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LETTER OF TRANSMITTAL The Honorable Mayor and City Council: Submitted herewith is the adopted 1991 Annual Budget. � The 1991 Budget continues the City's tradition of being fiscally conservative, yet progressive in finding solutions to fiscal problems. This tradition is embodied in two main goals: 1. To provide a well planned, well managed means of ineeting the City's needs now and in the future. 2. To obtain the best possible credit rating. A high credit rating is important for two reasons. First, it can mean significant savings on the cost of debt through lower borrowing rates. Secondly, it serves as a measure of the finan- cial strength of the community. This is an important part of the City's efforts to maintain and increase the public's confidence in the City's commitment to sound management. The City's credit rating of AA1 (Moody's) and AA- (S&P) was - recently affirmed. In addition, S&P indicated a"Positive Out- ' look" for future credit ratings. The City's credit rating is in the top 2 percent of all cities and counties in the United States and Canada. The 1991 Budget continues efforts to maintain and improve this rating. The budget document consists of three sections. Section I is the Introductory section, and contains the Table of Contents and Letter of Transmittal. The Letter of Transmittal ' includes a discussion of the overall direction of the budget, an explanation of several major programs included in the budget, and a budget overview section containing summary information on tax levy, revenues, and expenditures. Section II is the Fiscal Policies section. This section includes a set of policies to guide the City's financial planning and decision making. The 1991 Budget is in compliance with the City's fiscal policies. Section III is the Program Budget section, and contains the pro- gram descriptions and budget information for the individual pro- grams. Maior Programs The 1991 Budget continues several major initiatives begun in recent years, including the Fire Equipment Replacement Program, the Pavement Management Program, provision of Police Services to Falcon Heights, and Lawful Gambling Regulation. The budget also includes one major new initiative--a Parks Improvement Program.