Laserfiche WebLink
CITY OF GEM LAKE,..MINNESQTA <br />NOTES TO BASIC FINANCIAL.STATEMENTS <br />DECEMBER 31, 2016 <br />NOTE.? RISK MANAGEMENT <br />The City is exposed to various risks. of loss. 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 commercial insurance for all risks of loss, including disability and employee <br />health insurance. <br />There were no significant reductions in insurance from 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 Decernber 31, 2016, are as follorrvs: <br />A. Restricted for debt Service -- This`:.represerts amounts which are restricted for <br />future debt payments. <br />B. Restricted for Park Improvements. — Represents amounts which are received <br />through park dedication; fees and , are restricted. for park acquisitions and <br />impmernents. <br />C. Restricted for..Street Projects.:`-: Represents amounts which are received from <br />(28) <br />