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Cash management policies and practices. Cash temporarily idle during the year was invested in certificates of deposit, obligations of the US Treasury, and government agencies. The maturities of the investments range from 45 days to 15 years, with an average maturity of 48 months. The investment income return for 2008 on all investments was 5.0 percent. Risk management. The City has actively worked to limit both its liability risk and insurance costs since 1980. The City has self- insured its workers' compensation risk by maintaining a fund of approximately $2 million and securing stop loss coverage through the state's reinsurance fund. The general liability of the City has been placed with the League of Minnesota Cities Insurance Trust. However, to limit its cost, the City has maintained a deductible of $100,000 with the appropriate limits. These deductibles are funded from the Risk Management Fund, which maintains a cash balance of approximately $590 thousand. The funding for the insurance programs is from a combination of property taxes, insurance rebates, and departmental charges. In 2000, the City added an umbrella policy which will protect the City in the event the state's statutory liability limit would not apply to a claim. Awards and Acknowledgements The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Roseville for its comprehensive annual financial report (CAFR) for the fiscal year ended December 31, 2007. This was the 29th consecutive year that the city has received this prestigious award. In order to be awarded a Certificate of Achievement, the government published an easily readable and efficiently organized CAFR. This report satisfied both GAAP and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. In addition, the government also received the GFOA's Distinguished Budget Presentation Award for its annual budget document dated January 1, 2008. In order to qualify for the Distinguished Budget Presentation Award, the government's budget document was judged to be proficient in several categories, including as a policy document, a financial plan, an operations guide, and a communications device. The preparation of this report would not have been possible without the dedicated services of the Finance Department Staff. I would like to express my appreciation to all members of the department who assisted and contributed to the preparation of this report. Credit also must be given to the Mayor and the City Council for their unfailing support for maintaining the highest standards of professionalism in the management of the City of Roseville's finances. Respectfully submitted Christopher K. Miller Finance Director 4