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5 <br />Relevant Financial Policies <br />The council has adopted a comprehensive set of Financial Management Policies that provide the <br />basic framework for the overall fiscal management of the city. The policies provide guidance for <br />revenues, property taxes, investments, purchasing, financial reporting, reserves, fund balance, <br />capital investment, and debt. Financial stability requires reserve funds for unanticipated <br />expenditures or unforeseen emergencies, and adequate working capital for current operating needs <br />to avoid short-term borrowing. City policy requires the unassigned funds in the General Fund be <br />maintained at not less than 40-45% of budgeted operating expenditures; however, this may <br />fluctuate with each year’s budget objectives. <br />Major Initiatives <br />The Highway 169 reconstruction project was completed in 2024. Elk River received $157 million <br />state transportation funding to redesign and reconstruct three miles of Highway 169 which runs <br />north-south through the city. The Highway 169 corridor is an important arterial route serving <br />commuters, recreational uses, and connecting economic centers in the state. The project, which <br />began in 2022, converted Highway 169 to a new freeway by removing five stop lights from the <br />Mississippi River north through Elk River. <br />In 2024, the city completed several park and recreation projects. The Trott Brook Barn was <br />remodeled to improve the aging facility and make it more appealing to rental users. The work done <br />included electrical, flooring and roof repairs, painting, and replacing windows and siding. <br />Playgrounds were replaced at Lion John Weicht Park and Trott Brook Park. Deteriorating seating at <br />Rivers Edge Commons Park was also replaced with a more durable product. <br />The Furniture and Things Community Event Center transitioned from a traditional concession stand <br />to a restaurant and bar with enhanced food and beverage selections in 2024. There was significant <br />community support for the change. Community photos, memorabilia and furniture for the space <br />were donated by residents and local businesses. The grand opening was held in November. <br />Awards and Acknowledgements <br />The Government Finance Officers Association of the United States and Canada (GFOA) awarded a <br />Certificate of Achievement for Excellence in Financial Reporting to the City of Elk River for its <br />Annual Comprehensive Financial Report (ACFR) for the fiscal year ending December 31, 2023. This <br />was the 35th consecutive year the city has received this prestigious award. To be awarded the <br />certificate, a government must publish an easily readable and efficiently organized ACFR. This <br />report must satisfy both GAAP and applicable legal requirements. <br />A Certificate of Achievement is valid for a period of one year. We believe that our current ACFR <br />will meet the program’s requirements, and we are submitting it to the GFOA to determine its <br />eligibility for another certificate. <br />The preparation of this report is made possible by the efficient and dedicated services of the entire <br />staff of the finance division, all city departments, and through the helpful guidance and assistance <br />from our auditing firm, BerganKDV. Credit must also be given to the mayor and city council for <br />their diligence and resolve in maintaining high standards in the financial management of the city. <br />Respectfully submitted, <br />Lori Stich <br />Finance Manager <br />Page 195 of 637