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Citizens of the City of Orono May 18, 1990 <br />matching maturity dates with expenditure needs, and third to diversify the <br />Investment portfolio by financial institution, government agency, or by the cor­ <br />poration in the case of commercial paper to reduce the exposure to risk of loss. <br />At December 31, 1989, the City had an investment portfolio of $7,915,275, at <br />cost, diversified as shown in the following table: <br />Type of Investment Cost Percent <br />Certificates of Deposit $1,722,312 21.76% <br />Commercial Paper 2,340,354 29.57 <br />U.S. Federal Agencies 2,549,875 32.21 <br />U.S. Treasury Obligations 423,414 5.35 <br />Bankers' Acceptances 879,320 11.11 <br />$7,915,275 100.00% <br />For the year ended December 31, 1989, the City had investment Interest earnings <br />of $512,320 or an average yield of 8.78%. <br />RISK MANAGEMENT <br />The City participates in the liability, property, and workers' compensation <br />programs sponsored by the League of Minnesota Cities Insurance Trust. In addi­ <br />tion, the City appoints an agent of record to assist with the administration, <br />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 <br />a certified public accountant or the State Auditor. The City appointed the firm <br />of Pannell Kerr Forster, Certified Public Accountants, to perform the audit for <br />the year ended December 31, 1989. The Independent Auditor's Report on the <br />general purpose financial statements and combining and individual fund state­ <br />ments is Included in the Financial Section of this report. <br />- <br />Award <br />The Government Finance Officers' Association (GFOA) awarded a Certificate of <br />Achievement for Excellence in Financial Reporting to the City for its <br />Comprehensive Annual Financial Report for the fiscal year ended December 31, <br />1988. This was the second year that the City received this prestigious award. <br />In order to be awarded a Certificate of Achievement, the City published an <br />easily readable and efficiently organized Comprehensive Annual Financial Report. <br />This report satisfied both generally accepted accounting principles and appli­ <br />cable legal requirements. <br />-10-