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The mission of the City of Lake Elmo is to provide planned, quality public services consistent with the City’s character in a fiscally responsible manner in partnership with our community. 3880 Laverne Ave N | Lake Elmo | MN 55042 | (651) 747-3900 | lakeelmo.gov 5 RELEVANT FINANCIAL POLICIES Trends of the past decade, changes in state tax law, and recent legislation indicate that the City will have a greater relian ce on property taxes as a source of financing for city operations in the future and less reliance on the intergovernmental revenues (federal and state) and building permit fees. Changes in state tax law over the past decade have resulted in funding changes for both schools and local governments. The elimination of the homestead and agricultural credit aids program, and large cut s in both local government aid and the market value homestead credit programs resulted in revenue losses to the City. In addition , as the City continues toward full development, we anticipate future decreases in building permit revenues. MAJOR INITIATIVES 2024 was again an extremely robust year for the City due to continuation of on-going infrastructure upgrades, projects, as well as oversight of the on-going residential and commercial development activity. Some of the 2024 infrastructure projects included the following: • Municipal sewer lines were extended along the city’s western border to serve new development on the 180 acres the city received in a settlement with 3M in 2019. The new area will provider business/industrial, commercial and low - density housing options. An RFP will be issued in 2025 for the sale of the land to a qualified developer. • The City continued work on several expedited water main projects to bring water to neighborhoods with PFAS contamination at no cost to the city or residents due to grants from the MPCA. These projects have included water main extensions, road construction and in some cases the extension of sewer. The Stillwater Boulevard (CSAH 14) Trunk Watermain Improvements were completed in 2024 using 100% 3M Settlement grant funds • Use of Park Dedication fees to continue to make improvements to existing and new parks. 2024 Improvements included additional Pickleball courts in both Pebble Park and Tablyn Park, new playground structures in Pebble Park and DeMontreville Park, and expanding the parking lot at Tablyn Park. Volleyball courts were also added to Pilot Park and Carriage Station Park. • As part of the City’s street capital improvement program, neighborhood street and drainage improvements were completed in Carriage Station and along Jamaca Court. In 2025, street and drainage improvements are being constructed in Judith Mary Manor, Prairie Hamlet, Rolling Hills Estates, Teal Pass Estates, Lake Elmo Vista and Irish Court N. • Also as part of the City’s street capital improvement program, the 2024 Collector Roadway Improvements were constructed, including Hudson Boulevard, from Inwood Avenue (CSAH 13) to Julia Avenue; 15th Street from Inwood Avenue (CSAH 13) to Oakdale/Lake Elmo city limits; and 30th Street, from Village Parkway to Lisbon Avenue. AWARDS AND ACKNOWLEDGEMENTS The Government Finance Officers Association (GFOA) of the United States and Canada awarded a Certificate of Achievement for Excellence in Financial Reporting to the City again for the fiscal year ending December 31, 2023. This certificate is a prestigious national award recognizing conformance with the highest standards for preparation for state and local government financial reports. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized Annual Comprehensive Financial Report, whose contents conform to program standards. Such reports must satisfy both accounting principles generally accepted in the United States of America and applicable legal requirements. A certifica te is valid for one year only.