5.1. SR 05-14-2001 - Laserfiche WebLink

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Transmittal Letter The Economic Development Authority inves1 its funds separately as its bylaws dnnot currently allow for the pooling ofinvestments, Investment ofidle cash inthe Water and Electric funds ha the responsibility of the Elk River Municipal UMUMee Commission. Elk River's investment policy states that safety and liquidity of the City's investment portfolio are more important than the return on the investment. Elk River's investment policy closely follows all of the state statutes governing the investment ofmunicipal funds. The City's cash needs are closely monitored to ensure that cash is available to meet cash flow needs with available resources. All investments are purchased with the intent of being held until maturity. The investment pool had interest earnings of$1,292.31Oim2@OO. TIF -If., IF, 7J--TV-1TVVTJ 1411VA The City continues toclosely monitor its insurance premium costs byannually reviewing all property and equipment schedules for completeness and accuracy and d:ienomaingthe City's insurance policies with the City's agent and underwriter. The City has been very active in promoting safe work habits and asafe work environment tVreduce work related injuries and, ultimately, worker's compensation premiums. The City does not self insure nor does itintend tm inthe future. The City, however, does have funds available in the Emergency/insurance Reserve fund tocover insurance deductibles cfless than $1.00Uper occurrence. Use of Reoott The Comprehensive Annual Financial Report is published to provide the City Council, citizens, bondholders, and all other interested persons with detailed information regarding the City. The Report isdistributed bnthe Mayor and City Council, City Administrator and department heads, fiscal agencies, and other interested individuals. The Report isavailable for inspection and review atthe Public Library and City Hall. Any person requesting acopy ofthe Report will bu provided one. Indeoendent Audit The City's Ordinance and Minnesota State Statutes require an annual audit of the City's accounts by the Minnesota State Auditor's Office or by independent certified public accountants. The City of Elk River has retained the firm of Abdo, Abdo, Eick, and Meyers, LLP for that purpose and their unqualified opinion has been included inthis Report. The independent auditor's report Vmthe gemens|purpoaofinancie|s1ahamentsendcombimingandindividua|fundutubemamtaand schedules ioincluded imthe financial section ofthis Report. Certificate of Achievement for Excellence in Financial Reportin The Government Finance Officers Association, of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Elk River for its comprehensive annual financial report for the fiscal year ended December 01.1998. This was the eleventh consecutive year that the government has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a 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. ACertificate ofAchievement |svalid for operiod ofone year only. W»believe that our current comprehensive annual financial report continues tmmeet the Certificate ofAchievement Program's ngquhmannnmts, and we are submitting iktothe GFOAtu determine its eligibility for another certificate.