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05-31-05
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05-31-05
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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 3 I, 2004 <br /> <br />n <br /> <br />A, Risk Management <br /> <br />- <br />n <br /> <br />Note 5: OTHER INFORMATION <br /> <br />The City is exposed to various risks ofloss related to torts; theft of, damage to and destruction of assets; errors and <br />omissions; injuries to employees; and natural disasters for which the City carries insurance, The City obtains r1[ <br />insurance throngh participation in the League of Minnesota Cities Insurance Trust (LMCIT) which is a risk sbaring <br />pool with approximately 800 other governmental units, The City pays an annual premium to LMCIT for its workers <br />compensation and property and casualty insurance, The LMCIT is self sustaining throngh member premiums and [1 <br />will reinsure for claims above a prescribed dollar amount for each insurance event. Settled claims have not exceeded . <br />the City's coverage in 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 reasonably [....1 <br />estimated. Liabilities, if any, include an amount for claims that have been incurred but not reported (IBNRs). The <br />City's management is not aware of any incurred but not reported claims. <br /> <br />[.1 <br />B. Legal Debt Margin I <br /> <br />The City's statutory debt limit is computed as two percent of the taxable market value of property within the City, [I <br />Long-term debt issued and financed partially or entirely by special assessments or the net revenues of enteIprise fimd <br />operations is excluded from the debt limit computation. There is no outstanding debt at year end that is applied <br />against the statutory debt limit. <br /> <br />C. Commitments <br /> <br />u <br /> <br />Ice Arena Financing <br /> <br />~ <br /> <br />The City, along with three other cities and Ramsey County, entered into an agreement January 1, 1997 with the <br />Minnesota Amateur Sports Commission to provide fmancing of a four sheet ice arena. The agreement provides for <br />rental income to cover principal, interest and operating expenses, In the case of default, each City will be <br />responsible for a specific portion of the debt. Arden Hills' percentage is 15.5 percent of one of the four sheets and <br />the amount of the debt will not exceed $9,000,000 for all four sheets in the complex. No expenditures were incurred <br />under this commitment in 2004. <br /> <br />[1 <br />J <br /> <br />D. Lake Johanna Volunteer Fire Department, Ine. <br /> <br />[l <br /> <br />The City receives fIre protection under a contract with the Lake Johanna Volunteer Fire Department, Inc. The [j <br />contract calls for annual payments and expires December 31, 2008 and allows renewal for two additional fIve-year <br />periods. The contract cost will be based on the budget submitted by the fire department and approved by the City. <br />Capital costs are billed separately in addition to the contract rate, The amount expended under the contract was [ II' <br />$219,736 in 2004, <br /> <br />[ 1 <br /> <br />IJ <br /> <br />, <br />, <br />-: <br /> <br />Li. <br /> <br />-32. <br />
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