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mow <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 Trust (LMCIT). <br />The workers' compensation program is a joint self-insurance plan designed to hold down the <br />costs and assure coverage is available. Each city deposits a premium at the beginning of the <br />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 produce <br />a refund or an adjustment due. LMCIT's reserves and rates are reviewed annually by an <br />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 Auditor by <br />June 30th of the following year. This requirement has been met with the auditors' report of <br />HLB Tautges Redpath, 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) awards <br />the Certificate of Achievement for Excellence in Financial Reporting to cities that meet certain <br />criteria. A governmental unit must publish an easily readable and efficiently organized <br />comprehensive annual financial report, the contents of which conform to program <br />requirements. The City of Lino Lakes received its second award for the year ended December <br />31, 1996. The City is issuing the 1997 report to GFOA for consideration of the Certificate of <br />Achievement for Excellence in Financial Reporting. We believe our current report conforms to <br />the program requirements. <br />ACKNOWLEDGMENTS <br />The preparation of this report could not have been accomplished without the dedicated services <br />of the Finance Department. <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 />lOttilYL YCIde <br />Mary M. Vaske <br />Finance Director <br />15 <br />