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