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<br />(5) <br /> <br /> <br />With the increase in building activity and the continued recovery of the housing market, the City expects <br />to see continued growth in our annual market value as indicated in the chart below. <br /> <br /> <br />FINANCIAL PERFORMANCE <br />The City’s General Fund completed 2017 with revenues being $112,267 more than expenditures. The <br />primary factor leading to this result was higher than anticipated building permit activity associated with <br />two large projects and a higher property tax collection percentage. Property taxes represented 73.2% of <br />total revenue in the General Fund. <br /> <br />Through constant monitoring of operations and performance and through agile responses to changing <br />conditions, the City has been able to maintain its financial condition despite external challenges. <br />Conservative financial management policy has directed the City’s finances for many years and in 2007, <br />they were formalized in written form. These policies are periodically reviewed in light of changing <br />conditions, but infrequently modified to ensure long-term continuity and continued positive financial <br />performance. <br /> <br />MAJOR INITIATIVES <br />Cooperative Efforts with Other Entities/Jurisdictions: <br />The City contracts with the Little Canada Fire Department for fire services. LCFD is an independent <br />corporation that provides contracted service only to Little Canada. <br /> <br />The City contracts for police protection through the Ramsey County Sheriff’s Department. We are one <br />of seven jurisdictions in the County to participate in the relationship. Managers/Administrators of each <br />participant jurisdiction meet monthly to review operations, set budgets, and discuss service level in a <br />cooperative manner that helps keep police costs as low as possible while meeting the public safety <br />needs of our communities. <br />