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Risk management. The City of Falcon Heights is a member of the League of Minnesota Cities <br />• Insurance Trust. This policy is renewable each year, at which time coverage and deductibles are <br />reviewed to assure proper coverage. The CitS~ currently has a general liability policy of <br />X1,000,000 with a deductible of $500 per occurrence. In addition, the City carries an excess <br />liabilitypolicy with a $1,000,000 Iimit and a $10,000 deductible per occurrence. <br />• <br /> <br />AWaunS AND ACKN®W~,ED~EIVIEN'~'S <br />The Government Finance Officers Association (GFOA} awarded a Certificate of Achievement <br />for Excellence in Financial Reporting to the City of Falcon Heights for its comprehensive annual <br />financial report (CAFR) for the fiscal year ended December 31, 2002. This was the thirteenth <br />consecutive year that the City has received this prestigious award. In order to be awarded a <br />Certificate of Achievement, the City published an easily readable and efficiently organized <br />CAFR This report satisfied both GAAP and applicable legal requirements. <br />A Certificate of Achievement is valid for a period of one year only. We believe that our current <br />CAFR continues to meet the Certificate of Achievement Program's requirements and we are <br />submitting it to the GFOA to determine its eligibility for another certificate. <br />The preparation of this report would not have been possible without the efficient and dedicated <br />services of the entire staff of the finance and administration depar~.nent, as well as the auditing <br />personnel of Kern, DeViTenter, Viere, Ltd. We would Iike to express our appreciation to all <br />members of the department who assisted and contributed to the preparation of this report, and to <br />the auditing firm for their professional assistance in preparing the Comprehensive Annual <br />Financial Report for 2003. Credit also must be given to the mayor and the city council for their <br />unfailing support for maintaining th,e highest standards of professionalism in the management of <br />the City of Falcon Heights' finances. <br />Respectfully submitted, <br />,~~ ' ~ <br />Heather Worthington ~ ~~ ~ '" ~ <br />City Administrator land Olson <br />Finance Director <br />10 <br />