2020 CAFR - Laserfiche WebLink

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Our mission is to be a progressive and welcoming Village that is walkable, sustainable and safe 3301 Silver Lake Road, St. Anthony, MN 55418 612‐782‐3301 | www.savmn.com A critical milestone in the debt levy reduction program will be reached in 2023, which is final levy year for Lease Revenue Bonds, resulting in a sizable decrease in the debt levy requirements. In March of this year, the City Council approved a model for a modified pace of street improvements which will result in a reduction in the reliance on bond (debt) financing and a transition to levy support of construction projects. This includes: transitioning the debt levy (which includes interest costs) to an infrastructure levy and extending the proposed future construction schedule with no street projects every third year. Resulting in a significantly reduced amount of cumulative debt over the next 15 years. Again, the Infrastructure Levy will fund a great portion of construction costs versus Bond financing. The model also provides flexibility for unexpected levy demands in the future. Cash management policies and practices: The City’s initial investment objective is to preserve capital. Secondary considerations are liquidity and lastly yield. Accordingly, deposits are either insured by federal depository insurance or collateralized. Temporary cash surpluses during the year are invested in various securities defined by Minnesota Statutes. The City’s policy is to invest available monies at competitive interest rates in accordance with the City’s over‐all fiscal plan and coordinate them with operating needs and programs projected over the ensuing 12 months. Risk Management: The City uses a proactive approach to limit its liability risk and insurance costs. To assist employees who are injured while on duty, Managed Care Program is used to reduce medical expenses and other costs relating to workplace injuries. The program assists employees with a treatment plan which reduces lost workdays, replacement workers, etc. In addition, a safety committee consisting of employees from every department meets monthly throughout the year to discuss safety related items, review accident reports and provide recommendations to reduce the City’s exposure to liability. The City’s general liability insurance is with the League of Minnesota Cities Insurance Trust. In order to reduce the cost of insurance, a $10,000 per occurrence/$50,000 aggregate deductible is maintained and funded through insurance dividends paid by the League of Minnesota Cities. SHARED SERVICES Grants: Each year, the City actively participates in Federal, State and County administered grants. In 2020 the Police, Fire, Public Works and Administration received a variety of public safety, operating, equipment and infrastructure construction grants. A list of the grants includes: 6