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I <br />I <br />I <br />I * <br />J <br />r <br />p <br />To the City Council and Citizens of the City of Orono <br />May 14,1999 <br />Risk Management <br />The City participates in the iiability, property, and workers ’ compensation programs sponsored by the <br />League of Minnesota Cities Insurance Trust. In addition, the City appoints an agent of record to assist with <br />the administration, loss prevention, and risk management. <br />Other Information <br />Independent Audit <br />Minnesota State Statutes require that the City have an annual audit performed by a certified public <br />accountant or the State Auditor. The City appointed the certified public accounting firm of Malloy, <br />Montague, Kamowski, Radosevich & Co., P. A., to perform the audit for the year ended December 31,1998. <br />The Independent Auditor ’s Report on the general purpose financial statements is included in the Financial <br />Section of this report. <br />Award <br />The Government Finance Officers’ Association (GFOA) awarded a Certificate of Achievement for <br />Excellence in Financial Reporting to the City for its Comprehensive Annual Financial Report for the fiscal <br />year ended December 31, 1997. This was the 11th consecutive year that the City received this prestigious <br />award. In order to be awarded a Certificate of Achievement, the City published an easily readable and <br />efficiently organized Comprehensive .Annual Financial Report. This report satisfied both generally accepted <br />accounting principles and applicable legal requirements. <br />A Certificate of Achievement is valid for a period of one year only. We believe that our current <br />Comprehensive Annual Financial Report continues to meet the Certificate of Achievement Program’s <br />requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. <br />ACKNOWLEDGMENTS <br />We would like to express our appreciation to the entire City staff for their individual contributions in <br />assisting with the preparation of this report and to the outside agencies who assisted with essential <br />information for this report. We also would like to express appreciation to the Mayor and City <br />Councilmembers for their interest and support in planning and conducting the financial operations of the <br />City. <br />Sincerely, <br />Ronald J. Moorse <br />Administrator <br />Thomas M. Kuehn <br />Finance Director <br />-13-