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05-13-19-R
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05-13-19-R
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<br />-47- <br />NOTE 9 – TAX ABATEMENT AGREEMENTS (CONTINUED) <br /> <br />• The tax increment financing plan conforms to the general plan for the development or <br />redevelopment of the municipality as a whole; and <br /> <br />• The tax increment financing plan will afford maximum opportunity, consistent with the sound <br />needs of the municipality as a whole, for the development or redevelopment of the project by <br />private enterprise. <br /> <br /> <br />NOTE 10 – COMMITMENTS AND CONTINGENCIES <br /> <br />A. Risk Management <br /> <br />The City is exposed to various risks of loss related to torts: theft of, damage to, and destruction of assets; <br />errors and omissions; injuries to employees; and natural disasters for which the City carries insurance. <br />The City obtains insurance through participation in the League of Minnesota Cities Insurance Trust <br />(LMCIT), which is a risk-sharing pool with other governmental units. The City pays an annual premium <br />to the LMCIT for its workers’ compensation and property and casualty insurance. The LMCIT is <br />self-sustaining through member premiums and will reinsure for claims above a prescribed dollar amount <br />for each insurance event. There were no significant reductions in insurance from the previous year or <br />settled claims in excess of insurance coverage for any of the past three fiscal years. <br /> <br />Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be <br />reasonably estimated. Liabilities, if any, include an amount for claims that have been incurred, but not <br />reported. The City’s management is not aware of any incurred, but unreported claims. <br /> <br />B. Litigation <br /> <br />The city attorney has indicated that existing and pending lawsuits, claims, and other actions in which the <br />City is a defendant are either covered by insurance, of an immaterial amount, or, in the judgment of the <br />city attorney, remotely recoverable by plaintiffs. No loss has been recorded on the City’s financial <br />statements relating to these claims. <br /> <br />C. Federal and State Funds <br /> <br />Amounts recorded or receivable from federal and state agencies are subject to agency audit and <br />adjustment. Any disallowed claims, including amounts already collected, may constitute a liability of the <br />applicable funds. The amount, if any, of claims which may be disallowed by the grantor agencies cannot <br />be determined at this time, although the City expects such amounts, if any, to be immaterial. <br /> <br />D. Tax Increment Districts <br /> <br />The City’s tax increment districts are subject to review by the Minnesota Office of the State Auditor. <br />Any disallowed claims or misuse of tax increments could become a liability of the applicable fund. <br />Management has indicated that they are not aware of any instances of noncompliance which would have <br />a material effect on the financial statements. <br />
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