6.2 SR 06-03-2024 - Laserfiche WebLink

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5 Relevant Financial Policies The council has adopted a comprehensive set of Financial Management Policies that provide the basic framework for the overall fiscal management of the City. The policies provide guidance for revenues, property taxes, investments, purchasing, financial reporting, reserves, fund balance, capital investment, and debt. Financial stability requires reserve funds for unanticipated expenditures or unforeseen emergencies, and adequate working capital for current operating needs to avoid short- term borrowing. City policy requires the unassigned funds in the General Fund be maintained at not less than 40-45% of budgeted operating expenditures; however, this may fluctuate with each year’s budget objectives. Major Initiatives Elk River was selected for $157 million state transportation funding to redesign and reconstruct three miles of Highway 169 which runs north-south through the City. The Highway 169 corridor is an important arterial route serving commuters, recreational uses, and connecting economic centers in the state. The project which began in 2022 will convert Highway 169 to a new freeway by removing five stop lights from the Mississippi River north through Elk River. During 2022, the interchanges at the north and south ends of the project area were completed. In 2023, two more interchanges were added. Construction on the final interchange will be done in 2024. When complete, the project will increase capacity, improve overall traffic flow, and improve accessibility and safety. The City replaced aging storage buildings at the Youth Athletic Complex and Woodland Trails park in 2023. These new buildings will provide secure space to store equipment that is frequently used at the parks and save staff time by not having to transport equipment from the Public Works building. Maintenance on City facilities continues to be a priority and in 2023 the roofs on the public safety building, City hall and Northbound Liquor were replaced. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Elk River for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ending December 31, 2022. This was the 34th consecutive year the City has received this prestigious award. To be awarded the certificate, a government must publish an easily readable and efficiently organized ACFR. This report must satisfy both GAAP and applicable legal requirements. A Certificate of Achievement is valid for a period of one year. We believe that our current ACFR will meet the program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this report is made possible by the efficient and dedicated services of the entire staff of the finance division, all City departments, and through the helpful guidance and assistance from our auditing firm, BerganKDV. Credit must also be given to the mayor and City council for their diligence and resolve in maintaining high standards in the financial management of the City. Respectfully submitted, Lori Stich Finance Manager Page 126 of 464