PostgreSQL 9.1 pg_dump setval() sets wrong value

I upgraded to PostgreSQL 9.1.  I was using 8.4 previously.

My problem is with the new version of pg_dump.  It no longer
(consistently) dumps my sequence values correctly.


For example, I have a table

CREATE TABLE setting (
    id integer NOT NULL,
    company_id integer NOT NULL,
    [...]
);

The max(id) in that table is 61, and my sequence is dumped correctly,
I find this in my backup:

SELECT pg_catalog.setval('setting_id_seq', 61, true);


But then I have another table:

CREATE TABLE company (
    id integer NOT NULL,
    name character varying(64) NOT NULL,
    [...]
);

The max(id) in that table is 33, but my sequence is NOT dumped correctly:

SELECT pg_catalog.setval('company_id_seq', 1, false);


I know how to fix it, but I'm not sure why it's doing this?  Why are
some sequences set wrong while others are fine?

I Google'd and found Tom Lane's post from '06 about how 'sequences are
black boxes', but not much else turned up.

Surely I don't have to maintain a separate sequence fix-up script to
keep with my backups, do I?


Thanks.


--
Greg Donald