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6 <br />2. The City shall establish monthly contribution amounts for employee health benefits <br />to be adjusted annually using the current year’s benefits survey performed by the <br />League of Minnesota Cities as a guide. <br /> <br /> <br />V. Risk Management <br /> <br />Purpose: To ensure the best coverage in the most economical manner and to minimize exposure <br />to risk. <br /> <br />Policy: The City will annually review its insurance coverage with their agents. The following <br />considerations and procedures will be used to comply with this policy: <br />• Upon policy renewal City staff will review coverage schedules to insure all City assets are <br />properly insured and that deductible levels are commensurate with risk and premium cost. <br />• The City’s risk avoidance program will be administered with the assistance of a <br />professional risk manager provided currently provided by contract currently through <br />LMCIT. <br />• The City will periodically contract for SafeAssure to conduct educational safety and risk <br />avoidance programs to meet OSHA requirement and any other perceived needs. <br /> <br /> <br />VI. Reserves <br />Purpose: Maintaining adequate fund reserves promotes the City’s long-term financial stability, <br />provides funding for unanticipated expenditures or unforeseen emergencies, and provides working <br />capital for current operating needs thereby avoiding the need for short-term borrowing. <br />Policies: All reserves will be designated for a specific purpose or project, except for the General <br />Fund reserve, which is available for cash flow purposes. The following considerations and <br />procedures will be used to comply with this policy: <br />• The City’s reserve balance shall be equal to 42.5% of the total current expenditures for the <br />subsequent year. In no case shall the General Fund reserves exceed 65%. Excess <br />balances shall be transferred to the General Capital Improvement Fund. Policy <br />Memo attached as appendix C. <br />• Reserves for compensated absence liabilities are adequately provided for in the reserve <br />above. <br />• The City will also review annually with the City Auditor the schedule of fund balances, <br />reserves, and working capital in all other operating funds of the City and determine <br />adequacy of those balances <br /> <br />