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14 <br />RISK MANAGEMENT <br />The City's workers' compensation insurance and general property and liability coverage is <br />provided through the League of Minnesota Cities Insurance Trust (LMCIT) <br />The workers' compensation program is a joint self - insurance plan designed to hold down <br />the costs and assure coverage is available. Each city deposits a premium at the beginning <br />of the insurance year determined by calculating estimated payroll and applying experience <br />modification ratios. An audit is performed at the end of the insurance year, which may <br />produce a refund or an adjustment due. LMCIT's reserves and rates are reviewed <br />annually by an actuary to assure that the program remains financially strong. <br />INDEPENDENT AUDIT <br />Minnesota State law requires that cities over 2,500 population submit annual financial <br />statements attested by a certified public accountant or the State Auditor to the State <br />Auditor by June 30th of the following year. This requirement has been met with the <br />auditors' report of Tautges, Redpath, and Co. LTD included in this report. <br />CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL <br />REPORTING <br />The Government Finance Officers Association of the United State and Canada (GFOA) <br />awards the Certificate of Achievement for excellence in financial reporting to cities that <br />meet certain criteria. A governmental unit must publish an easily readable and efficiently <br />organized comprehensive annual financial report, the contents of which conform to <br />program requirements. The City of Lino Lakes is issuing the annual financial report for <br />the year ended December 31, 1995 to GFOA for consideration of our first Certificate of <br />Achievement for Excellence in Financial Reporting. We believe our current report <br />conforms to the program requirements. <br />ACKNOWLEDGMENTS <br />The preparation of this report could not have been accomplished without the dedicated <br />services of the Finance Department. I would like to express my appreciation to Paula <br />Schloer, Accountant and Joyce Lund, Account Clerk for completing the comprehensive <br />inventory of the City. <br />I also want to express my appreciation to the Mayor and City Council for their responsible <br />policies involving the financial operation of the City. <br />Respectfully submitted, <br />ltat kati <br />Mary M. Vaske <br />Finance Director <br />