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Risk Management <br />Internal Service Funds <br />The Workers' Compensation Self-Insurance Fund was established to <br />service workers' compensation insurance claims. Al1 awards of <br />compensation, legal fees, administrative costs and the premium <br />for excess coverage are paid from this fund. The workers' <br />Compensation Reinsurance Association provided excess coverage for <br />all claims in 1987 in excess of $160,000 (1986 -$150,000), with <br />no limits. <br />The program has proven to be very successful since it was <br />established in 1980. No property taxes have been levied for the <br />worker's compensation program in 1986, 1987, and 1988. <br />The City, in 1987, established a new internal service fund for <br />General Risk Management. A transfer of $500,000 was made from <br />the General Fund, which previously had been reserved for <br />emergency and natural disasters, to the new Risk Management Fund. <br />Through a process of outstanding claim experience, continuing <br />risk management reviews by management, and the increasing of the <br />deductible on general liability and property damage, the City has <br />been lowering it's insurance cost. As part of a long range plan <br />of cost-effective risk management, the City intends to move <br />toward further self-insurance. The establishment of a risk <br />management fund will enable the program to develop in an <br />actuarially sound manner. <br />The City currently <br />of $100,000. In <br />general liability <br />Other <br />Independent Audit <br />has a$50,000 deductible with an annual limit <br />addition, State Law does limit the City's <br />to $600,000. <br />State law provides that the City may arrange for examination of <br />its books by a certified public accountant or the State Auditor. <br />It has been a long-standing practice of the City to provide for <br />an annual audit of City records by a certified public accountant. <br />The Auditor's opinion has been included in this report. <br />Certificate of Achievement <br />"The Government Finance Officers Association of the United States <br />and Canada (GFOA) awarded a Certificate of Achievement for <br />Excellence in Financial Reporting to the City of Roseville, <br />Minnesota, for its comprehensive annual financial report for the <br />fiscal year ended December 31, 1986. <br />In order to be awarded a Certificate of Achievement, a <br />governmental unit must publish an easily readable and efficiently <br />organized comprehensive annual financial report, the contents of <br />which must conform to program standards. Such reports must <br />16 <br />