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MAJOR INITIATIVES The City continued working with the State and County in what is termed the Ramsey Gateway Project. The Ramsey Gateway Project will provide grade separations of US Highway 10/169 and the BNSF Railway. Highway 10 improvements at Sunfish Lake and Ramsey Boulevard are part of the project plan. To date, $80 million of the $138 million needed to fund these improvements has been secured. The City implemented a stable/dedicated funded source for its Pavement Management Program. This funding source was the collection of a franchise fee on all gas and electric customers. It is estimated that $2 million will be generated annually and to be used strictly for the reconstruction and overlays of road as outlined in the City's Pavement Management Plan. The City completed a feasibility study of a water treatment facility. Planning is on -going with possible construction of the facility in late fall of 2021. CERTIFICATE OF ACHIEVEMENT The Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting (CAEFR) to the City for its Comprehensive Annual Financial Report for the year ended December 31, 2019. This was the twenty-sixth 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 Comprehensive Annual Financial Report continues to meet the CAEFR Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. ACKNOWLEDGMENT The 2020 Comprehensive Annual Financial Report 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. Respectfully submitted, Kurt Ulrich City Administrator Diana Lund Finance Director 17