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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 2 June 23, 2025 Honorable Mayor, Members of the City Council, and Citizens of the City of Lake Elmo: Minnesota Statutes require all cities to issue an annual report on its financial position and activity prepared in accordance with generally accepted accounting principles (GAAP), under the guidance of the Governmental Accounting Standards Board (GASB), and audited in accordance with generally accepted auditing standards (GAAS) by a firm of licensed certified public accountants or the Office of the State Auditor. Pursuant to that requirement, we hereby issue the comprehensive annual financ ial report of the City of Lake Elmo, MN for the fiscal year ended December 31, 2024. This report consists of management’s representation concerning the finances of the City of Lake Elmo. Consequently, management assumes full responsibility for the completeness, accuracy and reliability of all the information presented in thi s report. To provide a reasonable basis for making these representations, the management of the City of Lake Elmo has established a thorough internal control system designed to both protect the City’s assets from loss, theft and misuse, and to compile all necessary information for the preparation of the City of Lake Elmo’s financial statements in conformity with GAAP and GASB. As a management team, we assert that the financial statements will be free from material misstatement and that the financial report is reliable in all material respects. The City of Lake Elmo’s financial statements have been audited by Schlenner Wenner and Company, a firm of licensed certified public accountants. The goal of the independent audit is to provide reasonable assurance that the financial statements of the City of Lake Elmo for the fiscal year ended December 31, 2024, are free from material misstatement. The independent audit involved examining on an approved test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit that there was a reasonable basis for renderi ng an unmodified opinion that the City of Lake Elmo’s financial statements for fiscal year ended December 31, 2024, are fairly presented in conformity with GAAP. The independent auditor’s report is presented as the first component of the financial section of the report. A “Single Audit” designed to meet the special needs of a federal grantor agency was not performed for the year ended December 31, 2024 as the City did not participate in any programs that required this additional independent audit. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in form of the Management’s Discussion and Analysis (MD&A). This letter of transmittal is included to complement the MD&A and should be read in conjunction with it. The City of Lake Elmo’s MD&A can be found immediately following the report of the independent auditors. PROFILE OF THE GOVERNMENT The City of Lake Elmo was incorporated in 1926 and is a statutory city in the State of Minnesota six miles east of St. Paul Minnesota. Located in Washington County, it covers 25 square miles and has an estimated 2024 population of 14,033, which represents 5,206 households.