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Thanks also to much hard work by Interim City Administrator Dave Pecchia, the <br />city will recover 90% of the city incurred expenses related to last year's storm. <br />We have a good cash reserves level. We have excellent and improving cash <br />management and investment policies. These sound policies enabled the city to <br />manage the financial surprises we've been up against this year. <br />Our investment earnings are up. Our building permit revenue is up - in part <br />because of storm permits, and in part because the value of construction in Lino <br />Lakes is up both for residential and C&I construction. <br />Increased revenue will enable the city to fund the last of the outstanding penalties <br />we discovered in 1998. <br />For finances today and in the future, we've taken the following actions: <br />1. We changed the Tax Increment Financing Policy. Rather than pay what <br />amounted to a 35% penalty for TIF projects, the city has adopted the <br />10% contribution option. We will know going into a project what the <br />specific city cost will be rather than waiting 2 years for an unknown <br />penalty amount. <br />2. We changed the budget to reflect more accurately expected revenues. <br />One impact of slowing the growth rate is decreasing revenues from <br />building permits and other sources. In '99 we expect a large increase in <br />institutional permits because of improvements at the prison. We <br />6 <br />• <br />• <br />• <br />