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06-03-2024 Council Work Session Packet
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06-03-2024 Council Work Session Packet
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6/5/2024 3:12:24 PM
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6/5/2024 3:04:05 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/03/2024
Council Meeting Type
Work Session Regular
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<br /> <br /> <br />Factors Affecting Financial Condition (Continued) <br />Overall, the City continued to see substantial development activity in 2023. The City issued building <br />permits for 110 residential units and 6 new commercial establishments in 2023. Total building permit <br />valuation was approximately $57 million. <br /> <br />Long-term financial planning. The City’s current Financial Plan identifies capital equipment purchases <br />and building and infrastructure improvements totaling $128 million over the five-year period. These <br />improvements are anticipated to be funded through a number of funding sources, including tax levies, <br />special assessments, fund reserves, bond proceeds, and intergovernmental grants. The Plan is currently <br />being revised to reflect the anticipated activity through fiscal year 2029. <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 (COA) to cities that meet certain criteria. <br />The City of Lino Lakes received this award for its ACFR for the year ended December 31, 2022. This marks <br />the twenty-eighth consecutive year the City has received this prestigious award. A governmental unit must <br />publish an easily readable and efficiently organized ACFR, the contents of which conform to program <br />requirements. This report must satisfy both GAAP and applicable legal requirements. <br /> <br />The COA is valid for a period of one year. The City is submitting the 2023 report to GFOA for consideration <br />of the COA. We believe our current report continues to conform to the high standards of the 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 <br />12
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