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— DEBT ADMINISTRATION <br />At year -end, the City had a number of debt issues outstanding. These issues included $6,911,450 of general <br />- obligation bonds and equipment certificates, $13,165,000 of general obligation improvement bonds with special <br />assessments pledged and $4,340,000 of revenue bonds. The City also had contracts for deed in the amount of <br />$1,209,352. During 2000, the City issued $325,450 of equipment certificates internally, the proceeds of which <br />— were used to purchase equipment. <br />RISK MANAGEMENT <br />The City's general property and liability coverage is provided through the League of Minnesota Cities Trust <br />(LMCIT) and worker's compensation is provided through State Fund Mutual. <br />At the beginning of the insurance year, the city deposits with State Fund a premium determined by calculating <br />estimated payroll and applying experience modification ratios. An audit is performed at the end of the insurance <br />year, which may produce a refund or an adjustment due. State Funds reserves and rates are reviewed annually by <br />— <br />an actuary to assure that the program remains financially strong. <br />INDEPENDENT AUDIT <br />MOM <br />Minnesota State law requires that cities over 2,500 population submit annual financial statements attested by a <br />certified public accountant or the State Auditor to the State Auditor. The firm Larson, Allen, Weishair and Co., <br />lima <br />LLP was retained by the City Council to perform the audit. Generally accepted auditing standards and the <br />standards set forth in the Comptroller General of the United States' Government Auditing Standards, were used <br />by the auditors in conducting the engagement. In addition, the requirements of the Federal Single Audit Act of <br />— 1984 and the related U.S. Office of Management and Budget's Circular A -133 have been met by the City. The <br />auditor's report on the general purpose financial statements and combining and individual fund statements and <br />schedules is included in the financial section of the report. The auditor's reports on internal controls and <br />— compliance with applicable laws and regulations can be found in a separately issued legal compliance report. <br />CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING <br />The Government Finance Officers Association of the United State and Canada (GFOA) awards the Certificate of <br />Achievement for excellence in financial reporting to cities that meet certain criteria. A governmental unit must <br />— publish an easily readable and efficiently organized comprehensive annual financial report, the contents of which <br />conform to program requirements. The City of Lino Lakes received this award for the year ended December 31, <br />1999. The City is submitting the 2000 report to GFOA for consideration of the Certificate of Achievement for <br />— Excellence in Financial Reporting. We believe our current report continues to conform to the program <br />requirements. <br />9 <br />