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In December 2014, the city adopted a Special Assessments Policy in regards to the funding of its Long - Term Street Maintenance Program. This policy was put into practice in May 2015 when the City reconstructed Garnet Street and 168t' Avenue with funding coming from the issuance of General Obligation Street Reconstruction bonds and special assessments. The reconstruction of Garnet Street and 168t' Avenue were the first projects reconstructed as part of a yearly reconstruction schedule as outlined in the 40-Year Long -Term Street Maintenance Program. Ramsey is home to hundreds of successful and growing businesses. The city welcomed twenty-two new businesses in 2015 and five current businesses expanded their sites by over 90,000 square feet and added 76 new jobs. In looking towards the future, the City Council and Economic Development Authority have initiated planning and consideration of a new business park encompassing 93 acres north of Highway 10 and west of Armstrong Boulevard. It is estimated that upon completion, the project area could generate two million annually in property taxes and bring 2,700 jobs to the community. 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 CAFR for the year ended December 31, 2014. This was the twenty-first 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. ACKNOWLEDGMENT The 2015 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. Respectfully submitted, Kurt Ulrich City Administrator Diana Lund Finance Director 17