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2015-04-22 CC Packet
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2015-04-22 CC Packet
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CITY OF CENTERVILLE,MINNESOTA <br /> NOTES TO THE FINANCIAL STATEMENTS <br /> DECEMBER 31,2014 <br /> Note 6: OTHER INFORMATION <br /> A. Risk management <br /> The City is exposed to various risks of loss 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 insurance <br /> through participation in the League of Minnesota Cities Insurance Trust(LMCIT),which is a risk sharing pool with <br /> approximately 800 other governmental units. The City pays an annual premium to LMCIT for its workers compensation <br /> and property and casualty insurance.The LMCIT is self-sustaining through member premiums and will reinsure for <br /> claims above a prescribed dollar amount for each insurance event. Settled claims have not exceeded the City's coverage <br /> in any of the past three fiscal years. <br /> Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably <br /> estimated.Liabilities,if any,include an amount for claims that have been incurred but not reported(IBNRs).The City's <br /> management is not aware of any incurred but not reported claims. <br /> B. Legal debt margin <br /> In accordance with Minnesota statutes, the City may not incur or be subject to net debt in excess of 3 percent of the <br /> market value of taxable property within the City.Net debt is payable solely from ad valorem taxes and,therefore, <br /> excludes debt financed partially or entirely by special assessments,Enterprise fund revenues or tax increments.The <br /> market value of taxable property is$285,605,600 which leaves a debt margin of$8,568,168. Currently the City has <br /> $395,000 of general obligation debt outstanding,leaving a debt margin of$8,173,168. <br /> C. Subsequent event <br /> On January 15,2015,the City issued$1,385,000 General Obligation Improvement Refunding Bonds, Series 2015A.The <br /> refunding bonds will mature on February 1,2025 and carries an average coupon rate of 1.81 percent. The issue will <br /> refund the General Obligation Improvement Crossover Refunding Bond, Series 2009B. <br /> -64- <br />
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