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6 adequacy of internal controls. Internal accounting controls are designed to provide reasonable but not absolute assurance in the areas of: (1) safeguarding assets against loss from unauthorized use or disposition; and (2) reliability of financial records and convenience of access for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance adopted by the City of New Brighton recognizes that: (1) the evaluation of cost and benefits requires estimates and judgments by management; and (2) the cost of a control should not exceed the benefits likely to be derived. All internal controls are evaluated against the above criteria. It is our belief that provide reasonable assurance of properly recording financial transactions. An employee wellness program has been made available to all employees. The implementation of this risk management program aids in preventing worksite accidents and injuries, and in reducing medical expenses and other costs related to lost workdays, replacement workers, etc. The City has been actively working to limit its liability risk and insurance costs. A safety committee consisting of employees from every department meets periodically throughout the year to discuss safety related items, to review accident reports and to provide recommendations to reduce the City exposure. The City maintains a Risk Management Fund with current cash reserves of $ 1,353,334. The financing of this fund is from departmental user charges, insurance premium rebates, and with the League of Minnesota Cities Insurance Trust. In order to reduce the cost of insurance, an aggregate deductible of $ 100,000 is maintained and funded by the Risk Management Fund. Major Initiatives. Progress continues on New Brighton Exchange redevelopment project. In 2013, more milestones were either accomplished or underway. Discussions have occurred with Pulte Homes regarding their proposed 121 unit residential development (89 single-family homes and 32 townhomes) on a 26 acre tract of land. In 2013, they entered into a development agreement with the City and received land use and planning approvals. It is planned that the project will break ground in 2014. Negotiations continue with APi Group about a potential office expansion to their existing location. The company is interested in more than doubling its office space within the next 3 to 4 years. If the parties can finalize a deal in 2014, the company would break ground for its first phase (45,000 square foot building) in 2014. A third development proposal is being discussed for an 11 acre site on the east side. Colliers and Ryan Company continue to market vacant sites on the eastern side of the New Brighton Exchange to prospective users. The City experienced a significant rainfall in 2011 which approached or exceeded the regional 100-year, 24-hour event. Local rainfall gauges indicate that approximately five inches of rain fell during a 2.5-hour period. This led to flooding in the City and other neighboring communities. The City conducted a review of its existing drainage systems, along with an investigation of potential improvements to reduce future flooding in those areas. A number of the higher priority improvements were made during 2012 and 2013. More improvements are planned for 2014 and future years as recommended by