5.5. SR 06-02-2008 - Laserfiche WebLink

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~J All idle cash is maintained in an investment pool on a combined basis where all funds with a cash balance participate in the investment pool. The water and electric funds do not participate in the investment pool. The water and electric funds are invested by the Elk River Municipal Utilities. The City's investment policy states that the safety and liquidity of the portfolio are more important than the return on investment. The City's policy closely follows all of the Minnesota State Statutes governing the investment of municipal funds. Risk management. The City of Elk River strives to limit both its liability risk and insurance costs in all azeas and has been successful in both limiting risk and keeping premium costs reasonable. This is done by continually evaluating safety programs, maintaining adequate deductibles, maintaining correct property and equipment schedules, and working with the City's insurance agent and underwriters to initiate programs to achieve those goals. The City maintains anemergency/insurance reserve fund for the purpose of funding insurance deductibles, promoting safety programs through our Safety Committee, and providing safety training to al] employees. However, the City does not self insure and does not intend to self insure at any time in the Future. The City's Safety Coordinator and the Safety Committee are responsible for training all employees in the City's safety policies to protect the City's employees from work related injuries and to help reduce work related insurance claims. The results of this can be seen through the very low experience modification factor applied to our worker's compensation insurance. Awards and Acknowledgements The Government Finance Officers Association of the United Stated and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Elk River for its CAFR for the fiscal year ended December 31, 20D6. This was the eighteenth consecutive year that the City has received this prestigious award. In order to be awarded a Certificate of Achievement the government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR continues to meet the Certificate of Achievement program requirements and it will be submitted to the GFOA to determine its eligibility for another certificate. The preparation of this report is made possible by the efficient and dedicated services of the entire staff of the City Administrator's office and Finance Department. The Mayor and City Council are to be commended for their diligence and resolve in keeping the City in sound and stable financial condition. The City Council's commitment to continually plan for the City's future and dedication to maintain high financial standards has helped the City maintain its strong financial condition during a long period of growth. Respectfully submitted, ': Timothy Simon, MBA Finance Director u 1 i~ 1 J 1