out Chevron USA, Inc.'s financial interests in this project. Due to the nature of these loans,
<br /> repayment in the near term is extremely remote; however, these loans are being recognized until such time as they are either paid or forgiven.
<br /> Page 8 of 9
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