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Factors Affecting Financial Condition (Continued) <br />residential projects are currently in the review process from both local and national developers with <br />construction expected to commence in summer of 2025. <br />Overall, the City continued to see substantial development activity in 2024. The City issued building <br />permits for 126 residential units and three new commercial establishments in 2024. The total building <br />permit valuation was approximately $77 million. <br />Long-term financial planning. The City's current Financial Plan identifies capital equipment purchases <br />and building and infrastructure improvements totaling $92 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 2030. <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, 2023. This marks <br />the twenty-ninth 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 />The COA is valid for a period of one year. The City is submitting the 2024 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 />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 />Respectfully submitted, <br />Kelly Horn, Interim Finance Director <br />City of Lino Lakes, Minnesota <br />