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05-13-19-R
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05-13-19-R
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<br />-iii- <br />Projections for the next 10 years indicate that property tax contributions, user fees, and investment income <br />will need to be reevaluated to support scheduled replacements. In 2012, the City entered into a Joint Powers <br />Agreement with Ramsey County to form a Joint Development Authority (JDA) to acquire and develop a <br />portion of the Army property, formerly known as TCAAP. The county officially acquired this property <br />April 15, 2013 and has cleaned it to residential standards. The City completed the TCAAP Redevelopment <br />Code (TRC) in late 2016, which guides the land use on the site. The development details of the project are <br />now being negotiated by the interested parties. The status of the JDA is currently in question but any future <br />development on the site is expected to add to the City’s tax base and could include commercial/industrial, <br />residential, and civic uses. The site is approximately 430 acres. <br /> <br />RELEVANT FINANCIAL POLICIES <br /> <br />Trends of the past decade, changes in state tax law, and recent legislation indicate that the City will have a <br />greater reliance on property taxes as a source of financing for city operations in the future and less reliance <br />on intergovernmental revenues (federal and state). Changes in state tax law over the past few years have <br />resulted in funding changes for both schools and local governments. The elimination of the homestead and <br />agricultural credit aids program, and large cuts in both local government aid and the market value <br />homestead credit programs resulted in revenue losses to the City. <br /> <br />MAJOR INITIATIVES <br /> <br />The largest initiative on the City’s horizon is the TCAAP project, as previously mentioned. This project is <br />a joint effort between the City, Ramsey County, and a master developer. When completed, this project will <br />represent almost a 40 percent population increase to the City, as well as a significant increase to the <br />commercial and industrial sectors, too. The TCAAP project is expected to be a destination site for the region <br />and serve as a model for future developments. <br /> <br />ACKNOWLEDGEMENTS <br /> <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 (CAFR) for <br />the fiscal year ended December 31, 2017. This is the 12th year that the City has received this prestigious <br />award. In order to be awarded a Certificate of Achievement, the City had to publish an easily readable and <br />efficiently organized CAFR that satisfied both accounting principles generally accepted in the United States <br />of America and applicable legal requirements. <br /> <br />A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR <br />continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the <br />GFOA to determine its eligibility for another certificate. <br /> <br />The preparation of this report would not have been possible without the efficient and dedicated service of <br />the entire staff of the finance department, and through the helpful guidance and assistance from our auditing <br />firm, MMKR. We wish to express our appreciation to all members of the department who assisted and <br />contributed to the preparation of this report. Credit also must be given to the mayor and City Council for <br />their unfailing support in maintaining the highest standards of professionalism in the management of the <br />City’s finances. <br /> <br />Respectfully submitted, <br /> Dave Perrault <br />City Administrator
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