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CITY OF LAKE ELMO, MINNESOTA <br />NOTES TO THE BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2023 <br /> <br /> <br />70 <br />NOTE 6 OTHER NOTES (Continued) <br /> <br />6.C. COMMITMENTS <br /> <br />During the year, the City entered into various contracts for construction services. At December 31, 2023, remaining <br />commitments related to these projects total $1,099,565. <br /> <br />6.D. CONTINGENCIES <br /> <br />The City has received notice from the Minnesota Department of Natural Resources (DNR) indicating that the volume of water <br />being drawn from City wells has exceeded the amount appropriated to the City under the corresponding permit. The City is <br />currently pursuing options for obtaining an increase to this appropriation but may be subject to fines imposed by the DNR. At <br />this time, the range of such fines cannot be reasonably determined. <br /> <br />6.E. SUBSEQUENT EVENTS <br /> <br />Subsequent to year end but prior to the issuance of these financial statements, the City accepted bids for various construction <br />projects, engineering services, and equipment in the amount of $3,217,586. <br /> <br />Additionally, the City expects to issue G.O. Improvement Bonds in the amount of $5,230,000 to finance these projects. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />