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The City maintains an internal service retained earnings balance of $1,155,537 for general <br />risk management. Through a process of outstanding claim experience, continuing risk <br />management reviews by management, and maintaining higher deductible on general liability <br />and property damage, the City has been lowering its insurance cost. <br />The City currently has a$SQ000 deductible with an annual limit of $100,000. In addi6on, <br />State Law limits the City's general liability to $750,000. <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, Kamowski, Radosevich & Co. was selected by the <br />City's audit committee. <br />Generally accepted audiUng standards and the standards set forth in the General Accounting <br />Office's �'�vemment AuditinE C and rds were used by the auditors in conducting tfie <br />engagement. The auditor's report on the general purpose financial statements included the <br />financial section of this report. The auditor's reports on internal controls and comptiance with <br />applicabie laws and regulations can be found in Sectio� IV of this report. <br />-� � . � � -i�-� <br />The Government Finance Officers Association of the tinited States and Canada (GFOA) <br />awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of <br />Rosevilie, for its comprehensive annual financial repori (CAFR) for the fiscai year ended <br />1December 31, 1997. The Certificate of Achievement is a grestigious national awazd <br />recognizing conformance with the highest standards for preparation of state and locai <br />govemment financial reports. <br />In order to be awazded a Certificate of Achievement, a governmental unit must pubtish an <br />easily readable and efficientiy orgar.ized comrrehensi•re annual financial report, the contents of <br />which must conform to program standazds. The CAFR must satisfy both generally accepted <br />accounting principles and applicable legal reGuirements. <br />A Certificate of Achievement is valid for a period of one year only. The City of Roseville has <br />received a Certificate of Achievement for the last 19 consecutive years (fiscal years ended <br />1979-1997.) We believe our current rep�rt continues to conform to Certificate of <br />Elchievem�nt grograsn requirements, ancl we are submitting it to GFOA. <br />i� <br />