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MAJOR INITIATIVES Since 1990, the City has been attempting to provide improved services to a dramatically increasing number of households in a time of fiscal constraints at the state level. From the 1990 census to the 2006 projection, Ramsey's population has increased by 89 %. At the same time, aids from the state of Minnesota have decreased. Substantial completion of a state -of -the -art Municipal Center took place in October 2006. It contains City Hall offices as well as the Ramsey Police Station. In addition, a 800 -stall parking ramp was completed in July of 2006. This facility provides free parking for users of the future Northstar Rail as well as those utilitzing RTC's amentities. Ramsey Town Center (RTC) continued in its construction phase during 2006. Completed improvements for 2006 include; Coburn's Retail Center, and Ramsey Office Plaza. Residential construction continues in several developments within RTC. Declining market conditions and the death of the main developer has extended the timeline for the completion of the Ramsey Town Center project. A number of major infrastructure projects were completed in 2006. They include; construction of Well #6, installation of utilities for the Oak Park Terrace trailer park, construction of the Rhinestone Street Bridge, Pedestrian underpass and connecting trails, improvements in Elmcrest Park, and roads in and around Ramsey Town Center. CERTIFICATE OF ACH1I EMENT The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting (CAEFR) to the City for its CAFR for the year ended December 31, 2005. This was the tenth consecutive year the City has received this prestigious award. Also, the City had previously received the award from 1981 through 1988, after which the City did not participate in the program for several years. The CAEFR is valid for a period of one year only. We believe our current CAFR continues to meet the CAEFR Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. Respectfully su. -- fitted, Wfifto to 6 1 1 terim * ty Administrator ACKNOWLEDGMENT The 2006 CAFR of the City meets the highest professional standards and was prepared in a timely and cost - effective manner. This could never have been accomplished without the excellent work of the entire Finance Department. We would like to express our appreciation to the Finance Department and all members of the City's staff who contributed to its preparation. Diana Lund Finance Officer