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Risk Management <br />Internal Service Funds <br />The Workers' Compensation Self-Insurance Fund was established to service workers' <br />compensation insurance claims. All awards of compensation, legal fees, administrative costs, <br />and the premium for excess coverage are pairi from this fund. The Workers' Compensation <br />Reinsurance Association provided excess coverage for all claims in 1997 in excess of $270,000 <br />(1996 - $260,000), with no limits. <br />The program has proven to be very successful since it was established in 1980. Property ta�ces <br />have been levied to support the worker's compensation program only 3 out of the past 7 years. <br />The City maintains an internal service fund balance of $1,025,436 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, ihe City has been lowering its insurance cost. <br />The City currently has a$50,000 deductible with an annual limit of $100,000. In addition, <br />State Law limits the City's general liability to $600,000. <br />Other <br />�-�-��•� :.� <br />State statutes require an annual audit by independent certified public accountants or the state <br />auditor. The firm of Malloy, Montague, Karnowski, Radosevich & Co. was selected by the <br />City's audit committee. <br />Generally accepted auditing standards and the standards set forth in the General Accounting <br />Office's Government Auditine Standards were used by the auditors in conducting the <br />engagement. The auditor's report on the general purpose financial statements included the <br />financial section of Chis report. The auditor's reports on inCernal controls and compliance with <br />applicable laws and regulations can be found in Section N of this report. <br />-• : �- -�-� <br />The Government Finance Officers Association of the United States and Canada (GFOA) <br />awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of <br />Roseville, for its comprehensive annual financial report (CAFR) for the fiscal year ended <br />December 31, 1996. The Certificate of Achievement is a prestigious national award <br />recognizing conformance with the highest standards for preparation of state and local <br />govemment financial reports. <br />17 <br />