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2001 CAFR
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2001 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br />NOTE 4- DETAILED NOTES ON ALL FLJNDS (Continued) <br />F. Restricted assets <br />The balances of the restricted asset accounts in the enterprise funds are as follows: <br />Customer deposits - Water fund $ 742,964 <br />NOTE 5 - OTHER INFORMATION <br />A. Risk management <br />The City is exposed to various risks of loss related to torts; theft of damage to, and the deshuction of <br />assets; errors and omissions; injuries to employees and natural disasters. During the fiscal years of <br />1980 and 1987, the City established a Workers' Compensation Fund and a Risk Management Fund, <br />respectively (intemal service funds) to account for and fmance its uninsured risks of loss. Under this <br />program, the Worker's Compensation Fund provides coverage up to a maximum of $300,000 for <br />each claim. The City purchases excess loss coverage from the Workers' Compensation Reinsurance <br />Association, a nonprofit organization established by Minnesota State Statutes. <br />The Risk Management Fund provides comprehensive general liability and comprehensive <br />automotive liability up to the statutory maximum of $1,000,000. The City retains the risk of the first <br />$50,000 of each occurrence with an annual maximum exposure of $150,000. The City gurchased <br />commercial insurance for claims in excess of coverage provided by the Risk Management Fund and <br />for all other risks of loss. Settled claims have not exceeded this coverage in any of the past three <br />fiscal yeazs. There were no significant reductions in the City's insurance coverage in 2001. <br />Enterprise fund charges and the property tax levy aze based on a management estimate of claims <br />history and the amount necessary to maintain catastrophic reserves. The reserves as of <br />December 31, 2001, were $ 1,831,024 and $ 984,656 for the Workers' Compensation Fund and Risk <br />Management Fund, respectively. The claims liability of $ 54,657 and $ 14,000, respectively, <br />reported in both funds at December 31, 2001 are based on the requirements of Governmental <br />Accounting Standards Board Statement No. 10. This statement requires that a liability for claims be <br />reported if information prior to the issuance of the financial statements indicates it is probable that a <br />liability has been incurred at the date of the financial statements and the amount of the loss can be <br />reasonably estimated. Changes in the funds' claims liability amount in fisca12000 and 2001 were: <br />55 <br />
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