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06-06-2022 Council Work Session Packet
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06-06-2022 Council Work Session Packet
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12/12/2022 5:57:53 PM
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6/3/2022 3:30:43 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/06/2022
Council Meeting Type
Work Session Regular
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<br /> <br />Factors Affecting Financial Condition (Continued) <br />The 35E corridor also gained additional attention through a partnership with Anoka and Washington <br />Counties, neighboring cities, and Connexus Energy, to establish the Minnesota Technology Corridor. <br />Over 1,000 acres are available along the corridor with strong transportation, fiber and utility infrastructure <br />to serve the growing data and tech fields <br /> <br />Overall, the City continued to see substantial development activity in 2021. 263 new residential <br />construction permits were issued. Total building permit valuation was approximately $91 million. These <br />represent both the highest residential permit numbers in over 20 years and the highest new construction <br />valuation on record. Approximately $75 million was related to residential construction. <br /> <br />Long-term financial planning. The City’s current five-year capital plan identifies street and utility <br />improvements totaling $62 million 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 2027. 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 annual comprehensive financial report for the year ended <br />December 31, 2020. This marks the twenty-sixth consecutive year the City has received this prestigious <br />award. A governmental unit must publish an easily readable and efficiently organized annual <br />comprehensive financial report, the contents of which conform to program requirements. This report must <br />satisfy 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 2021 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 /> Hannah Lynch <br />Director of Finance <br /> <br /> <br />5
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