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Financial Reporting <br />The Department prepares the City’s Annual Comprehensive Financial Report (ACFR). These reports <br />ensure transparency and compliance with established accounting standards. In addition, the <br />Department provides regular reporting to the City Council. <br />Budget Administration <br />The Finance Department prepares the annual budget for review and approval by the City Administrator <br />and City Council. Once adopted, the budget is published online for public access and transparency. <br />Department directors are responsible for managing their respective budgets throughout the fiscal year. <br />Debt Issuance and Management <br />In coordination with the City’s financial advisor, the Department oversees the issuance of municipal <br />debt and ensures all outstanding obligations are managed in accordance with the City’s official bond <br />statements and regulatory requirements. <br />Investment Management <br />The City’s idle funds are invested in strict compliance with the City’s Investment Policy. We prioritize <br />safety, credit risk mitigation, market risk management, liquidity, and yield to protect public funds. <br />Strategic Financial Planning <br />The Department develops and maintains long-term projections of revenues and expenses. These studies <br />include projections for development, taxation, capital purchases, staffing, debt, utility fees, and much <br />more. <br />Program Accomplishments <br />The team successfully introduced a new Enterprise Resource Planning (ERP) system to enhance <br />financial management, reporting accuracy, and operational efficiency. <br />Future Challenges and Opportunities <br />Implementing succession planning strategies to address anticipated staff retirements and turnover. <br />Securing sustainable funding sources for current and future capital improvement. <br />Finance Department <br />City of Lake Elmo <br />What We Do <br />14LAKE E L M O A N N U A L R E P O R T | 2 0 2 5 <br />2026 Tax Levy