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brought about an increasing emphasis upon financial reporting. New, <br /> generally-accepted accounting standards and reporting requirements <br /> mandated by the State of Minnesota, have and will continue to <br /> promote greater disclosure and understanding of City finances by <br /> bond rating services, State and Federal agencies, the general public, <br /> and other readers of City financial statements. <br /> Economic conditions have precipitated reductions in the amounts of <br /> Federal and State Aids to cities. Those reductions have challenged <br /> cities to maintain levels of service to their citizens with reduced <br /> revenues. The City has met this challenge through improved financial <br /> planning. The annual budget has been substantially improved in <br /> recent years as a result of greater involvement and participation by <br /> staff and Council. <br /> In 1988, 1989, 1991 , and 1992 the Government Finance Officer's <br /> Association of the United States and Canada (GFOA) awarded it's <br /> Distinguished Budget Presentation Award to the City for its budget <br /> document. As a consequence, the City has been able to continue to <br /> provide needed public services to its residents with only modest <br /> increases in property tax rates and has developed cash flow and <br /> contingency reserves needed to maintain its financial integrity. <br /> 1994 - 1998 GOALS <br /> In order to maintain its ability to provide needed public service to its <br /> residents, the City needs to maintain the present level of financial <br /> planning and to expand long range planning efforts begun with the <br /> 1983 Water and Sewer System Maintenance and Capital Improvement <br /> Program. That type of planning should be undertaken for <br /> acquisition/replacement and maintenance of all land, buildings and <br /> equipment. <br /> Staff has prepared a replacement schedule for all City vehicles and <br /> equipment. The City has established a fund into which monies will <br /> be placed annually for replacement of vehicles and equipment. The <br /> purpose of this fund is to ensure that necessary funds be on hand for <br /> timely replacement of vehicles and equipment and to avoid large <br /> unplanned expenditures or "budget busters" which would place a <br /> strain on the City's finances. <br /> 15 <br />