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Long -Term Financial Plan <br />Page Six <br />3. Prepare monthly financial reports, the annual <br />financial statements, and assist auditors in the <br />conduct of their annual audit of City financial <br />records. <br />4. Invest temporarily idle City funds to maximize <br />return on available resources. <br />5. Manage the City's insurance programs and evaluate <br />and recommend modifications to ensure maximum <br />protection at minimum cost. <br />6. Oversee debt management program of the City. <br />7. oversee the City's general purchasing program. <br />In recent years external factors have caused a reprioritiza- <br />tion of the duties and responsibilities of t e Finance and <br />Department. Economic considerations, i.e•. <br />States fiscal crisis", have brought about an increasined <br />emphasis upon financial reporting. New, generaly- <br />accept <br />accounting standards and reporting requirements mandated by <br />by the State of Minnesota, have and will continue to promote <br />greater disclosure and understanaing of City <br />anthe es <br />by <br />bond rating services, State and Federal agencies, <br />general public, and other readers of City financial <br />statements. Economic conditions have precipitated <br />reductions in the amounts of Federal and State Aids to <br />cities. Those reductions have challenged cities to maintain <br />levels of service to their citizens with reduced revenues. <br />The City has met this challenge through improved financial <br />planning. The annual budget hasbeen <br />substantially <br />and improved <br />involvement <br />in recent years as a result of greater <br />aff and Council. In the Government <br />participation by sttion of the Unitedted States and <br />Finance officer's Associa <br />Canada awarded it's Distinguished Budget Presentation Award <br />to the City for the 1988 Budget book. As a consequence, the <br />City has been able to continue to provide <br />eded <br />services to its residents with onlymodest <br />modestflow increasesein <br />property tax rates and develop <br />reserves needed to maintain its financial integrity. In <br />order to maintain its ability to provide e City ovide ne dmaintainblIcthe <br />service to its respu <br />idents, thlannin and to expand long range <br />present level of financial planning <br />planning efforts begun with the 1983 Water and Sewer System <br />Maintenance and Capital Improvement Program. That type of <br />planning <br />of all eland, buildings ii and equipment. <br />and <br />7 <br />