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<br /> <br /> <br />Factors Affecting Financial Condition (Continued) <br />acres are available along the corridor with strong transportation, fiber and utility infrastructure to serve the <br />growing data and tech fields. <br /> <br />Citywide development activities continued to increase in 2020. Residential permit activity for new home <br />construction surpassed 100 for the fifth consecutive year. Overall construction activity exceeded $50 <br />million in new valuation. This trend is expected to continue as national builder, Lennar Homes, continues <br />construction in Watermark. Additionally, a 200-unit senior living community is planned for construction <br />in 2021. <br /> <br />Long-term financial planning. The City’s current five-year capital plan identifies street and utility <br />improvements totaling $60,374,692 over the five-year period. These improvements are anticipated to be <br />funded through a number of funding sources, including special assessments, municipal state aid road funds, <br />the area and unit trunk fund, the stormwater management fund, water and sewer operating funds, and <br />general fund tax levies. This plan is in the process of being revised to reflect the anticipated activity through <br />the year 2025. In addition, the city’s five-year financial plan includes funding projections for operations <br />and operating impacts for a five-year period. <br />Awards and Acknowledgements <br />The Government Finance Officers Association of the United States and Canada (GFOA) awards the <br />Certificate of Achievement for excellence in financial reporting to cities that meet certain criteria. The City <br />of Lino Lakes received this award for its comprehensive annual financial report for the year ended <br />December 31, 2019. This marks the twenty-fifth consecutive year the City has received this prestigious <br />award. A governmental unit must publish an easily readable and efficiently organized comprehensive <br />annual financial report, the contents of which conform to program requirements. This report must satisfy <br />both GAAP and applicable legal requirements. <br /> <br />A Certificate of Achievement is valid for a period of one year only. The City is submitting the 2020 report <br />to GFOA for consideration of the Certificate of Achievement for Excellence in Financial Reporting. We <br />believe our current report continues to conform to the high standards of the Certificate program. <br /> <br />The timely preparation of this report could not have been accomplished without the dedicated services of <br />the Finance Department, auditors and other city staff. I want to express my appreciation to the Mayor and <br />City Council for their support for maintaining the highest standard of professionalism in the management <br />of the financial operation of the City. <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br />Hannah Lynch <br />Director of Finance <br /> <br /> <br />5