07-26-2023 Council Packet - Laserfiche WebLink

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(6) treated and softened before delivery to our customers. The City is responsible for maintenance of the water system and all customer relations. The City’s sanitary sewer collection system discharges into several Metropolitan Council Environmental Services (MCES) interceptor sewers for treatment by MCES at the Metro Wastewater treatment plant. The City pays MCES for sanitary sewer treatment charges on a quarterly basis, and these MCES treatment costs are included in the City’s sewer billing to residents. The City continues to strive to eliminate significant sources of inflow and infiltration of ground water into the City’s sanitary sewer system. Past efforts have included a sump pump inspection program, televising of city sewer mains and repairs of system leaks, and lining of sewer services in high water table areas. We are also starting to televise sewer service lines. Because the MCES charges are based on measured flow, any reduction of inflow and infiltration results in lower charges to the City and our customers. The City has one water tower to serve the needs of the community. The water tower also generates significant revenue through leases to telecommunications providers to meet their antenna needs. RELEVANT FINANCIAL POLICIES Financial trends in this millennium indicate the City will experience an increased reliance on service fees and property taxes as key funding sources for operations and capital improvements. In Little Canada’s case, our fully developed status means building and development related fees need to be estimated conservatively to avoid huge fluctuations in revenue. Interest income on existing fund balances is expected to increase in future years as the market has seen higher yields toward the end of 2022 and beginning of 2023. Through constant monitoring of operations and performance and through agile responses to changing conditions, the City has been able to maintain its financial condition despite external challenges. Conservative financial management policy has directed the City’s finances for many years and in 2007, they were formalized in written form. These policies were updated and adopted by City Council in 2019. STATISTICAL SECTION The statistical section presents comparative statistical data for the past 10 years, and other pertinent information involving taxes, revenues, expenditures, and bonded debt. The unaudited data should be of interest to investors of City of Little Canada bonds, financial institutions, or others interested in financial statistics of municipal governments. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. AWARDS AND ACKNOWLEDGMENTS 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 Little Canada for its Annual Comprehensive Financial Report for the fiscal year ended December 31, 2021. This was the seventh year that the City applied for and received this prestigious award. In order to be awarded a Certificate of Achievement, the government must publish an easily readable and efficiently organized Annual Comprehensive Financial Report. This report must satisfy both accounting principles generally accepted in the United States of America and applicable legal requirements.