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i <br /> Major Initiatives <br /> In 2012,the city completed final design and construction of the Natures Edge Business Center. The project, involved <br /> extending municipal streets and utilities to serve a new 28-acre business park. The City also completed a project to <br /> connect 90%of our government buildings with a fiber optic network. This network will save money, improve <br /> operations, and create opportunities for further collaboration with other governmental organizations. In addition,Elk <br /> River's Northstar Station continues to have the largest ridership numbers along the rail line that runs from Minneapolis <br /> to Big Lake. <br /> i <br /> Awards and Acknowledgements <br /> The Government Finance Officers Association of the United Stated and Canada(GFOA)awarded a Certificate of <br /> Achievement for Excellence in Financial Reporting to the City of Elk River for its Comprehensive Annual Financial <br /> Report for the fiscal year ended December 31,2011. This was the 23`d consecutive year that the City has received this <br /> prestigious award. In order to be awarded a Certificate of Achievement,a government must publish an easily readable <br /> and efficiently organized Comprehensive Annual Financial Report, This report must satisfy both generally accepted <br /> accounting principles and applicable legal requirements. <br /> A Certificate of Achievement is valid for a period of one year only. We believe that our current Comprehensive <br /> Annual Financial Report continues to meet the Certificate of Achievement Program's requirements and we are <br /> submitting it to the GFOA to determine its eligibility for another certificate. <br /> The City received the GFOA Award for the Distinguished Budget Presentation for the City budget for the fiscal year <br /> beginning January 1,2012. It was the 4"'consecutive year the City received the award for the document. <br /> The preparation of this report is made possible by the efficient and dedicated services of the entire staff of the city <br /> administrator's office and Finance Department. The Mayor and City Council are to be commended for their diligence <br /> and resolve in keeping the City in sound and stable financial condition. The City Council's commitment to continually <br /> plan for the City's future and dedication to maintain high financial standards has helped the City maintain its strong <br /> financial condition during a long period of growth and subsequent slowdown. <br /> Respectfully submitted, <br /> a I <br /> i <br /> i <br /> i <br /> Timothy Simon <br /> Finance Director <br /> 3 <br />