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<br />.. <br /> <br /> <br />LMC <br /> <br />145 University Avenue West, St. Paul, MN 55103-2044 <br />Phone: (651) 281-1200. (800) 925-1122 <br />Fax: (651) 281-1298 . TDD (651) 281-1290 <br />www.lmcit.lmnc.org <br /> <br />League of Minnesota Cities <br />Cities promoting excellence <br /> <br />December 17,2002 <br /> <br />To: Mayors and council members ofLMCIT member cities <br /> <br />From: LMCIT Board of Trustees <br /> <br />Les Heitke, Mayor, Willmar <br />Joel Hanson, City Administrator, Little Canada <br />Todd Prafke, City Administrator, St. Peter <br />Jim Miller, LMC Executive Director <br /> <br />Sherry Butcher, City Council, Eden Prairie <br />Brenda Jolmson, City Council, Chatfield <br />Paul Sparks, City Manager, Albert Lea <br /> <br />Re: LMCIT dividend for 2002 <br /> <br />The LMCIT property/casualty program is returning $9 million to member cities as a dividend <br />this year. We'd like to congratulate you on what your city has accomplished by cooperating <br />through LMCIT and committing to reducing losses. <br /> <br />In a very real sense, when LMCIT is able to return a dividend, it's really just a "byproduct" of <br />two fundamental factors: <br /> <br />.. LMCIT is a '~ooperative non-profit organization of cities, owned and controlled by the <br />member citi~s themselves. IfLMCIT has funds that aren't needed for losses, expenses, or <br />:;:;serves, the only place those funds can go is back to the member cities. <br /> <br />· LMCIT's financial policies are conservative. Premium rates are designed with a safety <br />m3r'~in, so they'd cover the losses and expenses even if the losses are greater than projected. <br />losses turn out to be at or below projections, that safety margin isn't needed and can be <br />returned to the members. <br /> <br />This is the sixteenth straight <br />year in which the LMCIT <br />property/casualty pro gram <br />has returned a dividend to its <br />members. LMCITs <br />property/casualty and <br />workers compensation <br />programs together have <br />retumed$157 million to <br />member cities since 1987. <br /> <br />LMCIT Dividends <br />$157 million since 1987 <br /> <br />$30,000,000 <br /> <br />$20,000,000 <br /> <br />$10,000,000 / <br /> <br /> <br />$0 <br /> <br />'87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 <br /> <br />IEIlProperty/casualty .Work Camp i <br />