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28 <br />SECTION 12 – RISK MANAGEMENT <br /> <br />Purpose <br /> <br />To ensure the best coverage in the most economical manner and to minimize exposure to risk. <br /> <br />Policy <br /> <br />The City will annually review its insurance coverage with their agents. The following considerations <br />and procedures will be used to comply with this policy: <br /> <br />• Upon policy renewal City staff will review coverage schedules to ensure 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 through 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 />SECTION 13 – ELECTRONIC FUNDS TRANSFER <br />POLICY <br /> <br />I. Purpose <br /> <br />Cities are becoming more transparent with information on the Internet, and electronic banking <br />is becoming widely accepted. Effective internal control policies and procedures must be <br />adopted to protect city funds from fraudulent disbursements. <br /> <br />This policy sets citywide guidelines to allow certain electronic funds transfers (EFTs) <br />payments. It also 1) sets guidelines to ensure that the use of electronic funds transfers and <br />receipts are initiated, executed, and approved securely, 2) identifies the proper documents to <br />be completed by city staff who might have a new electronic funds transfer request, receipt, or <br />employee payroll deposit change, and 3) seeks to mitigate the risks of fraud within the electronic <br />funds transfer process. <br /> <br />II. Policy <br />The City of Little Canada may make certain payments by electronic funds transfer if specific <br />policies, described in MN Statute 471.38, are in place. Electronic funds are defined as any <br />transfer of funds initiated by electronic means, including but not limited to checks, credit cards, <br />debit cards, and automated clearing house (ACH) or wire transfers, both within and between <br />separate financial institutions. <br />The City Council shall annually, by Resolution, authorize the Finance Director or their designee <br />to make electronic funds transfers. <br /> <br />