2017.07.17 CC Packet - Laserfiche WebLink

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CITY OF HUGO, MINNESOTA Long-term financial planning (continued) • Downtown Redevelopment. With funding provided by the Metropolitan Council, the city completed a master plan and marketing study for the downtown area, with the goal of reinvigorating the town center. The city also completed a transportation plan for the downtown area and has secured funding for improvements to Trunk Highway 61. The city has also purchased several properties in the downtown area and is working with property owners interested in redeveloping their properties. Industrial Expansion and Cultivation of Home -Based Business. The city's industrial sector has seen substantial employment growth within the last 5 years. The city staff is working on several major building expansions within the city's industrial parks. Additionally, the city has created a regulatory environment that encourages small home-based businesses. Major expansion of high-speed internet connectivity is occurring in 2017 in the rural residential and agricultural sections of the city, leading to further growth potential of home-based business. Water Supply Sustainability. The city has made significant progress toward a city council goal of diversifying the city's water supply. The city has implemented a plan to use storm water as a major source of water for non -potable uses. Several large storm water irrigation systems have been constructed within the last 3 years, with several more planned for 2017. This program reduces the city's dependence on its primary water supply from an underground aquifer, and also reduces the peak summertime demand on the city's municipal water supply system. AWARDS AND ACKNOWLEDGEMENTS The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Hugo, Minnesota for its comprehensive annual financial report for the fiscal year ended December 31, 2015. This was the sixteenth consecutive year that the city has received this prestigious award. In order to be awarded a Certificate of Achievement, the government must publish an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe our current report continues to conform to the Certificate of Achievement Program's requirements, and we are submitting it to GFOA to determine its eligibility for another certificate. The preparation of this report could not be accomplished without the professional, efficient services of many dedicated people. We first express our appreciation to all members of the city staff who assisted and contributed in preparing the report. We also thank the staff of Smith, Schafer and Associates, Ltd. for their assistance and review of the document. And finally, we acknowledge the Mayor and the members of the City Council for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner. Respectfully submitted, Ronald J. Otkin Finance Director e pr Bryan J. Bear City Administrator