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NOTE 7 <br />NOTE 8 <br />CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC. FINANCIAL.STATEMENTS <br />DECEMSER`3112015 <br />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 ornissions; 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 />FUND BALANCES <br />Certain portions of fund. balance are restricted to. provide for funding on certain long-term <br />Iiabilities or as required by other outside parties. Restricted, Committed and Assigned fund <br />balances at December 31, 2015, are as follows: <br />0 <br />91 <br />C; <br />C <br />Restricted for Debt Service -- This represents amounts which are restricted for <br />future debt payments. <br />Restricted for. Park improvements - Represents amounts which are received <br />through park dedication fees arid;: are restricted for park acquisitions and <br />improvements. <br />Restricted for Street Projects - Represents amounts which are received from <br />special assessments,and are restricted for street projects. <br />Assigned for :Capita.I I iiprovements Benefitting Individual <br />Represents amounts .,.which are assigned by the City to <br />improvemenf'projects lbenefitting individual property owners. <br />(27) <br />Property Owners — <br />finance future road <br />