6.0. SR 04-08-2002 - Laserfiche WebLink

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Year in Review FINANCE REPORT/INFORMATION: Please refer to the City of Elk River's Comprehensive Annual Financial Report (CAFR) for the Year Ended December 31, 2001, for financial and statistical information on the City. This Finance Department Annual Report is a review of Finance Department activities and goals; it is not intended to provide detailed financial or statistical data on the City. CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING: The City was awarded a Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR) for the year ended December 31, 2000. This is the twelfth consecutive year the City has received this award. The 2001 CAFR will also be submitted to the Government Finance Officer's Association of the United States and Canada for review. KEY FINANCIAL STRATEGIES: In 2001 the Council embarked on a financial management project to review a broad range of financial issues. This Key Financial Strategies project was a major accomplishment with many benefits and the outcome was significant. One of the main benefits was the opportunity for the Council and citizens to learn more about the City's financial environment - from past trends and future projections to internal and external factors that influence the City's financial condition. The entire financial picture was reviewed at the same time, which provides a much better perspective than focusing on just one part of the financial picture at a time. Current policies were reviewed, and the Council had an opportunity to change existing policies and formulate new ones. These policies will provide the continuity and guidance needed to shape the City's future so that the goals set by the Council and citizens can be realized. At the final project meeting, the Council adopted a Financial Management Plan. In addition to formalizing policies and documenting trends, the Plan sets out eight action steps. Of these, five are simply a continuation of action steps that have been ongoing such as developing strategies for improving the City's bond rating. The other three require some Council action. The Plan also requires review and updating by the Council every two years; this is a working guidebook and it is important that it be kept current and reflect the goals and objectives of the Council. COMMUNITY RECREATION FISCAL AGENT: The Community Recreation Board appointed the City of Elk River as fiscal agent for Community Recreation in beginning January 1, 2001, replacing the school district that had provided these services since Community Recreation's inception in 1992. The Finance Department's goal was to provide timely and accurate information to the Community Recreation board and the participating dries and townships so they could make informed decisions. Financial information was included in the monthly board agendas and provided to the Community Recreation staff at least monthly with additional information provided whenever requested or appropriate. The Community Recreation staff carefully monitored revenues and expenditures throughout the year to ensure that expenditures did not exceed