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05-28-24-R
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05-28-24-R
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RELEVANT FINANCIAL POLICIES <br />The City utilizes various financial and budget policies to guide the City Council and staff when making <br />financial decisions. The primary objective of these policies is to guarantee effective delivery of city services <br />to residents and businesses, and to ensure protection of the City's financial strength and flexibility through <br />a revenue structure and long-term planning effort that is consistent with City Council goals and working <br />capital targets. The City uses a conservative approach in making ongoing revenue assumptions by utilizing <br />growth patterns and knowledge of the developing areas. As part of the annual budget process, the City <br />reviews its financial and budget policies. There have been no significant changes to these policies from the <br />previous year. <br />MAJOR INITIATIVES <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. City representatives are working hard to ensure the development is a <br />long-term, sustainable project that adds to the City's diverse residents, businesses, and open space without <br />burdening the existing city taxpayer. The TCAAP project is expected to be a destination site for the region <br />and serve as a model for future developments. <br />ACKNOWLEDGEMENTS <br />The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for <br />Excellence in Financial Reporting to the City for its Annual Comprehensive Financial Report (ACFR) for <br />the fiscal year ended December 31, 2022. This is the 17th 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 ACFR that satisfied both accounting principles generally accepted in the United States <br />of America and applicable legal requirements. <br />A Certificate of Achievement is valid for a period of one year only. We believe that our current ACFR <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 />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 />Respectfully submitted, <br />�L/YlJ �j <br />Dave Perrault Joua Yang <br />City Administrator Finance Director <br />-III- <br />
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