5.1. SR 05-14-2001 - Laserfiche WebLink

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nansmitta; Letter increased from $128.690to$153.Q17. There was a significant increase iohowmhomeand duplex development while single-family permits remained similar to last year. Elk River continues tuserve aaMinnesota's Energy City, asithas since October 1Q90.by promoting energy efficiency and renewable energy. Aomresult ofthese efforts, in2ODOawind turbine was constructed inthe City and isnow inoperation generating anaverage of1.2QO.UOO kilowatt hours per year. The City's electric utility isthe interconnection provider for the wind turbine. MAJOR0NITIAPVES No major projects were started in 2000 as the City worked to complete the major infrastructure improvements already underway in the eastern portion of the City. The street portion of this project was sbsrtedim2QO0with completion ofthe entire project p jeotedfortheephngcf28n2. Twin Lakes Road is a new four lane roadway that is funded by federal high priority project funds, TEA21,municipal atata-aid.tax increment, and other City funds. This iathe final component ofa $14.O@O.8ODproject boextendmumicipa|mervioeoandmem/nmadstoepproximoote|y7Q0ecresof residential, commercial, and business park property. The City issued $8D8.DDOufgeneral obligation tax increment bonds in 2000 to fund the portion of Twin Lakes Road that lies within tax increment financing district 19. The one small improvement project mtartedim20O0isthmVVesharnArea Phase |Vimprovements; completion isscheduled for early summer 2OO1. This project includesvvater,sewer'andsdpmet improvements including the extension ofBusiness Center Drive toWaco Street tocomplete the connection between Waco and Joplin Streets. The project also provides sewer and water for commercial, business park, and residential property. A30,000square foot clinic iscurrently under construction inone ofthe newly platted lots aYthe corner ofWaco and Business Center Drive. This improvement project isbaimgfundedbyapenie|oasnssmenbetobenefiting properties. FINANCIAL INFORMATION The City of Elk River maintains accounting records for all governmental funds on a modified accrual basis with expenditures recognized inthe accounting period inwhich the related fund liability is incurred and revenues recognized in the accounting period in which they become available and measurable. The City's proprietary funds are maintained nm an accrual basis where expenditures are recogniized in a period in which the liability is incurred and revenues are recognized lnthe accounting period imwhich they are earned. |tiothe responsibility mfthe City's management Wuestablish and maintain proper and adequate internal controls. These internal controls provide reasonable, but not absolute, assurance regarding safeguarding the City's assets against loss, theft, ormisuse, and ensuring that adequate financial records are maintained for preparing financial statements in accordance with generally accepted accounting principles and for the accountability of the City's fixed assets. The development of an appropriate internal control system requires estimates and judgments by management when evaluating the costs and benefits ofthe system. Elk River's internal control structure iadesigned such that the estimated costs donot exceed the benefits. The City Council approves the budget for the General Fund, various governmental funds, and all proprietary funds onmmannual basis. The City maintains extensive budgetary controls boensure the intent and legal provisions ofthe approved budget are adhered bothroughout the year. Development of the budget begins in May and June when department heads prepare budget requests for the following year. The budget requests are compiled bythe Finance Department and subsequently reviewed bythe Finance Director and City Administrator. Each department head meets with the Finance Director and City Administrator to discuss his or her department's budget. The Council holds several budget work sessions todiscuss the budget and allows opportunities for public discussion prior hoapproval ufthe proposed budget. City Council ia V