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4. Invest temporarily idle City funds to maximize return on <br /> available resources. <br /> 5. Manage the City's insurance programs and,eyaluate and <br /> recommend modifications to ensure maximu h protection <br /> at minimum cost. <br /> 6. Oversee the debt management program of the City. <br /> 7. Oversee the City's general purchasing program. <br /> In recent years external factors have caused a reprioritization of the duties <br /> and responsibilities of the Finance Department. Economic considerations, <br /> i.e., the economy and State's "fiscal crisis", have brought about an increasing <br /> emphasis upon financial reporting. New, generally-accepted accounting <br /> standards and reporting requirements mandated by the State of Minnesota, <br /> have and will continue to promote greater disclosure and understanding of <br /> City finances by bond rating services, State and Federal agencies, the general <br /> public, and other readers of City financial statements. Economic conditions <br /> have precipitated reductions in the amounts of Federal and State Aids to <br /> cities. Those reductions have challenged cities to maintain levels of service <br /> to their citizens with reduced revenues. The City has met this challenge <br /> through improved financial planning. The annual budget has been <br /> substantially improved in recent years as a result of greater involvement and <br /> participation by staff and Council. In 1988, 1989 and 1990 the Government <br /> Finance Officer's Association of the United States and Canada (GFOA) <br /> awarded it's Distinguished Budget Presentation Award to the City for its <br /> budget document. As a consequence, the City has been able to continue to <br /> provide needed public services to its residents with only modest increases in <br /> property tax rates and develop cash flow and contingency reserves needed to <br /> maintain—its—financial—integrity. In order to maintain its ability to provide <br /> needed public service to its residents, the City needs to maintain the present <br /> level of financial planning and to expand long range planning efforts begun <br /> with the 1983 Water and Sewer System Maintenance and Capital <br /> Improvement Program. That type of planning should be undertaken for <br /> acquisition/replacement and maintenance of all land,buildings and equipment. <br /> Staff has prepared a replacement schedule for all City vehicles and <br /> equipment. The City has established a fund into which monies will be placed <br /> annually for replacement of vehicles and equipment. The purpose of this <br /> 13 <br />