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agreed to move forward with Option Two, which included the City assuming the mortgage in the <br />event of default. <br />It was noted that Economic Development Manager Sullivan and the City Attorney would draft the <br />assumption agreement and other related documents to protect the City's interests. <br />The Council authorized staff to begin work on the documents and to return them for final approval. <br />2.03: Review Existing and Proposed Fiber Optic Service Providers within the City of <br />Ramsey <br />Item 2.03 was postponed until after item 2.04 was presented and discussed. <br />2.04: Review 2025 Annual Comprehensive Financial Report, Management Report & <br />Special Purpose Report <br />Finance Director Lund introduced Mr. Aaron Nielson from LB Carlson to present the 2025 Annual <br />Comprehensive Financial Report, Management Report & Special Purpose Report. <br />Mr. Nielson presented the audit report, highlighting the city's strong financial performance and <br />the issuance of an unmodified opinion on the financial statements. He discussed changes in <br />governmental funds, including a decrease in restricted assets and an increase in the park <br />improvement fund. <br />The Council discussed the general fund's financial health and the impact of property taxes, the <br />primary funding source. <br />Mr. Nielson presented the operating results for enterprise funds, reporting positive results across <br />all utility operations except the recycling fund. He delivered an entity -wide financial presentation <br />highlighting the City's overall financial health and the impact of infrastructure investments. <br />The Council discussed the potential impact of the water treatment plant on the City's finances and <br />the need for ongoing monitoring. <br />Mr. Nielson concluded the presentation, noting that the City continues to receive the ACRA award <br />for financial performance. <br />2.03: Review Existing and Proposed Fiber Optic Service Providers within the City of <br />Ramsey <br />City Engineer/Public Works Director Bruce Westby provided an update on the Gateway Fiber <br />2026 Project, including a layout of the City. The project involves a fiber -to -the -premises build -out <br />serving homes and businesses in the southeast corner of the City. Existing fiber-optic service <br />providers, Comcast and Lumen, already serve numerous areas of the City, with over 1,700 <br />residential homes and 37 businesses having access to fiber. He noted that Gateway Fiber has <br />City Council Work Session / June 9, 2026 <br />Page 3 of 6 <br />