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Annual_Report_1994_001
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Annual_Report_1994_001
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The following is a history of earnings by year: <br />Year <br />1986 <br />1987 <br />1988 <br />1989 <br />1990 <br />1991 <br />1992 <br />1993 <br />1994 <br />Risk Management <br />Internal Service Funds <br />Earnines <br />2,522,613 <br />2,021,941 <br />2,140,566 <br />2,743,623 <br />2,774,508 <br />2,652,820 <br />2,536,716 <br />1,869,398 <br />2,644,143 <br />The Workers' Compensation Self-Insurance Fund was established to service workers' <br />compensation insurance ciaims. All awards of compensation, legal fees, administrative costs and <br />the premium for excess coverage are paid from this fund. The Workers' Compensation <br />Reinsurance Association provided excess coverage for all c(aims in 1994 in excess of $240,000 <br />(1993 - $230,000), with no limits. <br />The program has proven to be very successful since it was established in 1980. Property taxes <br />have been levied to support the worker's compensation program only 3 out of the past 6 years. <br />The Ciry maintains an internal service fund of approximately $1,024,340 for general risk <br />management. Through a process of outstanding claim experience, continuing risk management <br />reviews by management, and maintaining higher deductible on general liability and property <br />damage, the City has been lowering it's insurance cost. <br />The City cunently has a$50,000 deductible with an annual limit of $100,000. In addition, State <br />Law limits the Ciry's general liability to $600,000. <br />Other <br />Independent Audit <br />5tate stames require an annual audit by independent certified public accountants, or the state <br />auditor. The firm of Eide Helmeke & Co. CPAs, was selected by the city's audit committee. <br />In addition to meeting the requirements set forth in state statues, the audit was also designed to <br />meet the requirements of the federal Single Audit Act of 1984 and the related U.S. Office of <br />Management and Budget's Circular A-128. <br />� <br />
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