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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 since 1985. <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 fcr <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 damaqe, the City has <br />been lowering its insurance cost. As part of a long range pian <br />of cost-effective risk management, the City intends to move <br />toward further self-insurance. The establishment of a risk man- <br />agement fund will enable the program to develop in an actuarially <br />sound manner. <br />The City currently has a$50,000 deductible with an annual limit <br />of $100,000. In addition, State Law does limit the City's <br />general liability to $600,000. <br />Other <br />Independent Audit <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 (CAFR) <br />for the fiscal year ended December 31, i989. <br />In order to be awarded a Certificate of Achievement, a <br />government unit must publish an easily readable and efficiently <br />organized comprehensive annual financial report, the contents of <br />which musc conform to program standards. Such CAFR must satisfy <br />both generally accepted accounting principles and applicable <br />legal requirements. <br />A Certificate of Achievement is valid for a period of one year <br />only. We believe our CAFR continues to conform to Certificate of <br />Achievement program requirements, and we are submitting our CAFR <br />for the current year to GFOA. <br />17 <br />