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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER, 31, 2012 <br />NOTE 7 RISK MANAGEMENT <br />The City is exposed to various risks of foss related to torts; theft of, damage to and <br />destruction of assets; errors and omissions; injuries to employees; and natural disasters. <br />The City carries 'comm.ercial insurance for all risks of loss., including disability and. employee <br />health insurance: <br />There were no significant reductions in insurance fro.m.the previous year or settlements in <br />excess of insurance coverage for any of the past.three fiscal years.. <br />NOTE 8 FUND BALANCES <br />Certain portions of fund balance are restricted to provide for funding on certain long-term <br />liabilities or as required by other outside parties., Restricted;. Committed and Assigned fund <br />balances at December 31., 2012, are as follows: <br />A. Restricted for Debt Service — This represents amounts which are restricted for <br />future.debt payments. <br />B. Restricted for Park Improvernents _ Represents amounts which are received <br />through. park dedication ` fees . and are. restricted for park acquisitions and <br />improvements. <br />r- C.. Assigned for Capital improvements Benefitting Individual Property Owners -- <br />Represents amounts which are assigned by the City to finance future road <br />improvement projects beriefitting .individual property owners.. <br />(29) <br />