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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 3 Policy-making and legislative authority are vested in a governing council consisting of an elected Mayor and four council members. Per Minnesota State Statute, the governing council is responsible for passing ordinances, adopting an annual budget, appointing committees and hiring both the city’s administrator and attorney. The City Administrator is responsible for carryi ng out the policies and ordinances of the governing council and overseeing the day-to-day operations of the city. The Council is elected on a non-partisan basis. The Mayor serves a four-year term and council members serve a four-year staggered term, with two of these positions elected every two years. The Mayor and the Council are elected at-large. The City of Lake Elmo provides a full range of Services including fire protection services, construction and maintenance of streets and infrastructure; recreational facilities; and water, sanitary sewer and storm water utility services. The City con tracts with the Washington County Sheriff’s Department for police services. The annual budget serves as the foundation for the City of Lake Elmo’s financial management and fiscal stewardship. City departments and agencies of the City submit their requested budget to the City Administrator and the Finance Director to compile a preliminary balanced budget for submission to the City Council. The preliminary balanced budget is presented to the City Council in September each year so that the preliminary property tax levy can be submitted to Washington County by the annual due date. The preliminary property tax levy may be decreased but not increased. The 2024 Adopted Budget and final property tax levy was required to be adopted by and submitted to Washington County by December 28, 2023. Included in the City annual budget process is the compilation of a Capital Improvement Plan which allows for strategic planning of City infrastructure and equipment needs while maintaining a reasonable level of debt and a strong unassigned fund balance. Annual budget appropriations are adopted for the General Fund, Debt Service Funds, and Capital Funds. Quarterly budget to actual comparison reports are provided to the City Council to keep them apprised of the financial performance of the City. FACTORS AFFECTING FINANCIAL CONDITION The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the City of Lake Elmo operates. LOCAL ECONOMY Lake Elmo is home to numerous businesses that are leaders in their respective industries. New residential developments platt ed since 2014 numbering approximately 3,243 dwelling units have been approved. In 2024 and early 2025, the city saw continued interest in residential and commercial growth. Projects started in earlier ye ars continue, including: • Royal Golf 5th Addition – 43 New Single-Family Homes • Royal Golf 6th Addition – 46 New Single-Family Homes • Northstar 1st Addition – 107 New Single-Family Homes • Easton Village 6th and 7th Addition – 27 New Single-Family Homes • At Home Apartments – 40 Twin homes • Bridgewater Bank • Gardner Daycare • Amira - 146 senior rental apt building • Carmelite Church is under construction • Remodel and new accessary building at Royal Park Golf Clubhouse