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outetanding claim experience, continuing risk management reviewe by management, and maintaining highe= deductible on general liability and property damage, the City hae been lowering it's ineurance cost. The City currently has a$50,000 of $100,000. In addition, State liability to $600,000. Inderendent Audit deductible with an annual limit Law limits the City's general State law provides that the City may arrange for examination of its booka by a certified public accountant or the State Auditor. It has been a long-etanding practice of the City to provide for an annual sudit of City records by a certified public accountant. The Auditor's opinion has been iacluded in this report. Certificate of Achievement The Government Finance Officere Aseociation of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Roseville, Minnesota, for its compsehensive annual financial report for the fiscal year ended December 31, 1991. The Certificate of Achievement ie s preetigious national award recognizing conform- ance with the higheat standards for preparation of etate and local government financial reporte. In order to be awarded a Certificate of Achievement, a governmental uait must publish an eaeily readable and efficiently organized comprehensive annual financial report, the contente of which muet conform to program standards. Such CAFR muet eatisfy both generally accepted accounting principles and applicable legal requiremente. A Certiticate of Achievement is valid for a period of one year only. The City of Roseville has received a Certificate of Achievement for the last 13 consecutive years (fiecal years ended 1979-1991.) We believe our current report continuee to conform to Certificate of Achievement program requiremente, and we are submitting it to C3FOA. 18