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repurchase agreements that are fully collateralized by U.S. Government or U.S. Government <br />Agency obligations. <br />In addition to the insurance available to all depositors through the Federal overnment all <br />g <br />deposits of the City are covered by the Public Deposits Insurance Fund maintained b the State <br />Y <br />Board for Depositories. That fund, established in 1937, covers both principal and interest of all <br />deposits and investments made by an Indiana governmental unit with approved ublic <br />. p <br />depositones ~n accordance with the Public Deposits and Investments Law. <br />Risk Mana ement. The City has established two self insurance funds: the Self-Funded <br />Employee Benefits Fund and the Liability Insurance Premium Reserve Fund. As previously <br />mentioned, these self-insurance funds are accounted for as Internal Service Funds. The purpose <br />of the Self-Funded Employee Benefits Fund is to pay medical claims of City employees and their <br />covered dependents and minimize the total cost of annual medical insurance to the City. Medical <br />claims exceeding $125,400 per insured on an annual basis are covered through a private carrier. <br />In addition to medical claims, the fund pays premiums for life insurance and long term disability <br />benefits for employees. The Liability Insurance Premium Reserve Fund covers automobile and <br />comprehensive liability as well as workers' compensation costs. The City's liability for self- <br />insurance islimited to $300,000 per person and $5,000,000 in the aggregate per occurrence in <br />accordance with Indiana Tort Law. The accrued liability for estimated insurance claims <br />represents an estimate of the probable loss on unpaid claims arising prior to year end. <br />ether Information <br />Indeuendent Audit. In accordance with the state statute, the City is required to be audited <br />annuall b the Indiana State Board of Accounts, an agency of the State of Indiana. In addition <br />YY <br />to meeting the requirements set forth instate statutes, the audit also was designed to meet the <br />requirements of the federal Single Audit Act of 1984 and related 4MB Circular A-133 as <br />mentioned earlier. The auditors' report on the general purpose f nancial statements and <br />combining and individual fund statements and schedules is included in the financial section of <br />this report. For the past twelve years years ended December 31,1990 through 2001}the City <br />has received an unqualified audit opinion. The auditors' reports related specifically to the single <br />audit are included in a separately filed report. <br />Awards. The Government Finance Gff cers Association of the United States and Canada <br />GFGA awarded a Certificate of Achievement for Excellence in Financial Reporting to the City <br />~ ~ <br />of South Bend for its comprehensive annual financial report for the fiscal year ended December <br />31 2000. This was the eleventh consecutive year that the City has achieved this prestigious <br />award. In order to be awarded a Certificate of Achievement, a government unit must publish an <br />Basil readable and efficiently organized comprehensive annual f nancial report. This report <br />Y <br />must satis both enerally accepted accounting principles and applicable legal requirements. <br />fY g <br />A Certificate of Achievement is valid for a period of one year only. we believe that our current <br />xxiv <br />