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<br />-iii- <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 a nd 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. City representatives are working hard to ensure they capture <br />sufficient tax revenues from the property to cover any increased costs due to the development. The TCAAP <br />project is expected to be a destination site for the region 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 for the fiscal <br />year ended December 31, 2019. This is the 14th year that the City has received this prestigious award. In <br />order to be awarded a Certificate of Achievement, the City had to publish an easily readable and efficiently <br />organized Comprehensive Annual Financial Report that satisfied both accounting principles generally <br />accepted in the United States 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 <br />Comprehensive Annual Financial Report continues to meet the Certificate of Achievement Program’s <br />requirements and we are submitting it to the 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 /> <br />Dave Perrault Gayle Bauman <br />City Administrator Finance Director