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I <br />To the City Council and Citizens of the City of Orono <br />May 17. 1995 <br />Type of Investment Cost Percent <br />Investment Pool - Money Market Funds $59.927 0.77% <br />Certificates of Deposit 190,000 2.44 <br />U.S. Federal Agencies 6.630.543 85.23 <br />U.S. Treasury Obligations 398.938 5.13 <br />City of Goodview, Minnesota 50,000 0.64 <br />State of Minnesota 450.000 5.79 <br />$ 7.779.408 100.00% <br />For the year ended December 31, 1994, the City had cash and investment interest earnings of $425,484. <br />at an average yield of 5.763%. <br />R isk Management <br />The City participates in the liability, propeny. and workers’ compensation programs spi'nsored by the <br />League of Minnesota Cities In.surance Tru.st. In addition, the City appoints an agent of lecord to assist <br />with the administration, loss prevention, and risk management. <br />Other Information <br />In DKPKNDKNT AlDIT <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, Karnowski. Radosevich & Co.. P.A.. to perform the audit for the year ended December 31. <br />1994. The Independent Auditor’s Report on the general purpose financial statements is included in the <br />Financial Section of this report. <br />A ward <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 <br />fiscal year ended December 31. 1993. This was the seventh consecutive year that the City received this <br />pre.stigious award. In order to be awarded a Certificate of Achievement, the City published an easily <br />readable and efficiently organized Comprehensive Annual Financial Report. This report satisfied both <br />generally accepted accounting principles and applicable legal requirements. <br />A Certificate of Achievement is valid for a period of one year i»nly. We believe that our current <br />Comprehensive Annual Financial Report continues to meet the Certificate of Achievement Program’s <br />requirements and w-e are submitting it to the GFO.A to determine its eligibility for another certificate. <br />-15-