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r <br />f. <br />I- <br />k ui: <br />r* <br />f •- <br />ua <br />> « <br />h -h <br />H <br />i4 <br />- <br />:.-i ’f; <br />«► — <br />To the City Council and Citizens of the City of Orono <br />April 29, 1997 <br />For the year ended December 31, 1996, the City had cash and investment interest eamines of $465 675 <br />at an average yield of 6.19%. * <br />R isk Management <br />The City p^icipates in the liability, property, and workers’ compensation programs sponsored by the <br />L^gue of Mini^ta Cities Insurance Tnist. In addition, Jje City appoints an agent of record to assist with <br />tne admimstration, loss prevention, and risk management. <br />Other Information <br />Independent audit <br />Minnesota State Stamtes require that the City have an annual audit performed bv a certified public <br />Mcountant or the State Auditor. The City appointed the certified public accounting firm of Malloy, <br />^nto^, I^mowski, Radosevich & Co., P.A., to perform the audit for the year ended December 31,’ <br />i. * . , ® Auditor’s Report on the general purpose financial statements is included in theFinancial Section of this report. <br />Award <br />The Govemment Finance Officers' Association (GFOA) awarded a Certificate of Achievement for <br />Excelle^ m Financial Reporting to the City for its Comprehensive Annual Financial Report for the fiscal <br />year end^ Decembei 31, 1995. Tliis was die ninth consecutive year that the City received this prestigious <br />award. In order to be awarded a Cenificate of Achievement, the City published an easily readable and <br />efficiently organized Comprehensive Annual Financial Report. This report satisfied both generally <br />accepted accounting principles and applicable *egal requirements. <br />A Certificate of ^ nievement is valid for a period of one year only. We believe that our current <br />Comprehensive .^rmual Financial Report continues to meet the Cen ficate 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 suff for their individual contributions in <br />assisting with die preparation of this report and to the outside agencies who assisted with essential <br />mfomiation for this report. We also would like to express appreciation to the Mayor and City <br />Co^ilmembers for their interest and support in planning and conducting the financial operations of rhe <br />m* * <br />Sincerely, <br />Ronald J. Moorse <br />Administrator Thomas M. Kuehn <br />Finance Director <br />-13- <br />I