Agenda - Council - 06/09/2026 - Laserfiche WebLink

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RELEVANT FINANCIAL POLICIES The City has a comprehensive set of financial policies that provide the basic framework for the overall fiscal management of the City. The City had no unusual occurrences affecting these policies. MAJOR INITIATIVES The City concluded working with the State and County in what is termed the Ramsey Gateway Project. The Ramsey Gateway Project provides grade separations of US Highway 10/169 and the BNSF Railway. Highway 10 improvements at Sunfish Lake and Ramsey Boulevard were part of the project plan. This was an $138 million project that had nine different state and local funding sources. The Sunfish Lake interchange was completed and in full operation in mid -November 2024 with the Ramsey Boulevard interchange in operation in the fall of 2025. Ramsey's contribution to the project was $4,000,000. With the Ramsey Gateway Project completed, the focus now shifts to redevelopment opportunities on parcels that were purchased for right of way under an old design that can now be sold back to the private market. A water treatment plant was substantially completed in late winter 2025. Major construction, along with the installation of trunk watermain connections were undertaken in 2024. The plant with a total construction cost of $39 million, which included trunk watermain construction, will treat 10 million gallons per day. The Waterfront Park in the COR area is to be the home of an approximately $4 million water -play area which will include a splash pad, a fishing pier and a prefab restroom. July, 2026 is the target date for opening. 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 Annual Comprehensive Financial Report for the year ended December 31, 2024. This was the thirty-first 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 Annual Comprehensive 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 2025 Annual Comprehensive 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, Brian Hagen City Administrator ce Diana Lund Finance Director 17