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The program has proven to be very successful since it was es4ablished in 1980. Property taxes ha��e been levied to support the worker's compensation program oniy 3 out of the past 6 yeazs. The City ma;mainc an internal service fund balance of $1,048,439 for general risk management. Through a process of outstanding ciaim experience, continuing risk management reviews by management, and maintainin higher deductibie on general liability and property damage, the City has been lowering it's insurance cost. The City currendy has a$50,000 deductible with an annual limit of �100,000. In addition, State Law limits the City's general liabiliry to $600,000. Other �.-.-�. � . State statues require an annual audit by independent certified pubiic accountanu, or the state auditor. The firm of Eide Helmeke PLLP, was selected by the ciry's audit committee. In addition to meeting the requirements set forth in state statues. Generally accepted auditing standards and the standards set forth in the General Accounting O�ce's ['nv mm nr A�diring S a��ic were used by the auditors in conducting the engagement. The auditor's report on the general purpose fmancial statements included the financial sec[ion of this report. The auditor's reports on intemal controls and compliance with applicable laws and regulations can be found in Section IV of this report. -. - � � - -��-� The Govemment Finance Officers Association of the LJnited States and Canada (GFOA) awarded a Certificate of Achievement for Exceilence in Financial Reporting to the Ciry of Roseville, Minnesota, for its comprehensive annual financial report for the fiscal year ended December 31, 1994. 'The Certificate of Achievement is a presti;ious national award recognizing conformance with the highest standards for prepazation of state and local government financial reports. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiendy organized comprehensive annual financial report, the contents of which must conform to program standards. Such CAFR must satisfy both generally accepted accounting principles and applicable legal requiremenu. A Certificate of Achievement is valid for a period of one yeaz only. The City of Roseville has received a Certificate of Achievement for the last 16 consecutive years (flscal years ended 1979-1994.) We believe our current report continues to conform to Certificate of Achievement program requirements, and we are submitting it to GFOA. 17