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MAJOR INITIATIVES <br /> The City continued working with the State and County in what is termed the Ramsey Gateway Project. The <br /> Ramsey Gateway Project will provide grade separations of US Highway 10/169 and the BNSF Railway. <br /> Highway 10 improvements at Sunfish Lake and Ramsey Boulevard are part of the project plan. This <br /> project, with an estimated cost of$138 million, is fully funded as of July 2021, and construction is set to <br /> begin in fall 2023 with the final touches completed in 2026. <br /> The City refinanced its municipal center debt in 2021 taking advantage of record-low interest rates. The <br /> City will save over one-million dollars in future debt service payments due to the refinancing. The rating <br /> firm of Standard and Poor's reaffirmed the City's AA+bond rating with this debt issue. <br /> The City will begin construction of a water treatment facility in the summer of 2022. The project is <br /> estimated to cost approximately$32 million and be completed in the fall of 2023. Funding is proposed to <br /> come from the City's Enterprise Funds in which the city has been budgeting for the project since 2004. <br /> CERTIFICATE OF ACHIEVEMENT <br /> The Government Finance Officers Association of the United States and Canada (GFOA) awarded the <br /> Certificate of Achievement for Excellence in Financial Reporting (CAEFR) to the City for its Annual <br /> Comprehensive Financial Report for the year ended December 31,2020. This was the twenty-seventh year <br /> the City has received this prestigious award. Also,the City had previously received the award from 1981 <br /> through 1988, after which the City did not participate in the program for several years. <br /> The CAEFR is valid for a period of one year only. We believe our current Annual Comprehensive <br /> Financial Report continues to meet the CAEFR Program's requirements and we are submitting it to the <br /> GFOA to determine its eligibility for another certificate. <br /> ACKNOWLEDGMENT <br /> The 2021 Annual Comprehensive Financial Report of the City meets the highest professional standards and <br /> was prepared in a timely and cost-effective manner. This could never have been accomplished without the <br /> excellent work of the entire Finance Department. We would like to express our appreciation to the Finance <br /> Department and all members of the City's staff who contributed to its preparation. <br /> Respectfully submitted, <br /> Kurt Ulrich Diana Lund <br /> City Administrator Finance Director <br /> 17 <br />