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CITY OF HUGO, MINNESOTA <br />Long-term financial planning (continued) <br />• Emerging Retail Market. Due to rapid residential growth, the City is experiencing a demand for <br />additional retail space, primarily along the CSAH 8 corridor. In addition, city planning efforts include <br />the identification of land for future retail centers along T.H. 61 in the downtown area and along CSAH <br />4. The city has re -guided residential land toward commercial uses along these corridors in an effort <br />to broaden the tax base and provide a better ratio of commercial to residential development. <br />AWARDS AND ACKNOWLEDGEMENTS <br />The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for <br />Excellence in Financial Reporting to the City of Hugo, Minnesota for its comprehensive annual financial <br />report for the fiscal year ended December 31, 2014. This was the fifteenth consecutive year that the City <br />has received this prestigious award. In order to be awarded a Certificate of Achievement, the government <br />must publish an easily readable and efficiently organized comprehensive annual financial report. This <br />report satisfied both generally accepted accounting principles and applicable legal requirements. <br />A Certificate of Achievement is valid for a period of one year only. We believe our current report continues <br />to conform to the Certificate of Achievement Program's requirements, and we are submitting it to GFOA <br />to determine its eligibility for another certificate. <br />The preparation of this report could not be accomplished without the professional, efficient services of <br />many dedicated people. We first express our appreciation to all members of the city staff who assisted <br />and contributed in preparing the report. We also thank the staff of Smith, Schafer and Associates, Ltd. for <br />their assistance and review of the document. And finally, we acknowledge the Mayor and the members <br />of the City Council for their interest and support in planning and conducting the financial operations of the <br />City in a responsible and progressive manner. <br />Respectfully submitted, <br />Ronald J. Otkin <br />Finance Director <br />Bryan J. Bear <br />City Administrator <br />iw <br />i <br />