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2014 CAFR
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2014 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANClAL STATEMENTS <br />December 31, 2014 <br />factors, such as inflation, changes in legal doctrines, and damage awards. Accordingly, claims are <br />reevaluated periodically to consider the effects of inflation, recent claim settlement trends (including <br />frequency and amount of pay-outs), and other economic and social factors. The estimate of the <br />claims liability also includes amounts for incremental claim adjustment expenses related to specific <br />claims and other claim adjustment expenses regardless of whether allocated to specific claims. <br />Estimated recoveries, far example from salvage or subrogation, are another component of the claims <br />liability estimate. The City purchased commercial insurance for claims in excess of coverage <br />provided by the Risk Management Fund and for all other risks of loss. Settled claims have not <br />exceeded this coverage in any of the past three fiscal years. There were no significant reductions in <br />the City's insurance coverage in 2014. <br />Enterprise fund charges and the property tax levy are based on a management estimate of claims <br />history and the amount necessary to maintain catastrophic reserves. The reserves as of December 31, <br />2014, were $1,284,508 and $985,674 for the Workers' Compensation Fund and Risk Management <br />Fund, respectively. The claims liability of $141,594 and $563,913, respectively, reported in both <br />funds at December 31, 2014 are based on the requirements of Governmental Accounting Standards <br />Board Statement No. 10. This statement requires that a liability for claims be reported if information <br />prior to the issuance of the financial statements indicates it is probable that a liability has been <br />incurred at the date of the �'inancial statements and the amount of the loss can be reasonably estimated <br />(IBNR). Changes in the funds' claims liability amount in fiscal 2013 and 2014 were: <br />Workers' Compensation Fund <br />Beginnulg of Current Year Ending of <br />Fiscal Year Claims and Changes Claims Fiscal Year <br />Liability <br />2013 $ 99,305 $ <br />2014 224,774 <br />in Estimates <br />348,186 <br />12,396 <br />Payments <br />$ 222,717 <br />95,576 <br />Liabiliry <br />$ 224,774 <br />141,594 <br />Risk Management Fund <br />Beginnuig of Current Year Ending of <br />Fiscal Year Claims and Changes Claims Fiscal Year <br />Liability <br />2013 $ 16,030 $ <br />2014 205,239 <br />in Estm�ates <br />432,008 <br />779,847 <br />Payments Liability <br />$ 242,799 $ 205,239 <br />421,173 563,913 <br />
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