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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report
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12/31/2014
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />Note 15 RISK MANAGEMENT <br />The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and <br />omissions; injuries to employees; and natural disasters. <br />Workers compensation coverage is provided through a pooled self-insurance program through the League of <br />Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to LMCIT. The City is subject to <br />supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through Workers <br />Compensation Reinsurance Association (WCRA) as required by law. For workers compensation, the City is not <br />subject to a deductible. The City's workers compensation coverage is retrospectively rated. With this type of <br />coverage, final premiums are determined after loss experience is known. The amount of premium adjustment, if <br />any, is considered immaterial and not recorded until received or paid. <br />Property and casualty insurance is provided through a pooled self-insurance program through the LMCIT. The City <br />pays an annual premium to the LMCIT. The City is subject to supplemental assessments if deemed necessary by the <br />LMCIT. The LMCIT reinsures through commercial companies for claims in excess of various amounts. The City <br />retains risk for the deductible portion of the insurance policies and for any exclusions from the insurance policies. <br />These amounts are considered immaterial to the financial statements. <br />The City continues to carry commercial insurance for all other risks of loss, including disability and employee <br />health insurance. <br />There were no significant reductions in insurance from the previous year or settlements in excess of insurance <br />coverage for any of the past three fiscal years. <br />Note 16 PROPERTY UNDER LEASE AGREEMENT <br />The City entered into an agreement to lease space within the City Hall Complex to New Creations Child Care and <br />Learning Center, LLC. The lease is dated July 1, 2014 and continues through June 30, 2019. The lease requires <br />escalating annual lease payments of between $5.94 and $8.65 per square foot over the lease term, for a total of <br />$325,021. <br />Property under operating lease and held for lease consist of the following: <br />2014 <br />Building $ 929,970 <br />Less: Accumulated Depreciation (464,985) <br />Total $ 464,985 <br />Approximate future minimum lease payments receivable under the noncancelable operating lease are as follows: <br />Year Ending December 31, <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />56 <br />Amount <br />59,020 <br />71,091 <br />73,223 <br />75,420 <br />38,267 <br />$ 317,021 <br />
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