Laserfiche WebLink
• Y,oag„a of Minearo8a C~tw <br />C~6o P•o w <br />League of Minnesota Cities <br />Insurance Trust <br />145 University Avenue West, St Paul, MN 55103-2044 <br />(651) 281-1200 • (800) 925-1122 <br />.Fax: (651) 281.1298 • TDD: (651) 281-1290 <br />www.lmnc.org <br />December 15, 2003 <br />To: Mayors and council members of LMCIT member cities <br />From: LMCIT Board of Trustees <br />Les Heitke, Mayor, Willmar <br />Joel Hanson, City Administrator, Little Canada <br />Todd Praflce, City Administrator, St. Peter <br />Jim Miller, LMC Executive Director <br />Sherry Butcher, City Council, Eden Prairie <br />Brenda. Johnson, City Council; Chatfield <br />Paul Sparks, City Manager, Albert Lea <br />Re: .LMCIT 2003 dividend and 2004 rates <br />Dividends <br />The LMCIT property/casually program is again returning $9 million to member cities as a <br />dividend this year. We'd like to congratulate you on what your city has accomplished by <br />cooperating through LMCIT and committing to reducing losses. <br />When LMCIT is able to return a dividend, it's primarily just a byproduct of two factors: <br />LMCIT is a cooperative non-profit orgfixndnthat aren't n ee ded ffor lossesllexpenses, or <br />member cities themselves. If LMCIT has <br />reserves, the only place those funds can go is back to the member cities. <br />• LMCIT's financial policies are conservative. Premium rates are designed with a safety <br />margin, so they'd cover the losses and expenses even if the losses turned out to be greater <br />than projected. If losses turn out to be at or below. projections, that safety margin isn t <br />needed and can be returned to the members. <br />This is the seventeenth <br />straight yeaz that the LMCIT <br />property/casualty program <br />has returned a dividend to its <br />members. LMCIT's <br />property/casualty and. <br />workers compensation <br />programs together have <br />returned $166 milliori'to ~'- <br />member cities since 1987. <br />$30,000,000 <br />$20,000,00 <br /> <br />'87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 <br />®Property/casualty ^ Work Comp <br />AN EQUAL OPPORTUNITY/AFFIRMATIVE ACTION EMPLOYER <br />LMCIT Dividends <br />$166 million since 1987 <br />