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2012 CAFR
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2012 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2012 <br />NOTE 5 -OTHER INFORMATION (Continued) <br />A. Risk management (Continued) <br />Enterprise fund charges and the property tax levy are based on a management estimate of claims history <br />and the amount necessary to maintain catastrophic reserves. The reserves as of December 31, 2012, were <br />$ 1,474,274 and $ 1,3 09,276 for the Workers' Compensation Fund and Risk Management Fund, <br />respectively. The claims liability of $ 99,305 and $16,030, respectively, reported in both funds at <br />December 31, 2012 are based on the requirements of Governmental Accounting Standards Board <br />Statement No. 10. This statement requires that a liability for claims be reported if information prior to <br />the issuance of the financial statements indicates it is probable that a liability has been incurred at the <br />date of the financial statements and the amount of the loss can be reasonably estimated (IBNR). Changes <br />in the funds' claims liability amount in fiscal 2011 and 2012 were: <br />2011 <br />2012 <br />2011 <br />2012 <br />Workers' Compensation Fund <br />Beginning of Current Year Ending of <br />Fiscal Year Claims and Changes Claims Fiscal Year <br />Liability <br />109,23 5 <br />11 7, 044 <br />Beginning of <br />Fiscal Year <br />Liability <br />B. Subsequent events <br />71,354 <br />221000 <br />in Estimates <br />186,446 <br />133,821 <br />Current Year <br />Claims and Changes <br />in Estimates <br />(45,767) <br />37,863 <br />Payments Liability <br />178,637 117,044 <br />151,560 99,305 <br />Ending of <br />Claims Fiscal Year <br />Payments Liability <br />3,587 221000 <br />43,833 16,030 <br />On April 11, 2013, the City issued $3,980,000 of G.O. Municipal Building Bonds with an interest rate of <br />.7990 %. The proceeds were used to advance refund $4,750,000 of outstanding G.O. Building Bonds, <br />Series 2003A which had interest rates of 3.750% to 4.125% . The net proceeds were deposited into a <br />Crossover Escrow Fund with an escrow agent to provide payment of the principal maturities and interest <br />of the refunded bonds through the call date of March 1, 2014. The refunding resulted in a net present <br />value savings of $317,634. <br />65 <br />
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