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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2008 <br />Note 8 DEFICIT FUND BALANCES/NET ASSETS <br />The City has deficit fund balances/net assets at December 31, 2008 as follows: <br />Fund Amount <br />Recycling Fund <br />($10,498) <br />Park Improvement <br />(39,489) <br />2009 Street Improvement <br />(153,992) <br />Internal Service Funds <br />(479,211) <br />This deficit will be eliminated by charges in other funds. <br />Note 9 CONTINGENCIES <br />A. RISK MANAGEMENT <br />The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of <br />assets; errors and omissions; injuries to employees; and natural disasters. <br />Workers compensation coverage is provided through a pooled self-insurance program through the <br />League of Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to the <br />LMCIT. The City is subject to supplemental assessments if deemed necessary by the LMCIT. The <br />LMCIT reinsures through Workers Compensation Reinsurance Association (WCRA) as required by <br />law. The City has no deductible and a managed care program to assist employees with their <br />rehabilitation plan. Annual employee hours of service are audited and final premiums are then <br />determined. The amount of premium adjustment, if any, is considered immaterial and not recorded <br />until received or paid. <br />Property, casualty and automobile insurance coverage are provided through a pooled self-insurance <br />program through the LMCIT. The City pays an annual premium to the LMCIT. The City is subject to <br />supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through <br />commercial companies for claims in excess of various amounts. The City retains risk for the <br />deductible portions. These deductibles are considered immaterial to the financial statements. <br />The City continues to carry commercial insurance for all other risks of loss, including liquor liability, <br />employee health and disability insurance. <br />There were no significant reductions in insurance from the previous year or settlements in excess of <br />insurance coverage for any of the past three fiscal years. <br />72 <br />