WORK SESSION Final Recommended Plans for SW Community Park 5:30 – 7:00 PM AGENDA CHASKA CITY COUNCIL CHASKA CITY HALL - COUNCIL CHAMBERS & ZOOM Monday, July 20, 2026 7:00 PM 1. Call to Order 2. Pledge of Allegiance 3. Roll Call 4. Adopt Agenda 5. Visitor Presentation 6. Approve Previous Meeting Minutes 6.A. Meeting Minutes 06-29-2026 7. Consent Items 7.A. Approve Cannabis Retail Local Registration for Blom Inc. 7.B. Approve Low-Potency Hemp Retail Registrations — Holiday Stationstores #67 and #340 7.C. Approve On-Sale Liquor License at a Community Event - The Copperfield Chaska 7.D. Adopt Resolution No. 2026-66 Approving the Conditional Use Permit (CUP) for outdoor storage at 3700 Chaska Blvd/Precision Yard Services/PC #2026-14 7.E. Approve Minnesota Municipal Utilities Association (MMUA) Delegates 7.F. Adopt Resolution 2026-67 Accepting Feasibility Report for SE Collector in SW Area - Savanna Way 7.F.i. SE Collector-Savanna Way Feasibility Report 7.G. Adopt Resolution 2026-68 Accepting Bids & Awarding Contract - 2026 Industrial Park (Columbia Ct N) Watermain Replacement Project 8. Action Items Agenda Page 1 Page 1 of 436 8.A. Annual 2025 Financial Reports 8.B. Adopt Resolution No. 2026-65, Approving the Concept Plan for Vista Ridge/ Johnson Reiland Homes/ PC #2026-12 8.C. Authorize Letter of Intent for TIF Assistance for the Proposed Big Woods Business Park Project 9. Bills 9.A. Accounts Payable Claims Roster 07-20-2026 10. Other Business 10.A. City Administrator's Report 10.A.i. Biweekly 07/20/2026 11. Adjourn Chaska Economic Development Authority Meeting Immediately following City Council Agenda Page 2 Page 2 of 436 DRAFT - MINUTES - CHASKA CITY COUNCIL JUNE 29, 2026 1. Call to Order The meeting was called to order by Mayor Hubbard at 7:00 p.m. 2. Pledge of Allegiance 3. Roll Call Roll call was taken. Present: Mayor Hubbard and Councilmembers Sheveland, Benesh, Grau, and Hatfield. Also Present: Elise Durbin, Assistant City Administrator and Christophe Morschen, City Attorney. 4. Adopt the Agenda Motion by Councilmember Hatfield, second by Councilmember Benesh to adopt the agenda as presented. Motion carried. 5. Visitor Presentation No one wished to address the Council. 6. Approve Previous Meeting Minutes 6.A. Approve the June 15, 2026 City Council Meeting Minutes Motion by Councilmember Sheveland, second by Councilmember Grau to approve the minutes of the June 15, 2026, City Council meeting. Motion carried. 7. Consent Agenda Councilmember Hatfield asked if selling the lot with Forestar would have any impact on the community park. Assistant City Administrator Elise Durbin confirmed it would not impact the park. Mayor Hubbard noted the park was a good point to bring up. She congratulated Hanne Sandison for her work with the Human Rights Commission. Motion by Councilmember Benesh, second by Councilmember Sheveland to approve the Consent Agenda Items A through F: A. Approve On-Sale Liquor at a Community Event – The Golden Kitchen Motion to approve On-Sale Intoxicating License at a Community Event, Lic# OSCF26.02, for The Golden Kitchen, 207 N Chestnut St., Chaska, MN, for the Chaska Latin Music and Food Festival, effective September 18, 2026. B. Assignment of Option with Forestar Real Estate to ISD 112 Page 3 of 436MINUTES-CHASKA CITY COUNCIL June 29, 2026 PAGE 2 DRAFT Motion authorizing the Mayor and City Administrator to sign the Assignment of Option Rights and Acknowledgement agreement with ISD 112 and Forestar Real Estate Group. C. Accept Public Improvements for Shepard of the Hills Development – Twin Cities Habitat for Humanity Accept public improvements in Shepard of the Hill Development by TC Habitat for Humanity as City municipal facilities and release the maintenance bond in its entirety. D. Accept Hanne Sandison Resignation as Commissioner on the Human Rights Commission Motion to accept the resignation of Hanne Sandison from the Chaska Human Rights Commission and open the seat to applications during the commission recruitment process in fall 2026. E. Adopt Resolution No. 2026-63, Accepting Bids and Awarding a Contract for CSAH 61 Truck Sewer Extension – Highpoint Vistas and Fultonwood Development Motion to adopt Resolution No. 2026-63, to authorize the City Administrator and City Engineer to execute a construction contract with Kusske Construction for the CSAH 61 Utility Improvements in the low bid total amount of $1,293,013.50. F. Adopt Resolution No. 2026-64, Approving Plans and Specifications and Authorizing to Solicit Bids – Columbia Court N. Watermain Replacement Project Motion to Approve Resolution No. 2026-64, Approving Plans and Specifications and Authorizing city staff to solicit bids for the Columbia Court N Watermain Replacement Project. Motion carried. 8. Action Items 8.A. Library Task Force Appointments Assistant City Administrator Elise Durbin presented this item to the Council. Councilmember Sheveland asked residents who did not make the Task Force to reach out to her directly via her email to ensure that everyone has a voice regarding the library. Mayor Hubbard thanked all of the residents who applied for the Task Force. Mayor Hubbard read aloud the four members of the Library Task Force: Samantha Ward, Bob Lincoln, Nick Rodriguez, and Sarah Brown. Motion by Councilmember Hatfield, second by Councilmember Benesh to accept the Library Task Force appointments. Motion carried. 9. Bills 9.A. Accounts Payable Claims Roster 06-29-2026 Motion by Councilmember Hatfield, second by Councilmember Grau to approve the bills as presented. Roll call was taken. Voting aye: Councilmembers Hatfield, Benesh, Sheveland, Grau, and Mayor Hubbard. Voting nay: None Motion carried. 10. Other Business Councilmember Hatfield: Page 4 of 436MINUTES-CHASKA CITY COUNCIL June 29, 2026 PAGE 3 DRAFT • Shared the following upcoming events: the Fireworks Show (July 1), Fire and Ice (July 10 and 11), Night to Unite registration is open on the Police Department’s Facebook page, Fishing with the Cop (June 30) at Fireman’s Park from 10:00 a.m. to 12:00 p.m., and River City Days (July 24 and 26). • Shared that the Farmer’s Market has been successful in its new location. • KPMG Women’s PGA Championship was last week, and was an excellent event. She congratulated the winner, Haeran Ryu. Councilmember Benesh: • Recapped the Chaska Rocks event last weekend. • Attended the Copperfield after the opening. • Shared that the Bavaria Road resurfacing project starts July 7. Councilmember Sheveland: • Wished everyone a Happy Fourth of July and urged residents to be safe. • Shared that the golf tournament and staff at Chaska Town Course Golf Course were outstanding during the recent tournament. Councilmember Grau: • Apologized to applicants that he missed the interviews for the Library Task Force. • Urged residents to be safe during July 4, and to be respectful of kids and dogs with fireworks. • Recapped his attendance at the Copperfield and the opening. Assistant Administrator Elise Durbin: • Shared that there is no Council meeting on July 6, and the next Council meeting will be held on Monday, July 20. Mayor Hubbard: • Shared that there is an Open House for County Road 11 (July 14) at Westbrook Church at 5:00 p.m. • Recapped her attendance at the Copperfield opening. • Shared that the Farmer’s Market has grown and is very popular this year. • Recapped her attendance at the KPMG Women’s PGA Championship Golf tournament at Hazeltine. • Shared that the High School All-Star game was hosted at Athletic Park. • Shared that the VFW hosted a Veterans picnic on June 28. • Recapped her attendance at the Human Rights Commission Pride Picnic at Lion's Park. 10.A. City Administrator's Report 10.A.i. Bi-Weekly Report 06-29-2026 11. Adjourn Motion by Councilmember Hatfield, second by Councilmember Benesh to adjourn the meeting at 7:23 p.m. Motion carried. Page 5 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL 7/20/2026 Subject: Approval of Cannabis Retail Local Registration – Blom Inc. Prepared By: Denise Beebe, Senior Clerk BACKGROUND The Office of Cannabis Management (OCM) has established licensing requirements for cannabis businesses operating in Minnesota. The City of Chaska adopted its Cannabis Licensing and Zoning Ordinance on March 17,2025, providing a framework for local regulation consistent with state law. Blom Inc, located at 4024 Peavey Rd., has submitted an application for a Cannabis Retail Local Registration. The applicant has completed all state-level licensing steps and is seeking local approval as required under City Code Section 5.45.050. A cannabis microbusiness license allows for limited cultivation, manufacturing, and retail sale of cannabis and cannabis products within a single location, subject to state and local regulations. APPLICATION REVIEW City staff have reviewed the application materials in accordance with City Code and OCM requirements. The review included: • Zoning Compliance: The proposed location is zoned as the downtown district and meets the city’s setback and land use requirements. • Building and Fire Safety: Preliminary inspection completed by Chaska Building/Fire Departments; no issues identified. • State Licensing: Copy of state license received confirming the applicant’s conditional approval pending local authorization. STAFF RECOMMENDATION Staff recommends that the City Council approve the Cannabis Retail Local Registration for Blom Inc. CITY COUNCIL ACTION REQUESTED Motion to approve a Cannabis Retail Local Registration for Blom Inc., located at 4024 Peavey Rd., Chaska. Page 6 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL 7/20/2026 Subject: Approve Low-Potency Hemp Retail Registrations Prepared By: Denise Beebe, Senior Clerk BACKGROUND State law requires retailers selling low-potency hemp edible products to obtain a state- issued Low-Potency Hemp Retail License. In addition to the state license, they are required to register with the city and receive a local registration permit. SUMMARY The below-listed businesses have obtained state-issued low-potency hemp retail licenses and have completed all local registration requirements. City Council approval is required to finalize registration and authorize operation within the City. • Holiday Stationstore #67 – 2820 Chaska Blvd. • Holiday Statonstore #340 – 1465 White Oak Dr. CITY COUNCIL ACTION REQUESTED Motion to approve low-potency hemp edible retail registrations for, Holiday Stationstores #67, and #340 to sell low-potency hemp edible related products. Page 1 Page 7 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL 07-20-2026 1 Subject: On-Sale Liquor at Community Event – The Copperfield Chaska Prepared By: Denise Beebe – Senior Clerk The Copperfield Chaska, located at 3210 Chaska Boulevard, Chaska, MN 55318, has submitted an application for an On-Sale Liquor Permit for a Community Event at the Chaska Fire & Ice Festival, to be held at Firemen's Park, 3210 Chestnut Boulevard. The permit will allow patrons to purchase alcoholic beverages from their booth during the community event on July 10th and 11th. Due to timing constraints, administrative approval was granted prior to the event to allow operations to proceed, with formal City Council consideration occurring afterward. The Chaska Fire & Ice Festival is a well-attended annual community event that has consistently provided a safe and enjoyable experience for attendees. All required application materials have been received and are on file. Staff recommends approval of the license. CITY COUNCIL ACTION REQUESTED Motion to approve On-Sale Intoxicating License at a Community Event, Lic# OSCF26.03, for The Copperfield Chaska, 3210 Chaska Blvd., Chaska, MN for Chaska Fire & Ice Festivall effective July 10th and 11th, 2026. Page 8 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL 07/20/26 Subject: 3700 Chaska Blvd – Conditional Use Permit (CUP) Applicant: Precision Yard Services (PYS) Location: 3700 Chaska Boulevard Case No.: 2026-14 Synopsis: Applicant seeks to obtain approval of a Conditional Use Permit (CUP) for open storage area that exceeds a 2:1 land to building ratio for a landscape contracting company Prepared By: Elizabeth Hanson Staff Recommendation: Motion to adopt resolution BACKGROUND The following exhibit below is intended to show the general site area and adjoining uses: Figure 1: Existing Site & Adjoining Uses Page 9 of 436Previous Approvals The existing building (fka 850 Chaska Boulevard) was constructed in 1972 and was occupied by Carver County Public Works. Carver County Public Works used the building for outdoor material and truck and trailer storage related to road maintenance. See Aerials 2005, 2008, & 2011 in Figure 2 for historic aerials of the site when Carver County occupied the building. In 2017, the site was approved for a Conditional Use Permit to operate a brewery/taproom. The brewery, Schramhaus (“Schram”), occupied the building until December 2025. Under the brewery operations, the site was used for parking, storage of items, and events. City utilities were also extended to the site. See Aerial 2024 in Figure 2 when Schram occupied the building. Figure 2: Historic Aerials of 3700 Chaska Boulevard Page 10 of 436CURRENT PROPOSAL The applicant is requesting a conditional use permit (CUP) for open storage/display area that totals 75,000 square feet and exceeds a 2:1 land to building ratio for a landscape contracting company, Precision Yard Services (PYS). The following is intended to summarize the applicant’s request and staff’s analysis: • Precision Yard Services (“PYS”) PYS, is a family-owned lawn & landscaping company currently located in Jordan, Minnesota – see Figure 3 below. The company provides lawn care and landscaping services for both residential and commercial properties around southwest Minnesota. As their business has grown and as their customer geographic area has solidified, PYS was looking for a location in Chaska. A seven-year lease for the property has been signed and begins July 1, 2026. PYS typical hours of operation are M-F 7am-7pm and 8am- 2pm on Saturdays. They do not have customers or retail sales. Figure 3: Existing PYS in Jordan • Existing Conditions The existing lot is approximately 4.3 acres in size with an existing vacant building totaling approximately 7,200 square feet. Access to the site is gained off one driveway coming from Chaska Boulevard. There is no vehicular connection to the industrial properties to the north. The site is currently connected to sewer or water. • Comprehensive Plan. The comprehensive plan guides the site as High Density Residential, which conflicts with the current zoning (I-2). The property owner has stated they are committed to the goal of abiding to the future use for the property. Redevelopment of the site into High Density Residential would likely need the Figure 4: 2040 Comprehensive Plan collaboration of the other northern properties in order to create efficient and improved access to the overall site. The proposed use will allow continued use of the building and site without large capital improvements, which would prolong redevelopment. Page 11 of 436• Land Use The property is currently zoned restricted industrial (I-2). The proposed use meets the permitted uses in the zoning district, however, the amount of open storage exceeds a 2:1 land to building ratio which requires a CUP. Based on the size of the building footprint (7,200 square feet) the property is permitted up to 14,400 square feet of open storage. Open storage exceeding 14,400 square footage requires a CUP. • Parking/Circulation Parking will be provided and re-striped on site to accommodate 40 cars. The user proposes to have 20 employees and no customer traffic. In terms of the parking count, it appears that 40 stalls are an adequate amount of stalls to accommodate the use based on employees and these parking requirements: Uses Approx. Size Code Req. Est. Parking Req. Landscape 7,200 sf 1ps/350sf 21 parking spaces yard (Industrial) REQUIRED 21 parking spaces PROVIDED 40 parking spaces Figure 5: Proposed Parking Plan • Open Storage The user, PYS, proposes approximately 75,000 square feet of open (outdoor) storage on the north side of the site. The open storage area consists of ~15 trucks and trailers, small equipment and attachments, ~10 shipping and roll-off containers, inventory Page 12 of 436storage, equipment loaders and skids, 4 hoop structures, and salt brine tanks and mixer. The tallest items would be approximately 12 feet tall. The salt storage will be contained and on impervious surface. The rest of the area is a mix of asphalt, concrete and sandy gravel. The applicant states the grassy and dirt areas will not be used for storage. This area will not be fenced in, but the equipment will be locked and security cameras will be put in place. See Figure 6 below. Figure 6: Proposed Open Storage Page 13 of 436• Screening The property sits roughly 30 feet higher than Chaska Boulevard. Because of this height comparison, viewsheds into the site are minimal from Chaska Blvd. The applicant has provided a few viewshed analyses – see Figures 7-9. The applicant has noted one area of enhancement – see yellow circles in Figure 8. They propose to plant 7 black hill spruce in that area – see Figure 10. Staff would also advise the addition of 8-10 black hill spruce in the area denoted in red in Figure 10. This area will have storage closer than where the former accessory building was on site so additional screening will be needed – see Figure 9. Figure 7: Viewshed Exhibit Page 14 of 436 Figure 8: Viewshed Analyses – Part II Page 15 of 436 Figure 9: Viewshed Analyses – Part III Figure 10: Proposed Screening & Additional Screening Needed • Utilities The site is currently connected to city utilities. • Grading/Drainage No grading or improvements are proposed. The natural drainage patterns will continue. Page 16 of 436CONDITIONAL USE PERMIT The applicant will be required to apply for a Conditional Use Permit (CUP) in order to have open storage that exceeds a 2:1 building to land ratio. A Conditional Use Permit may be granted by the City Council after demonstration by evidence that: a) The establishment, maintenance, or operation of the special use will not be detrimental to or endanger the public health, safety, comfort or general welfare. • The proposed special use will not be detrimental to or endanger the public health, safety, comfort or general welfare. The additional outdoor storage area, maintenance and operation of PYC will not be detrimental to or endanger the public health, safety, comfort, or general welfare of the public or the neighbors. The neighbors are in the same zoning district and are businesses operating in a similar manner, including outdoor storage. b) The special use will not be injurious to the use and enjoyment of other property in the immediate vicinity for the purpose already permitted, nor substantially diminish and impair property values within the neighborhood. • The proposed special use will not be injurious to the use and enjoyment of other property in the immediate vicinity for the purpose already permitted, nor substantially diminish and impair property values. The additional outdoor storage area will not be injurious to the use and enjoyment of other property in the immediate vicinity and will not substantially diminish or impair property values within the area. As noted above, the outdoor storage is no different than the outdoor storage on the properties immediately north. Sight lines of the use will be at a minimum due to the topography between other properties. The applicant is proposing additional landscaping to screen the use from public view in areas that do not naturally provide screening by way of topography. There is also no abnormally high noise generated by PYS’s use. c) The establishment of the special use will not impede the normal and orderly development and improvement of surrounding property for uses permitted in the district. • The proposed special use will not impede the normal and orderly development and improvement of surrounding property for uses permitted in the district. The nearest adjacent properties are industrial uses with outdoor storage and the proposed use should fit in well. The use will have its own entrance off of Chaska Boulevard and will not impede normal traffic movements for the other uses surrounding it. d) Adequate utilities, access roads, drainage, and necessary facilities have been or will be provided. • Adequate utilities, access roads, drainage, and necessary facilities have been or will be provided. The site is currently connected to City sewer and water. The proposal is not planning to create any new access, drainage patterns or impervious surfaces; they will use what is existing. Page 17 of 436 e) Adequate measures have been or will be taken to provide ingress or egress so designed as to minimize traffic congestion in the public streets. • The access road into the site will be maintained, which provides for two-way traffic movements. The site is a stand-alone site in terms of ingress/egress and thus should not impact other uses/sites from traffic generated. The amount, frequency, and type of traffic generated at this site will be reduced relative to previous uses of the location. This will no longer be a taproom use, which was more retail in nature. PYS typical hours of operation are M-F 7am-7pm and 8am-2pm on Saturdays. They do not have customers or retail sales which add to frequency of traffic in and out of the site. PYS uses smaller to mid-sized trucks and trailers, a reduction in size to the County use of large dump truck and semi-truck use. f) The special use shall, in all other respects, conform to the applicable regulations of the district in which it is located. • The special use shall, in all other respects, conform to the applicable regulations of the district in which it is located. The Restricted Industrial (I-2) district is intended to provide for industrial uses with open storage. The use will be consistent with the intention of this zoning district. It appears that the applicant is meeting the intention of the zoning district that they are in, as well as the standards set forth for a Conditional Use Permit. Deadline for Agency Decisions Complete Application 60-day review * 120 – day ** Received June 24, 2026 August 23, 2026 October 22, 2026 * Pursuant to MN State Statutes the City must act on the request within 60-days. ** The city can provide the applicant with a written letter requesting an additional 60-day review period if further review is needed. PLANNING COMMISSION ACTION TAKEN 07/08/2026: Motion to recommend to City Council approval of the Conditional Use Permit for open storage exceeding a 2:1 building to land ratio and totaling 75,000 square feet at 3700 Chaska Boulevard, subject to the following conditions: 1. Approvals shall be based on the following graphic exhibits: a. Project Narrative (pgs 1-4), prepared by MSP Commercial, dated June 24, 2026 b. Site Location (pgs 1-2), prepared by MSP Commercial, dated June 2, 2026 c. Parcel Dimensions, prepared by MSP Commercial, dated June 2, 2026 d. Historic Aerials, prepared by MSP Commercial, dated June 2, 2026 e. Viewshed Analysis (pgs 1-2), prepared by MSP Commercial, dated June 2, 2026 f. Landscape Plan, prepared by MSP Commercial, dated June 2, 2026 g. Elevations, prepared by MSP Commercial, dated June 2, 2026 h. Aerial with Topography, prepared by MSP Commercial, dated June 2, 2026 i. Proposed Site Usage Square Feet, prepared by MSP Commercial, dated June 2, 2026 j. Proposed Site Usage, prepared by MSP Commercial, dated June 2, 2026 Page 18 of 436 k. Existing Parking Plan, prepared by MSP Commercial, dated June 2, 2026 2. Provision of any new exterior lighting to be reviewed and approved by the Planning Department prior to installation. 3. Parking lot to be striped in accordance with parking plan and to be completed prior to certificate of occupancy. 4. Provision of 8-10 black hill spruce be installed on the northeast edge of the site adjacent to the proposed ‘truck and trailer’ open storage. 5. Compliance with 14.7.4 ‘Standards for Granting Conditional Use Permits’ of the Zoning Ordinance. 6. Provision of proposed signage to meet Section 15.32.080 of the zoning code. 7. Compliance with Section 15.28 (Special Regulations) of the Zoning Ordinance. 8. The applicant shall obtain a building permit prior to commencement of any building alterations. CITY COUNCIL ACTION REQUESTED Motion to adopt Resolution No. 2026-66 approving the Conditional Use Permit (CUP) for open storage exceeding a 2:1 building to land ratio and totaling 75,000 square feet at 3700 Chaska Boulevard (PC #2026-14). Page 19 of 436 CITY OF CHASKA CARVER COUNTY, MINNESOTA RESOLUTION DATE JULY 20, 2026 RESOLUTION NO. 2026-66 MOTION BY COUNCILMEMBER SECOND BY COUNCILMEMBER Resolution approving the Conditional Use Permit for for open storage exceeding a 2:1 building to land ratio and totaling 75,000 square feet at 3700 Chaska Boulevard /Precision Yard Services/PC #2026-14 WHEREAS, the applicant is requesting a conditional use permit (CUP) for open storage/display area that totals 75,000 square feet and exceeds a 2:1 land to building ratio for a landscape contracting company, Precision Yard Services (PYS); and WHEREAS, the existing lot is approximately 4.3 acres in size with an existing vacant building totaling approximately 7,200 square feet; and WHEREAS, based on the size of the building footprint (7,200 square feet) the property is permitted up to 14,400 square feet of open storage, open storage exceeding 14,400 square footage requires a CUP; and WHEREAS, the comprehensive plan guides the site as High Density Residential; and WHEREAS, the property owner has stated they are committed to the goal of abiding to the future use for the property; and WHEREAS, the proposed use will allow continued use of the building and site without large capital improvements, which would prolong redevelopment; and WHEREAS, parking will be provided and re-striped on site to accommodate 40 cars; and WHEREAS, the open storage area consists of ~15 trucks and trailers, small equipment and attachments, ~10 shipping and roll-off containers, inventory storage, equipment loaders and skids, 4 hoop structures, and salt brine tanks and mixer; and WHEREAS, the tallest items would be approximately 12 feet tall. The salt storage will be contained and on impervious surface; and WHEREAS, the property sits roughly 30 feet higher than Chaska Boulevard, and because of this height comparison, viewsheds into the site are minimal from Chaska Blvd; and WHEREAS, the applicant proposes to plant 7 black hill spruce; and WHEREAS, staff would also advise the addition of 8-10 black hill spruce in the northeast edge of the site; and WHEREAS, on July 8, 2026 the Planning Commission recommended approval to the City Council of the Conditional Use Permit for open storage exceeding a 2:1 building to land ratio and totaling 75,000 square feet at 3700 Chaska Boulevard (PC#2026-14); and Page 20 of 436NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Chaska, Minnesota, hereby approves the Conditional Use Permit for open storage exceeding a 2:1 building to land ratio and totaling 75,000 square feet at 3700 Chaska Boulevard (PC#2026-14), subject to the aforementioned stipulations and following conditions: 1. Approvals shall be based on the following graphic exhibits: a. Project Narrative (pgs 1-4), prepared by MSP Commercial, dated June 24, 2026 b. Site Location (pgs 1-2), prepared by MSP Commercial, dated June 2, 2026 c. Parcel Dimensions, prepared by MSP Commercial, dated June 2, 2026 d. Historic Aerials, prepared by MSP Commercial, dated June 2, 2026 e. Viewshed Analysis (pgs 1-2), prepared by MSP Commercial, dated June 2, 2026 f. Landscape Plan, prepared by MSP Commercial, dated June 2, 2026 g. Elevations, prepared by MSP Commercial, dated June 2, 2026 h. Aerial with Topography, prepared by MSP Commercial, dated June 2, 2026 i. Proposed Site Usage Square Feet, prepared by MSP Commercial, dated June 2, 2026 j. Proposed Site Usage, prepared by MSP Commercial, dated June 2, 2026 k. Existing Parking Plan, prepared by MSP Commercial, dated June 2, 2026 2. Provision of any new exterior lighting to be reviewed and approved by the Planning Department prior to installation. 3. Parking lot to be striped in accordance with parking plan and to be completed prior to certificate of occupancy. 4. Provision of 8-10 black hill spruce be installed on the northeast edge of the site adjacent to the proposed ‘truck and trailer’ open storage. 5. Compliance with 14.7.4 ‘Standards for Granting Conditional Use Permits’ of the Zoning Ordinance. 6. Provision of proposed signage to meet Section 15.32.080 of the zoning code. 7. Compliance with Section 15.28 (Special Regulations) of the Zoning Ordinance. 8. The applicant shall obtain a building permit prior to commencement of any building alterations. Passed and adopted by the City Council of the City of Chaska, Minnesota, this 20th day of July, 2026. Taylor Hubbard, Mayor Attest: Chaska Deputy Clerk Page 21 of 436 651.287.8888 mspcommercial.com Richfield, MN 55423 June 24, 2026 Ms. Elizabeth Hanson City of Chaska One City Hall Plaza Chaska, MN 55318 Delivered via email to EHanson@chaskamn.gov RE: UPDATED BASED ON STAFF REVIEW FROM JUNE 16, 2026 3700 Chaska Blvd, Special Use Permit (SUP), Precision Yard Services, Additional Outdoor Storage Dear Elizabeth, Introduction: With the recent closure of Schram Brewery (“Schram”) and termination of their lease, we listed the property at 3700 Chaska Blvd for lease in search of a company that could utilize the property in generally as-is condition, and that would fit within the underlying I-2 zoning. Precision Yard Services (“PYS”), is a family-owned lawn & landscaping company currently located in Jordan Minnesota. As their business has grown and as their customer geographic area has solidified, PYS was looking for a location in Chaska. A seven-year lease for the property has been signed and begins July 1, 2026. Under the existing zoning, outdoor storage is permitted, but when the ratios are applied, only about 20,000 sf of outdoor area is granted under zoning. We are applying for a Special Use Permit (SUP) to increase the outdoor storage area to approximately 75,000 sf, an increase of approximately 55,000 sf over what is currently permitted. All other components and requirements of I-2 zoning accommodate the uses of PYS. This request aligns with how the property was constructed and historically used for many years prior to Schram Brewery’s Conditional Use Permit (CUP), but time has lapsed, and renewed approval is required. Schram used this area for a combination of outdoor storage, event space and overflow parking. Background: Many of the Chaska community know the building as home to Schram Brewery. We purchased the building in 2017 with the brewery as the proposed use and went through a CUP process to include a brewery / taproom on a site that was otherwise zoned I-2. During this period, the site hosted many events in addition to brewing and general taproom experiences. Commercial Real Estate Expertise Page 22 of 436 651.287.8888 mspcommercial.com Richfield, MN 55423 The entire site was used for parking, storage of items related to the Schram business, and events. We worked with the City of Chaska to bring new electric service, water and sewer into the site for the enhanced use. For various reasons related to the micro-brewery industry as a whole, demand for the product and taproom experience has declined, and many breweries have had to close their doors. Prior to Schram, Carver County Public Works used the building for outdoor material and truck storage related to road maintenance. The County used the entire outdoor area for trucks, trailers, and equipment storage year-round. We have submitted some historical aerials which depict this prior use. The Carver County use fit within the underlying I-2 zoning, but we do not believe that a SUP was ever required due to the start date and grandfathering of the use which dates back many years. County records show that the building was built in 1972. Structurally and aesthetically, the building is in good condition. The taproom space lends itself well as use as a modern office environment with excellent natural lighting. The use of the brewery side of the building will continue to align with traditional I-2 uses. Special Use Permit: Although existing zoning of the property does permit for operation of the PYS business, it does not permit for the amount of outdoor storage that is needed by the new tenant, which is consistent with what the site has traditionally housed in the past. A Special Use Permit will be required for the proposed 75,000 sf of outdoor storage required to make the location successful for PYS. The height of outdoor storage items would be reduced relative to prior County height uses. The County uses included material piles and salt storage shed heights that exceeded 25’ in height. The PYS outdoor use would be reduced to about half of that total height, or approximately 12’. The County and Schram did a very good job of adding landscaping to soften the edge of the site as well as screen outdoor use from the public. When we conducted our viewshed analysis for additional opportunities to add landscaping as a permanent screening tool, we found one area that should be enhanced. This area is identified in the previously submitted exhibits. As you move further east on Chaska Blvd., the topography steepens and increases, providing for virtually no physical view of the building or outdoor storage. The amount, frequency, and type of traffic generated at this site will be reduced relative to previous uses of the location. This will no longer be a taproom use, which was more retail in nature. PYS typical hours of operation are M-F 7am-7pm and 8am-2pm on Saturdays. They do not have customers or retail sales which add to frequency of traffic in and out of the site. PYS uses smaller to mid-sized trucks and trailers, a reduction in size to the County use of large dump truck and semi-truck use. Pictures of typical truck, trailer and storage configurations from their current Jordan location have been included with this updated documentation. PYS currently employs approximately 20 full-time and part-time employees. Parking for these employees will 2 Page 23 of 436 651.287.8888 mspcommercial.com Richfield, MN 55423 be on the south side of the building as shown on the previously submitted exhibit. Parking lot paint will be restriped with approval. There are no major capital improvement projects associated with PYS’s use of the site, so no construction period will be required. The goal, again, is to make minimal improvements to the property, and to keep maintaining and repairing the building and grounds in a professional manner. Standards For Granting Conditional Use Permits: There are six standards for granting CUPs. Our proposed increase to outdoor storage meets these standards, as detailed below. 1. The additional outdoor storage area, maintenance and operation of PYC will not be detrimental to or endanger the public health, safety, comfort, or general welfare of the public or our neighbors. Our neighbors are like-kind businesses operating in a similar manner, including outdoor storage. 2. As detailed in this narrative, the additional outdoor storage area will not be injurious to the use and enjoyment of other property in the immediate vicinity and will not substantially diminish or impair property values within the area. There is also no abnormally high noise generated by PYS’s use. In addition, we are proposing additional landscaping to screen the use from public view in areas that do not naturally provide screening by way of topography. 3. The establishment of the additional outdoor storage area will not impede the normal and orderly development and improvement of surrounding property for uses permitted in the district, which are I-2 to our north and low density residential to our west. In addition, the 2040 Comprehensive Plan is addressed in our narrative. 4. Adequate utilities, access roads, drainage and necessary facilities are in place for our proposed additional outdoor storage. The proposed area already exists from prior approved uses of the property. Utility upgrades were installed with the Schram CUP. 5. Adequate ingress and egress is currently in use and has been used by prior I-2 users in the past, as well as the more recent brewery / taproom use. 6. The additional storage area, shall in all other respects, conform to the applicable regulations of the district in which it is located. Comprehensive Plan: The 2040 Comprehensive Plan guides this area to be High Density Residential, which conflicts with the current zoning I-2. We fully agree that the future of our property and the neighboring properties to our north should be designated as High Density Residential. We are committed to continued ownership of the property with the goal of abiding to that plan for future use. The surrounding properties will need to collaboratively redevelop and the timing of this redevelopment hinges on many aspects including future enhanced access, a willingness of the three neighboring owners, and favorable market conditions for a robust 3 Page 24 of 436 651.287.8888 mspcommercial.com Richfield, MN 55423 increase in demand for multi-family housing of this size. The best way for us to be in a position for future redevelopment is to continue use of the building and site without large capital improvements, which would prolong redevelopment. Using this property as it has been historically used and similarly consistent with original construction and subsequent remodels, is our best path forward. Sincerely, Alex Young President MSP Commercial On behalf of ownership, MSP 850, LLC 4 Page 25 of 436 Page 26 of 436 Page 27 of 436 Page 28 of 436 Page 29 of 436 Page 30 of 436 Page 31 of 436 Page 32 of 436 Page 33 of 436 Page 34 of 436 Page 35 of 436 Page 36 of 436 Page 37 of 436Page 38 of 436Page 39 of 436Page 40 of 436Page 41 of 436Page 42 of 436Page 43 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL 07/20/2026 Subject: Minnesota Municipal Utilities Association (MMUA) Delegates Prepared By: Craig Schmieg, Electric Director Background: Minnesota Municipal Utilities Association (MMUA) represents the interests of Minnesota’s municipal electric, gas and water utilities. The mission of MMUA is to unify, support and serve these utilities so they can in turn improve service to their customers and communities. MMUA has requested that the City of Chaska update its delegates. Delegates are authorized to cast a vote on all matters that come MMUA. Due to changes in personnel in the Electric Department, we need to make a couple updates and those are attached. Staff Recommendation: Approval of the proposed changes. CITY COUNCIL ACTION REQUESTED Motion to approve the updated delegates Page 1 Page 44 of 436Page 45 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL July 20, 2026 Subject: SE Collector in SW Area – Savanna Way Accepting Feasibility Report Prepared By: Matt Clark, City Engineer New developments, together with the SW community park, necessitate the next connection outlined in the City’s comprehensive transportation plan for the SW Chaska collector road network. The planned extension will link the existing Savanna Way roundabout at CSAH 44 (Big Woods Boulevard) to CSAH 61 (Chaska Boulevard). To align with the timing of the Community Park, High Point Vista additions, and the actively planned Pulte Development, construction is scheduled to start later this year and finish in 2027. The attached report examines both the feasibility and economic impact of building a new collector roadway that stretches from County Road 44 (Big Woods Boulevard) southward to CSAH 61 (Chaska Boulevard), just east of TH 212. Residential development is expanding at the southern end of this area, with further growth anticipated—including a community park—at the northern end. Trunk utility extensions have been designed within the roadway corridor to accommodate ongoing and future development, and the report provides estimated costs for these planned utilities. Total project costs will be covered by a range of funding sources linked to area development. These include utility area fees, utility connection charges, trunk utility funds, storm water area fees, municipal state aid funds, and transportation assessments collected from nearby developments. The improvements are set to be financed through bond proceeds, which will be reimbursed by fees generated from development activities. According to the report's schedule, construction is expected to begin later this fall, with the road slated to be completed and open to traffic by summer 2027. The initial phase of approval requires endorsing the feasibility study, which details overall costs for the proposed improvements. Because the project involves transportation assessments for properties benefiting from these upgrades, a public hearing is scheduled for August 31, 2026. CITY COUNCIL ACTION REQUESTED Adopt Resolution No. 2026-67, Approving the Feasibility Study, Authorizing Plans and Specifications, and Scheduling the Public Improvement Hearing to be held on August 31st for the SE Collector in SW Chaska Page 46 of 436 BIG WOODS BLVD PEDESTRIAN RETAINED BY SELLER ACTIVATED 12.86 ac SIGNAL SYSTEM OUTLOT K 5 6 3 T 5 I M D 4 I E L 3 E BLOCK 17 P 2 S 1 4 1 2 3 1 OUTLOT I 18 BLOCK 3 2 6 2 1 BLOCK 26 BLOCK 23 4 5 3 1 2 4 4 3 1 4 3 BLOCK 16 4 2 1 6' 2 3 11.8' BLOCK 8 BLOCK 19 BLOCK 5 14' 3 2 13' 1 2 14' 7.8' 6 10' BLOCK 25 BLOCK 24 3 4 1 6 4 SWM - Pond/Filt 1 6' 5 11.8' OUTLOT J 14' 2 13' 4 FOUNDERS PATH 14' 7.8' 3 10' 3 BLOCK 15 BLOCK 20 BLOCK 22 BLOCK 21 4 2 1 2 3 4 5 6 1 2 3 4 5 6 1 2 3 4 5 6 BLOCK 9 1 5 OUTLOT F 6 1 4 2 3 BLOCK 14 3 2 4 1 BLOCK 10 6 5 4 3 2 1 6 5 4 3 2 1 6 5 4 3 2 1 OL H BLOCK 13 BLOCK 12 BLOCK 11 OL G OUTLOT E BLOCK 3 BLOCK 7 21 22 23 24 25 26 27 28 5 4 3 20 2 1 18' 1 18' HWY 212 19 2 18 17 3 4 5 6 7 8 3 12 2 16 9 11 BLOCK 5 4 1 10 15 10 18' 9 18' BLOCK 3 11 14 5 10 6' 8 8' 13 8' OUTLOT D 1 10' 9 ADDN 1-2ND 7 6 12 2 BLOCK 4 6 PERCHERON BLVD PERCHERON 11 BLOCK 6 8 3 5 7 7 6 5 10 4 4 17 3 8 9 2 9 8 6' 1 8' 16' 14' 16' 8' 7 OUTLOT B 10' 6 5 4 3 2 1 10 18 BLOCK 3 17 OUTLOT C 11 6' 8' 16 WAY 18' 10' OUTLOT C 18' BLOCK 1 8' 10' 15 23 24 18 25 26 27 28 12 14 6' 1 22 8' 16' SAVANNA 14' BLOCK 2 16' 13 8' 21 10' 13 2 12 20 11 EXT. CARVER PATH 19 10 3 9 7 8 5 6 18 2-2ND ADDN4 OUTLOT D 16 17 16 OUTLOT A PERCHERON BLVD 4 15 BLOCK 1 SWM - Pond/Filt 3 14 3-2ND ADDN 2 BLOCK 2 13 3 4 10 1 2 5 6 1 6' 8' 16' 14' 8' 16' 10' 15 12 BROOKSIDE 7 11 DRIVE 1 1a 10' 8.3' 14' 13' 14' 10 6' 12.7' OUTLOT E 2 3 9 4 1 8 7 6 5 4 3 2 1 5 11 2 4-2ND ADDN BLOCK 1 6 9 1a 8 9 20 17 18 19 X X 10 OUTLOT F 2a X 12 7 16 X 14 X 21 13 3 11 10' 8.3' 14' 13' 14' 3a 12.7' X 6' LAUREL COURT 15 X X X 12 X X 4a 22 4 13 8 X 24 15 14 14 23 BIORETENTION 25 BASIN 1A 5a TOP = 928.00 EOF = 927.00 OUTLOT G 100-YR HWL = 926.32 NWL = 924.00 BOT = 922.50 13 4-2ND ADDN 6a 4 X 3 19 31 18 29 30 17 12 26 27 28 X X 10' 8.3' 14' 13' 16 14' 12.7' X 6' X X X X X X 2 X 10 11 X 12a PERCHERON BLVD 7 POND 1 TOP = 931.00 EOF = 930.00 BROOKSIDE 100-YR HWL = 929.81 13a NWL = 924.00 1 BOT = 915.00 DRIVE X X 10' 8.3' 13' 14' 14' 6' 12.7' X X 10 X X X X 11 14a 5 13 3 X X 3 2 5 2 OUTLOT H X 1 3 4 1 9 X X 13 10 6 12 X 11 5-2ND ADDN X 10 8 X POND 2 X 12 TOP = 936.75 X X EOF = 935.75 100-YR HWL = 935.21 9 NWL = 934.00 11 BOT = 928.00 2 7 X X 9 8 X 10 X X 6 X 7 X 9 X 5 X X X 8 5 X X AREA = 3.73 AC 8 6 X 4 6 7 X X 4 X 9 X X POND 3 TOP = 936.75 8 5 3 7 EOF = 935.75 100-YR HWL= 935.20 NWL = 934.00 X BOT = 929.75 3 X X 4 5 X 4 2 X 6 X 2 4 X X 3 3 X 1 X 2 1 X 1 X X X X X 2 X 1 6' 12.7' 14' 13' 14' 2 8.3' 10' X X X 1 14 3 X 4 X X 5 6' 12.7' 14' 13 13' 14' 6 8.3' 5 10' X X X 7 X 12 1 3 POND 5 X TOP = 927.00 EOF = 926.00 2 100-YR HWL = 924.86 NWL = 919.00 BOT = 913.00 11 6 10 X X 5 IESF BIORETENTION X BASIN 6 9 TOP = 928.00 EOF = 927.00 100-YR HWL = 926.08 X NWL = 921.50 BOT = 920.00 4 6 1 8 X X AREA = X X POND 10 X TOP = 901.50 X X EOF = 900.50 2.36 AC 100-YR HWL = 899.07 NWL = 894.00 X BOT = 888.00 NARROWS CANYON TRAIL 7 3 X X X 1 X 10' 8.3' 14' X 2 13' X 14' X X 12.7' 6' X X X X X X 6 X X X X X X 5 X 4 5 X 14' 12.7' 14' 13' 14' 8.3'' 14' X X X X X 4 X X 6 X GODWIN COURT X 1 X 3 2 S P 3 E E X D X L I M I X T X X X 7 POND 11 X TOP = 893.00 EOF = 892.00 SAVANNA WAY 100-YR HWL = 890.09 X NWL = 886.00 IESF X 2 COUNTY RD 61 (CHASKA BLVD) BIORETENTION 3 BOT = 881.50 BASIN 7 X 7.8' 5 TOP = 933.00 EOF = 932.00 100-YR HWL = 929.61 X NWL = 925.00 BOT = 923.50 X X WATKINS GLEN COURT 8 X X X X X 1 AREA = X X X 4.80 AC 6' 11.8' X 9 14' 13' 14' X X X 10' X 10 X 11 I=925.20925.17 X IESF BIORETENTION BASIN 9 TOP = 922.00 EOF = 921.00 100-YR HWL = 920.42 X NWL = 916.45 BOT = 915.00 24" RCP IESF BIORETENTION OHL BASIN 12 I=760.28 24" RCP TOP = 846.00 EOF = 845.00 5'(h) x 6'(w) BOX CULVERT I=919.95 100-YR HWL = 844.44 920.03 NWL = 840.50 BOT = 839.00 > MT. HOPE RD OHL OHL 24" RCP I=920.08 I=919.31919.12 > I=800.69 I=870.06870.05 >> OHL > I=817.22 12 OHL 817.75 OHL OHL OHL OHL > 18" CMP V 36" RCP > I=817.75 MB 24" RCP 24" 48" RCP 903.47I=903.41 12" RCP >> >>24" RCP 24" RCP 24" RCP I=821.78 U I=823.69 823.94 N 849.81I=849.55 18" RCP I=860.89860.81 24" RCP LANO LN I=862.99863.01 I=832.02832.07 ROUNDABOUTS WITH NORTH MEDIANS/SOUTH STRIPING AND FULL PARK ACCESS CITY OF CHASKA FIGURE D-6.1 SAVANNA WAY SOUTH 733 Marquette Avenue, Suite 1000 Minneapolis, MN 55402 DATE: 5/5/2026 PROJ. NO. 193807338 www.stantec.com Xrefs:, 193804008-XSNO_SCHOOL, ACAD-X-27575-Files to Others 2026-04-09-TH61-Edited, 193804008-XSNO, 193807338-XSNO-OPT-D6-shp, 193807338-XSPL, 193807338-XSNO-OPT-D4-RD, 0027067C-SITE Plot Date: 05/06/2026 - 1:07pm Drawing name: C:\Users\paweber\DC\ACCDocs\Stantec Consulting\193807338_Savanna_Way_South\Project Files\DWG\Figures\LayoutOption\193807338-XSNO-OPT-D6-RD.dwg Page 47 of 436 CITY OF CHASKA CARVER COUNTY, MINNESOTA RESOLUTION DATE July 20, 2026 RESOLUTION NO. 2026-67 MOTION BY COUNCILMEMBER SECOND BY COUNCILMEMBER _ A Resolution Accepting the Feasibility Study and Scheduling a Public Improvement Hearing for the SE Collector in SW Chaska – Savanna Way Project WHEREAS, on June 1st, 2026, the Chaska City Council directed the City Engineer to prepare a Feasibility Study for the SE Collector in SW Chaska – Savanna Way Project; WHEREAS, the Feasibility Study has been completed as dated July 15, 2026, and WHEREAS, the Feasibility Study has determined the project is feasible in terms of construction and economics; NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Chaska hereby accepts receipt of the Feasibility Study for noted improvements as prepared by Stantec, dated July 15, 2026; and, authorizes the City Engineer to prepare the project plans and specification documents. BE IT FURTHER RESOLVED, that the Chaska City Council establishes Monday, August 31, 2026, as the date for a Public Improvement Hearing on said Improvement Project to be held at 7:00 pm at the City Hall Council Chambers. The City Clerk is directed to mail and publish notices in accordance with provisions of Minnesota statutes. Passed and adopted by the City Council of the City of Chaska, Minnesota, this 20th day of July, 2026. Taylor Hubbard, Mayor Attest: Chaska Deputy Clerk Page 48 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL 7/20/2026 Subject: Accepting Bids & Awarding a Contract for the 2026 Industrial Park (Columbia Ct N) Watermain Replacement Project Prepared By: Matt Clark, City Engineer Public bids for the 2026 Industrial Park Watermain project were received by the city on July 15, 2026. The scope of this project encompasses the replacement of the watermain along Columbia Ct N and an adjacent city alleyway serving part of the northern industrial park, which has experienced an unusually high frequency of watermain failures leading to emergency outages for local businesses. A summary of submitted bids is attached for review. To expand the contractor bidding pool, promote competitive pricing, and ensure timely completion this year, two pricing options for contractors were provided. Both alternatives involve installing the watermain using trenchless technology, which reduces project impact and maintains business accessibility during daily operations. Bituminous Roadways, Inc. submitted the lowest bid. Staff recommends awarding the contract for Alternate 2 (horizontal directional drilling) at $591,225.00, as it minimizes installation risks and improves maintenance, despite Alternate 1 being slightly less expensive. Further, that Council authorize the City Administrator and City Engineer to execute a construction contract with Bituminous Roadways, Inc., contingent upon review by the City Attorney. The proposed schedule anticipates construction beginning in August, allowing completion within the current season. CITY COUNCIL ACTION REQUESTED Motion to adopt Resolution No. 2026-68 Authorize the City Administrator and City Engineer to execute a construction contract with Bituminous Roadways Inc. for the 2026 Industrial Park Watermain Project in the total bid amount of $591,225.00. Page 49 of 436CITY OF CHASKA 0 125 250 500 750 1,000 City of Chaska Date: 1/26/2026 ft ± Carver County GIS Page 50 of 436 2638 Shadow Lane Chaska, MN 55318 Phone: (952) 448-8838 Bolton-Menk.com July 15, 2026 Honorable Mayor and City Council City of Chaska One City Hall Plaza Chaska, MN 55318 RE: Bid Results Industrial Park Watermain Project Project No.: 26X.142539 Dear Honorable Mayor and City Council: Five (5) bids were received for the Industrial Park Watermain project on July 15, 2026. The project was bid with two alternate construction methods to ensure the best prices were obtained for this work. The bids totals of the alternate totals are shown in the table below. The bids have been reviewed and found to be in order. The low bid price for both alternatives is from Bituminous Roadways, Inc. The following is a bid summary: Alternate 1 – Pipe Alternate 2 – Directional Drill Bidder Bursting (HDD) Total Amount Bid Total Amount Bid Low Bituminous Roadways, Inc. $586,175.00 $591,225.00 No 2 Kusske Construction Co. Inc. $669,301.00 $676,415.00 No 3 Geislinger & Songs, Inc. $676,735.00 $663,550.00 No 4 Widmer Construction, LLC. $680,000 $704,712.00 No 5 Minger Construction Co. Inc. $814,338.50 $727,189.00 Bituminous Roadways Inc. is a responsible and responsive contractor capable of performing this work and has experience completing similar utility improvement projects in the west metro. The project documents require the Contractor to be substantially complete with the work by October 23, 2026, and fully complete with all work by November 13, 2026. Bituminous Roadways Inc. has indicated a projected start date in the 3rd week of August, pending bid award and project logistics. If the council wishes to award the project to the low bidder, then Bituminous Roadways, Inc., should be awarded the Project on the Alternative 2 – Horizontal Directional Drilling (HDD), in the amount of $591,225.00. H:\CHKA\26X142539000\1_Corres\C_To Others\Award Letter\2026-07-15 Bid Award Letter Council.docx Page 51 of 436Name: City of Chaska Date: July 15, 2026 Page: 2 Sincerely, Bolton & Menk, Inc. Brian D Simmons, P.E. Principal Engineer H:\CHKA\26X142539000\1_Corres\C_To Others\Award Letter\2026-07-15 Bid Award Letter Council.docx Page 52 of 436 CITY OF CHASKA CARVER COUNTY, MINNESOTA RESOLUTION DATE 7/20/2026 RESOLUTION NO. 2026-68 MOTION BY COUNCILMEMBER SECOND BY COUNCILMEMBER A Resolution Ordering the 2026 Industrial Park Watermain Project, and Authorizing the City Administrator and City Engineer to execute a construction contract with Bituminous Roadways, Inc. in the Low Bid Amount of $591,225.00 WHEREAS, on July 15, 2026, the City of Chaska held a public bid opening for the construction of the 2026 Industrial Park Watermain project; WHEREAS, The bids received included a total alternative bid for trenchless installation via pipe bursting and/or a total bid for trenchless installation via horizontal directional drilling; WHERAS, the low bidder for the project is Bituminous Roadways, Inc. and the project award includes the total amount bid – (Alternate 2 - Horizontal Directional Drilling) of $591,225.00 WHEREAS, pursuant to an advertisement for bids for the 2026 Industrial Park Watermain project, bids were opened and tabulated according to State Statute, and the following bids were received: Contractor Alternative 1 – Alternative 2 – Pipe Bursting HDD Low Bituminous Roadways, Inc. $586,175.00 $591,225.00 No 2 Kusske Construction Co. Inc. $669,301.00 $676,415.00 No 3 Geislinger & Sons, Inc. $676,735.00 $663,550.00 No 4 Widmer Construction, LLC. $680,000.00 $704,712.00 No 5 Minger Construction Co. Inc. $814,338.50 $727,189.00 NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Chaska, Minnesota, does hereby award the bid for the 2026 Industrial Park Watermain project to the low responsible bidder, Bituminous Roadways Inc., for the low Base Bid – Alternate 2 (Horizontal Directional Drilling) in the amount of $591,225.00. FURTHER, BE IT RESOLVED, that the Mayor and the City Administrator are authorized to execute the contract documents for said improvement project. Passed and adopted by the City Council of the City of Chaska, Minnesota, this 20th day of July 2026. Page 53 of 436 Taylor Hubbard, Mayor Attest: Chaska Deputy Clerk Page 54 of 436ABSTRACT OF BIDS * bid amount changed due to found calculation/addition error * bid amount changed due to found calculation/addition error 2026 INDUSTRIAL PARK WATERMAIN CITY OF CHASKA, MN BMI PROJECT NO. 26X.142539 BID DATE: 07,15,2026 TIME: 10:00 AM 1 2 3 4 5 Engineer's Estimate Bituminous Roadways, Inc. Kusske Construction Company Geislinger & Sons, Inc. Widmer Construction, LLC Minger Construction Co. Inc. ITEM APPROX. Bolton & Menk, Inc. NO. ITEM NOTES QUANT. UNIT UNIT PRICE AMOUNT UNIT PRICE AMOUNT UNIT PRICE AMOUNT UNIT PRICE AMOUNT UNIT PRICE AMOUNT UNIT PRICE AMOUNT BASE BID - ALTERNATIVE 1 (PIPE BURST) A.1 MOBILIZATION 1 LUMP SUM $40,000.00 $40,000.00 $25,000.00 $25,000.00 $38,000.00 $38,000.00 37,000.00 $37,000.00 $57,701.00 $57,701.00 $75,000.00 $75,000.00 A.2 TRAFFIC CONTROL 1 LUMP SUM $7,500.00 $7,500.00 $4,000.00 $4,000.00 $7,935.00 $7,935.00 4,000.00 $4,000.00 $3,800.00 $3,800.00 $10,260.00 $10,260.00 A.3 REMOVE CONCRETE PAVEMENT 970 SQ FT $6.00 $5,820.00 $4.00 $3,880.00 $1.00 $970.00 3.00 $2,910.00 $6.25 $6,062.50 $2.20 $2,134.00 A.4 REMOVE BITUMINOUS PAVEMENT 1000 SQ YD $12.00 $12,000.00 $15.00 $15,000.00 $7.75 $7,750.00 6.00 $6,000.00 $14.25 $14,250.00 $13.50 $13,500.00 A.5 REMOVE CONCRETE CURB & GUTTER 150 LIN FT $8.00 $1,200.00 $18.00 $2,700.00 $6.00 $900.00 5.00 $750.00 $8.25 $1,237.50 $7.80 $1,170.00 A.6 REMOVE WATERMAIN (ANY SIZE, ANY TYPE) 600 LIN FT $15.00 $9,000.00 $12.00 $7,200.00 $20.00 $12,000.00 5.00 $3,000.00 $5.25 $3,150.00 $7.70 $4,620.00 A.7 REMOVE HYDRANT 4 EACH $1,100.00 $4,400.00 $600.00 $2,400.00 $990.00 $3,960.00 125.00 $500.00 $408.00 $1,632.00 $530.00 $2,120.00 A.8 REMOVE GATE VALVE AND BOX (ANY SIZE) 12 EACH $500.00 $6,000.00 $400.00 $4,800.00 $250.00 $3,000.00 75.00 $900.00 $255.00 $3,060.00 $357.00 $4,284.00 A.9 REMOVE SANITARY SEWER PIPE 65 LIN FT $5.00 $325.00 $25.00 $1,625.00 $30.00 $1,950.00 10.00 $650.00 $3.25 $211.25 $156.00 $10,140.00 A.10 REMOVE BOLLARD 2 EACH $300.00 $600.00 $225.00 $450.00 $495.00 $990.00 50.00 $100.00 $153.00 $306.00 $325.00 $650.00 A.11 EXPLORATORY EXCAVATION 6 HOUR $750.00 $4,500.00 $1,500.00 $9,000.00 $250.00 $1,500.00 1,200.00 $7,200.00 $850.00 $5,100.00 $740.00 $4,440.00 A.12 TEMPORARY WATER SERVICE (1) 1 EACH $1,500.00 $1,500.00 $30,000.00 $30,000.00 $25,400.00 $25,400.00 1,500.00 $1,500.00 $3,735.00 $3,735.00 $14,810.00 $14,810.00 A.13 TEMPORARY WATER SERVICE (FIRE) (2) 5 EACH $15,000.00 $75,000.00 $7,500.00 $37,500.00 $14,820.00 $74,100.00 8,000.00 $40,000.00 $9,228.60 $46,143.00 $19,080.00 $95,400.00 A.14 TEMPORARY GATE VALVE 2 EACH $4,000.00 $8,000.00 $2,500.00 $5,000.00 $500.00 $1,000.00 8,000.00 $16,000.00 $6,484.00 $12,968.00 $9,225.00 $18,450.00 A.15 TEMPORARY HYDRANT 1 EACH $8,750.00 $8,750.00 $5,000.00 $5,000.00 $2,000.00 $2,000.00 10,000.00 $10,000.00 $2,566.00 $2,566.00 $11,970.00 $11,970.00 A.16 6" DIP WATERMAIN, CL. 52 78 LIN FT $135.00 $10,530.00 $110.00 $8,580.00 $98.00 $7,644.00 165.00 $12,870.00 $73.00 $5,694.00 $122.00 $9,516.00 A.17 6" C900 PVC WATERMAIN (OPEN CUT) 10 LIN FT $105.00 $1,050.00 $125.00 $1,250.00 $73.00 $730.00 140.00 $1,400.00 $76.00 $760.00 $86.50 $865.00 A.18 8" C900 PVC WATERMAIN (OPEN CUT) 440 LIN FT $110.00 $48,400.00 $70.00 $30,800.00 $62.00 $27,280.00 150.00 $66,000.00 $79.00 $34,760.00 $144.00 $63,360.00 A.19 8" C900 PVC WATERMAIN (PIPE BURST) 930 LIN FT $150.00 $139,500.00 $80.00 $74,400.00 $158.00 $146,940.00 135.00 $125,550.00 $143.00 $132,990.00 $141.00 $131,130.00 A.20 6" GATE VALVE AND BOX 5 EACH $3,500.00 $17,500.00 $4,500.00 $22,500.00 $3,205.00 $16,025.00 7,000.00 $35,000.00 $3,743.00 $18,715.00 $4,055.00 $20,275.00 A.21 8" GATE VALVE AND BOX 9 EACH $5,700.00 $51,300.00 $6,000.00 $54,000.00 $4,270.00 $38,430.00 8,500.00 $76,500.00 $4,900.00 $44,100.00 $5,145.00 $46,305.00 A.22 HYDRANT 4 EACH $8,750.00 $35,000.00 $10,000.00 $40,000.00 $8,810.00 $35,240.00 12,000.00 $48,000.00 $9,020.00 $36,080.00 $9,185.00 $36,740.00 A.23 DUCTILE IRON FITTINGS 1100 POUND $20.00 $22,000.00 $20.00 $22,000.00 $25.50 $28,050.00 12.00 $13,200.00 $12.25 $13,475.00 $22.50 $24,750.00 A.24 3 LBS ANODE 4 EACH $250.00 $1,000.00 $200.00 $800.00 $175.00 $700.00 500.00 $2,000.00 $162.00 $648.00 $314.00 $1,256.00 A.25 9 LBS ANODE 9 EACH $300.00 $2,700.00 $250.00 $2,250.00 $260.00 $2,340.00 550.00 $4,950.00 $235.00 $2,115.00 $401.00 $3,609.00 A.26 4" POLYSTYRENE INSULATION 25 SQ YD $70.00 $1,750.00 $55.00 $1,375.00 $88.00 $2,200.00 60.00 $1,500.00 $84.00 $2,100.00 $57.00 $1,425.00 A.27 CONNCECT TO EXISTING WATERMAIN 4 EACH $2,700.00 $10,800.00 $2,500.00 $10,000.00 $8,100.00 $32,400.00 4,000.00 $16,000.00 $4,431.00 $17,724.00 $4,855.00 $19,420.00 A.28 CONNECT TO EXISTING WATER SERVICE (<2") 1 EACH $750.00 $750.00 $2,500.00 $2,500.00 $1,295.00 $1,295.00 1,200.00 $1,200.00 $1,269.00 $1,269.00 $1,330.00 $1,330.00 A.29 CONNECT TO EXISTING WATER SERVICE/FIRE LINES (>2") 3 EACH $2,700.00 $8,100.00 $2,500.00 $7,500.00 $1,820.00 $5,460.00 4,000.00 $12,000.00 $3,722.00 $11,166.00 $4,855.00 $14,565.00 A.30 1.5" CURB STOP & BOX 1 EACH $1,500.00 $1,500.00 $2,000.00 $2,000.00 $1,130.00 $1,130.00 1,000.00 $1,000.00 $1,766.00 $1,766.00 $1,825.00 $1,825.00 A.31 1.5" CORPORATION STOP 1 EACH $1,500.00 $1,500.00 $1,500.00 $1,500.00 $1,000.00 $1,000.00 4,000.00 $4,000.00 $2,453.00 $2,453.00 $1,540.00 $1,540.00 A.32 1.5" WATER SERVICE PIPE 50 EACH $55.00 $2,750.00 $75.00 $3,750.00 $50.00 $2,500.00 25.00 $1,250.00 $43.50 $2,175.00 $58.00 $2,900.00 A.33 8" PVC SEWER PIPE 65 LIN FT $145.00 $9,425.00 $90.00 $5,850.00 $54.00 $3,510.00 150.00 $9,750.00 $91.25 $5,931.25 $118.00 $7,670.00 A.34 48" SANITARY SEWER MANHOLE 1 EACH $8,500.00 $8,500.00 $15,000.00 $15,000.00 $12,905.00 $12,905.00 10,000.00 $10,000.00 $10,315.00 $10,315.00 $13,770.00 $13,770.00 A.35 CONNECT TO EXISTING SEWER 3 EACH $3,500.00 $10,500.00 $2,500.00 $7,500.00 $990.00 $2,970.00 1,000.00 $3,000.00 $1,132.00 $3,396.00 $6,430.00 $19,290.00 A.36 SANITARY CASTING ASSEBLIES 1 EACH $800.00 $800.00 $1,500.00 $1,500.00 $1,210.00 $1,210.00 900.00 $900.00 $1,299.00 $1,299.00 $1,470.00 $1,470.00 A.37 CHIMNEY SEALS 1 EACH $500.00 $500.00 $300.00 $300.00 $435.00 $435.00 300.00 $300.00 $222.00 $222.00 $685.00 $685.00 A.38 VERIFY SANITARY SEWER CROSSING (POST-PIPE BURSTING) 1 EACH $600.00 $600.00 $1,300.00 $1,300.00 $450.00 $450.00 1,500.00 $1,500.00 $1,076.00 $1,076.00 $352.00 $352.00 A.39 VERIFY STORM SEWER CROSSING (POST-PIPE BURSTING) 3 EACH $600.00 $1,800.00 $650.00 $1,950.00 $450.00 $1,350.00 750.00 $2,250.00 $377.00 $1,131.00 $352.00 $1,056.00 A.40 COMMON EXCAVATION (EV) 390 CU YD $40.00 $15,600.00 $55.00 $21,450.00 $30.00 $11,700.00 23.00 $8,970.00 $39.00 $15,210.00 $53.50 $20,865.00 A.41 SUBGRADE EXCAVATION (EV) 85 CU YD $45.00 $3,825.00 $70.00 $5,950.00 $40.00 $3,400.00 23.00 $1,955.00 $46.50 $3,952.50 $69.00 $5,865.00 A.42 STABILIZING AGGREGATE (CV) (3) 85 CU YD $80.00 $6,800.00 $55.00 $4,675.00 $60.00 $5,100.00 84.00 $7,140.00 $50.00 $4,250.00 $91.50 $7,777.50 A.43 AGGREGATE BASE, CL 5 510 TON $50.00 $25,500.00 $30.00 $15,300.00 $36.75 $18,742.50 24.00 $12,240.00 $58.00 $29,580.00 $38.50 $19,635.00 A.44 GEOTEXTILE FABRIC, TYPE V 50 SQ YD $3.00 $150.00 $7.00 $350.00 $5.00 $250.00 6.00 $300.00 $2.50 $125.00 $6.00 $300.00 A.45 TYPE SP 12.5 NON WEAR COURSE MIX (3,B) 400 TON $175.00 $70,000.00 $130.00 $52,000.00 $135.00 $54,000.00 112.00 $44,800.00 $225.50 $90,200.00 $125.00 $50,000.00 A.46 B618 CONCRETE CURB & GUTTER 150 LIN FT $45.00 $6,750.00 $45.00 $6,750.00 $87.00 $13,050.00 80.00 $12,000.00 $99.00 $14,850.00 $56.00 $8,400.00 A.47 BOLLARD 2 EACH $1,000.00 $2,000.00 $700.00 $1,400.00 $1,750.00 $3,500.00 1,500.00 $3,000.00 $700.00 $1,400.00 $851.00 $1,702.00 A.48 BIOLOG 40 LIN FT $5.00 $200.00 $5.50 $220.00 $8.00 $320.00 5.00 $200.00 $6.00 $240.00 $6.20 $248.00 A.49 INLET PROTECTION 7 EACH $230.00 $1,610.00 $200.00 $1,400.00 $250.00 $1,750.00 300.00 $2,100.00 $210.00 $1,470.00 $218.00 $1,526.00 A.50 TOPSOIL BORROW (LV) 40 CU YD $75.00 $3,000.00 $80.00 $3,200.00 $54.00 $2,160.00 55.00 $2,200.00 $100.00 $4,000.00 $62.00 $2,480.00 A.51 HYDRAULIC MULCH WITH SEED MIXTURE 25-151 240 SQ YD $4.00 $960.00 $5.50 $1,320.00 $7.00 $1,680.00 5.00 $1,200.00 $6.00 $1,440.00 $6.20 $1,488.00 TOTAL AMOUNT BID (ALTERNATIVE 1): $709,245.00 $586,175.00 $669,301.50 $676,735.00 $680,000.00 $814,338.50 BASE BID - ALTERNATIVE 2 (HDD) B.1 MOBILIZATION 1 LUMP SUM $40,000.00 $40,000.00 $25,000.00 $25,000.00 $38,000.00 $38,000.00 37,000.00 $37,000.00 $69,701.00 $69,701.00 $96,500.00 $96,500.00 B.2 TRAFFIC CONTROL 1 LUMP SUM $7,500.00 $7,500.00 $4,000.00 $4,000.00 $7,935.00 $7,935.00 4,000.00 $4,000.00 $3,800.00 $3,800.00 $14,930.00 $14,930.00 B.3 REMOVE CONCRETE PAVEMENT 280 SQ FT $6.00 $1,680.00 $4.00 $1,120.00 $1.00 $280.00 3.00 $840.00 $6.25 $1,750.00 $2.20 $616.00 B.4 REMOVE BITUMINOUS PAVEMENT 900 SQ YD $12.00 $10,800.00 $15.00 $13,500.00 $7.75 $6,975.00 6.00 $5,400.00 $14.25 $12,825.00 $13.50 $12,150.00 B.5 REMOVE CONCRETE CURB & GUTTER 230 LIN FT $8.00 $1,840.00 $18.00 $4,140.00 $6.00 $1,380.00 5.00 $1,150.00 $8.25 $1,897.50 $7.80 $1,794.00 B.6 ABANDON WATERMAIN 1090 LIN FT $12.50 $13,625.00 $3.50 $3,815.00 $5.50 $5,995.00 16.00 $17,440.00 $7.00 $7,630.00 $5.60 $6,104.00 B.7 REMOVE WATERMAIN (ANY SIZE, ANY TYPE) 450 LIN FT $15.00 $6,750.00 $12.00 $5,400.00 $20.00 $9,000.00 10.00 $4,500.00 $5.00 $2,250.00 $7.70 $3,465.00 B.8 REMOVE HYDRANT 4 EACH $1,100.00 $4,400.00 $600.00 $2,400.00 $990.00 $3,960.00 125.00 $500.00 $408.00 $1,632.00 $530.00 $2,120.00 Page 55 of 436ABSTRACT OF BIDS * bid amount changed due to found calculation/addition error * bid amount changed due to found calculation/addition error 2026 INDUSTRIAL PARK WATERMAIN CITY OF CHASKA, MN BMI PROJECT NO. 26X.142539 BID DATE: 07,15,2026 TIME: 10:00 AM 1 2 3 4 5 Engineer's Estimate Bituminous Roadways, Inc. Kusske Construction Company Geislinger & Sons, Inc. Widmer Construction, LLC Minger Construction Co. Inc. ITEM APPROX. Bolton & Menk, Inc. NO. ITEM NOTES QUANT. UNIT UNIT PRICE AMOUNT UNIT PRICE AMOUNT UNIT PRICE AMOUNT UNIT PRICE AMOUNT UNIT PRICE AMOUNT UNIT PRICE AMOUNT B.9 REMOVE GATE VALVE BOX 2 EACH $400.00 $800.00 $350.00 $700.00 $250.00 $500.00 50.00 $100.00 $255.00 $510.00 $224.00 $448.00 B.10 REMOVE GATE VALVE AND BOX (ANY SIZE) 11 EACH $500.00 $5,500.00 $400.00 $4,400.00 $250.00 $2,750.00 75.00 $825.00 $255.00 $2,805.00 $357.00 $3,927.00 B.11 REMOVE SANITARY SEWER PIPE 65 LIN FT $5.00 $325.00 $25.00 $1,625.00 $30.00 $1,950.00 10.00 $650.00 $3.25 $211.25 $156.00 $10,140.00 B.12 REMOVE BOLLARD 2 EACH $300.00 $600.00 $225.00 $450.00 $495.00 $990.00 50.00 $100.00 $153.00 $306.00 $325.00 $650.00 B.13 EXPLORATORY EXCAVATION 6 HOUR $750.00 $4,500.00 $1,500.00 $9,000.00 $250.00 $1,500.00 1,200.00 $7,200.00 $900.00 $5,400.00 $740.00 $4,440.00 B.14 TEMPORARY WATER SERVICE (1) 1 EACH $1,500.00 $1,500.00 $30,000.00 $30,000.00 $25,400.00 $25,400.00 1,500.00 $1,500.00 $3,735.00 $3,735.00 $1.00 $1.00 B.15 TEMPORARY WATER SERVICE (FIRE) (2) 5 EACH $15,000.00 $75,000.00 $7,500.00 $37,500.00 $14,820.00 $74,100.00 8,000.00 $40,000.00 $5,500.00 $27,500.00 $1.00 $5.00 B.16 TEMPORARY HYDRANT 1 EACH $8,750.00 $8,750.00 $5,000.00 $5,000.00 $2,000.00 $2,000.00 10,000.00 $10,000.00 $3,000.00 $3,000.00 $100.00 $100.00 B.17 6" DIP WATERMAIN, CL. 52 105 LIN FT $135.00 $14,175.00 $110.00 $11,550.00 $98.00 $10,290.00 165.00 $17,325.00 $73.00 $7,665.00 $122.00 $12,810.00 B.18 6" C900 PVC WATERMAIN (OPEN CUT) 10 LIN FT $105.00 $1,050.00 $125.00 $1,250.00 $73.00 $730.00 140.00 $1,400.00 $76.00 $760.00 $100.00 $1,000.00 B.19 8" C900 PVC WATERMAIN (OPEN CUT) 340 LIN FT $110.00 $37,400.00 $70.00 $23,800.00 $62.00 $21,080.00 150.00 $51,000.00 $79.00 $26,860.00 $135.00 $45,900.00 B.20 8" C900 PVC WATERMAIN (HDD) 1030 LIN FT $160.00 $164,800.00 $96.00 $98,880.00 $152.00 $156,560.00 126.00 $129,780.00 $175.00 $180,250.00 $135.00 $139,050.00 B.21 6" GATE VALVE AND BOX 5 EACH $3,500.00 $17,500.00 $4,500.00 $22,500.00 $3,205.00 $16,025.00 7,000.00 $35,000.00 $3,743.00 $18,715.00 $4,055.00 $20,275.00 B.22 8" GATE VALVE AND BOX 8 EACH $5,700.00 $45,600.00 $6,000.00 $48,000.00 $4,270.00 $34,160.00 8,500.00 $68,000.00 $4,900.00 $39,200.00 $5,145.00 $41,160.00 B.23 HYDRANT 4 EACH $8,750.00 $35,000.00 $10,000.00 $40,000.00 $8,810.00 $35,240.00 12,000.00 $48,000.00 $9,020.00 $36,080.00 $9,185.00 $36,740.00 B.24 DUCTILE IRON FITTINGS 1300 POUND $20.00 $26,000.00 $20.00 $26,000.00 $25.50 $33,150.00 12.00 $15,600.00 $15.00 $19,500.00 $22.50 $29,250.00 B.25 3 LBS ANODE 4 EACH $250.00 $1,000.00 $200.00 $800.00 $175.00 $700.00 500.00 $2,000.00 $162.00 $648.00 $314.00 $1,256.00 B.26 9 LBS ANODE 10 EACH $300.00 $3,000.00 $250.00 $2,500.00 $260.00 $2,600.00 550.00 $5,500.00 $235.00 $2,350.00 $401.00 $4,010.00 B.27 4" POLYSTYRENE INSULATION 25 SQ YD $70.00 $1,750.00 $55.00 $1,375.00 $88.00 $2,200.00 60.00 $1,500.00 $84.00 $2,100.00 $57.00 $1,425.00 B.28 CONNCECT TO EXISTING WATERMAIN 4 EACH $2,700.00 $10,800.00 $2,500.00 $10,000.00 $8,100.00 $32,400.00 4,000.00 $16,000.00 $6,431.00 $25,724.00 $13,160.00 $52,640.00 B.29 CONNECT TO EXISTING WATER SERVICE (<2") 1 EACH $750.00 $750.00 $2,500.00 $2,500.00 $1,295.00 $1,295.00 1,200.00 $1,200.00 $1,269.00 $1,269.00 $2,350.00 $2,350.00 B.30 CONNECT TO EXISTING WATER SERVICE/FIRE LINES (>2") 3 EACH $2,700.00 $8,100.00 $2,500.00 $7,500.00 $1,820.00 $5,460.00 4,000.00 $12,000.00 $3,722.00 $11,166.00 $6,895.00 $20,685.00 B.31 1.5" CURB STOP & BOX 1 EACH $1,500.00 $1,500.00 $2,000.00 $2,000.00 $1,130.00 $1,130.00 1,000.00 $1,000.00 $1,766.00 $1,766.00 $1,825.00 $1,825.00 B.32 1.5" CORPORATION STOP 1 EACH $1,500.00 $1,500.00 $1,500.00 $1,500.00 $1,000.00 $1,000.00 4,000.00 $4,000.00 $2,453.00 $2,453.00 $1,540.00 $1,540.00 B.33 1.5" WATER SERVICE PIPE 38 EACH $55.00 $2,090.00 $75.00 $2,850.00 $75.00 $2,850.00 25.00 $950.00 $43.50 $1,653.00 $58.00 $2,204.00 B.34 8" PVC SEWER PIPE 65 LIN FT $145.00 $9,425.00 $90.00 $5,850.00 $54.00 $3,510.00 150.00 $9,750.00 $91.25 $5,931.25 $118.00 $7,670.00 B.35 48" SANITARY SEWER MANHOLE 1 EACH $8,500.00 $8,500.00 $15,000.00 $15,000.00 $12,905.00 $12,905.00 10,000.00 $10,000.00 $10,315.00 $10,315.00 $18,870.00 $18,870.00 B.36 CONNECT TO EXISTING SEWER 3 EACH $3,500.00 $10,500.00 $2,500.00 $7,500.00 $990.00 $2,970.00 1,000.00 $3,000.00 $1,132.00 $3,396.00 $5,345.00 $16,035.00 B.37 CASTING ASSEBLIES 1 EACH $800.00 $800.00 $1,500.00 $1,500.00 $1,210.00 $1,210.00 900.00 $900.00 $1,299.00 $1,299.00 $1,470.00 $1,470.00 B.38 CHIMNEY SEALS 1 EACH $500.00 $500.00 $300.00 $300.00 $435.00 $435.00 300.00 $300.00 $222.00 $222.00 $685.00 $685.00 B.39 VERIFY SANITARY SEWER CROSSING (POST-HDD) 1 EACH $600.00 $600.00 $1,300.00 $1,300.00 $450.00 $450.00 1,500.00 $1,500.00 $1,076.00 $1,076.00 $352.00 $352.00 B.40 VERIFY STORM SEWER CROSSING (POST-HDD) 3 EACH $600.00 $1,800.00 $650.00 $1,950.00 $450.00 $1,350.00 750.00 $2,250.00 $377.00 $1,131.00 $352.00 $1,056.00 B.41 COMMON EXCAVATION (EV) 340 CU YD $40.00 $13,600.00 $55.00 $18,700.00 $30.00 $10,200.00 23.00 $7,820.00 $39.00 $13,260.00 $53.50 $18,190.00 B.42 SUBGRADE EXCAVATION (EV) 80 CU YD $45.00 $3,600.00 $70.00 $5,600.00 $40.00 $3,200.00 23.00 $1,840.00 $46.50 $3,720.00 $53.50 $4,280.00 B.43 STABILIZING AGGREGATE (CV) (3) 80 CU YD $80.00 $6,400.00 $55.00 $4,400.00 $60.00 $4,800.00 84.00 $6,720.00 $50.00 $4,000.00 $91.50 $7,320.00 B.44 AGGREGATE BASE, CL 5 440 TON $50.00 $22,000.00 $30.00 $13,200.00 $36.75 $16,170.00 24.00 $10,560.00 $58.00 $25,520.00 $34.00 $14,960.00 B.45 GEOTEXTILE FABRIC, TYPE V 50 SQ YD $3.00 $150.00 $7.00 $350.00 $5.00 $250.00 6.00 $300.00 $2.50 $125.00 $6.00 $300.00 B.46 TYPE SP 12.5 NON WEAR COURSE MIX (3,B) 350 TON $175.00 $61,250.00 $130.00 $45,500.00 $140.00 $49,000.00 112.00 $39,200.00 $225.50 $78,925.00 $125.00 $43,750.00 B.47 B618 CONCRETE CURB & GUTTER 230 LIN FT $45.00 $10,350.00 $45.00 $10,350.00 $87.00 $20,010.00 80.00 $18,400.00 $99.00 $22,770.00 $53.50 $12,305.00 B.48 BOLLARD 2 EACH $1,000.00 $2,000.00 $700.00 $1,400.00 $1,750.00 $3,500.00 1,500.00 $3,000.00 $700.00 $1,400.00 $851.00 $1,702.00 B.49 BIOLOG 40 LIN FT $5.00 $200.00 $5.50 $220.00 $8.00 $320.00 5.00 $200.00 $6.00 $240.00 $6.20 $248.00 B.50 INLET PROTECTION 7 EACH $230.00 $1,610.00 $200.00 $1,400.00 $250.00 $1,750.00 300.00 $2,100.00 $210.00 $1,470.00 $218.00 $1,526.00 B.51 TOPSOIL BORROW (LV) 50 CU YD $75.00 $3,750.00 $80.00 $4,000.00 $54.00 $2,700.00 55.00 $2,750.00 $100.00 $5,000.00 $62.00 $3,100.00 B.52 HYDRAULIC MULCH WITH SEED MIXTURE 25-151 300 SQ YD $4.00 $1,200.00 $5.50 $1,650.00 $7.00 $2,100.00 5.00 $1,500.00 $6.00 $1,800.00 $6.20 $1,860.00 TOTAL AMOUNT BID (ALTERNATIVE 2): $713,820.00 $591,225.00 $676,415.00 $663,550.00 $704,712.00 $727,189.00 TOTAL AMOUNT BID (ALTERNATIVE 1): $709,245.00 $586,175.00 $669,301.50 $676,735.00 $680,000.00 $814,338.50 TOTAL AMOUNT BID (ALTERNATIVE 2): $713,820.00 $591,225.00 $676,415.00 $663,550.00 $704,712.00 $727,189.00 Page 56 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL 7/20/2026 Subject: 2025 Annual Financial Reports Prepared By: Noel Graczyk, Administrative Services Director Erica Mattice, Finance Division Director Background City staff has completed work with the City’s independent auditor on annual audits and financial reports for both the City of Chaska and the Chaska Fire Department Relief Association (CFDRA) as of and for the fiscal year ended December 31, 2025. Through a request for proposal process as completed in 2024, the City Council selected CliftonLarsonAllen, LLP (CLA) to be the independent auditor commencing with the annual audit of the 2024 calendar/fiscal year. Representing CLA at the meeting will be Mr. Christopher Knopik, CPA, CPE, and Principal and Mr. Ezra Koetz, CPA, and Manager. Both Chris and Ezra worked directly on the audit of the 2025 fiscal year. They will be available to review the auditors’ reports as issued as well as any findings related to both the City of Chaska and the CFDRA audits. The following five enclosed reports relate to the completed audit for the City of Chaska: 1) City of Chaska - 2025 Annual Comprehensive Financial Report (ACFR) Included in the 2025 ACFR starting on page 11 is the Independent Auditors’ Report. This report states that the financial statements “…present fairly, in all material respects, the respective financial position…of the City of Chaska, as of December 31, 2025,…” This is considered an unmodified or “clean” audit report. 2) Independent Auditor’s Report of Internal Control Over Financial Reporting And On Compliance and Other Matters Based On An Audit of Financial Statements Performed in Accordance With Government Auditing Standards. Governmental units that incur expenditures of more than $1,000,000 in Federal funding in a fiscal year are required to have an independent auditor complete a Federal Single Audit. Currently, work to complete the Federal Single Audit for Fiscal Year 2025 continues for submission that is required by September 2026. This is one of two reports normally issued by the auditor each year. The auditors did not identify any deficiencies in internal controls that they would consider to be a material weakness. 3) Independent Auditors’ Report On Minnesota Legal Compliance This report addressed compliance with Minnesota State laws and Regulations and is the second of two reports normally issued by the auditor each year when a Federal Single Page 57 of 436 Audit is not required. The audit did not disclose any matters to be reported in accordance with the Minnesota Legal Compliance Audit Guide. 4) City of Chaska - Required Communications This report prepared by the auditors provides the City with the required communications that address the role of the auditor as part of the audit. These communications also include an overview of immaterial adjustments that in consultation with auditors were not addressed by the City as part of the audit. These two uncorrected misstatements were the result of a change in the level of materiality that was reduced in each of two Project Funds from 2024 to 2025. These two items did not result in a disagreement with the auditor that was not resolved to their satisfaction. 5) City of Chaska – 2025 Executive Audit Summary (EAS) This report prepared by the auditors communicates in summary form information relevant to the City’s financial operations and financial positions as well as insights generated during the audit process. Included in this report is an overview of each the operational funds included as part of the City’s annual budget. The following four enclosed reports are related to the completed audit for the CFDRA: 1) CFDRA - 2025 Annual Financial Report (AFR). The 2025 AFR for the CFDRA was prepared by Abdo Financial Services (AFS) as part of accounting and reporting services under contract with AFS by the CFDRA. Included in this AFR starting on page 6 is the Independent Auditor's Report. This report states that the financial statements “…present fairly, in all material respects, the respective financial position…of the Chaska Fire Department Relief Association, as of December 31, 2025, …” This is considered an unmodified or “clean” audit report. 2) CFDRA - 2025 Internal Control over Financial Reporting (Internal Controls) The auditors identified two material weaknesses as reportable concerning internal control procedures. The first addresses the lack of segregation of duties due to the small size of the CFDRA staff. The second addresses the lack of complete receipt documentation as part of fund-raising activities. These two comments are consistent with comments from prior years and prior audits and have been accepted by the Office of the State Auditor. 3) CFDRA - 2025 Significant Audit Findings or Issues This report prepared by the auditors provides the CFDRA with the required communications that addresses the role of the auditor as part of the audit. It also discusses the audit findings and risks associated with a lack of segregation of duties as part of the previous report on internal controls. 4) CFDRA – 2025 Minnesota Legal Compliance One compliance finding (2025-001) was identified regarding the need to obtain and submit an annual Statement of Economic Interest from each Trustee Board member. Other than this one finding, this report on Compliance with Minnesota State Laws and Regulations found the CFDRA complied with all material terms and conditions of applicable legal provisions. Page 58 of 436 In accordance with Minnesota State Statutes, the 2025 ACFR for the City of Chaska and all associated reports issued by the auditor were submitted on June 30, 2026, to the Office of the State Auditor (OSA). Also as required by State Statutes, a summary of the 2025 ACFR will be published on July 26, 2026, in the Waconia Patriot, the City’s designated legal paper. In compliance with the Securities and Exchange Commission (SEC) requirements, the 2025 ACFR was submitted to EMMA (Electronic Municipal Market Access) as part of annual continuing disclosure requirements by the City in accordance with reporting agreements for various outstanding series of debt. The 2025 ACFR has also been provided to bond trustees, bond rating agencies, bond insurance companies, various institutions holding City of Chaska debt, and to other parties requesting detailed financial reports from the City. The 2025 ACFR is avaible to the public on the City’s Web Site at www.chaskamn.gov and is also available for public inspection at both Chaska City Hall and Chaska Library. In accordance with State Statutes, the CFDRA has submitted the 2025 AFR and related audit reports as issued by the auditors to the OSA. The annual required Fire Form submitted in conjunction with the City has also been submitted to the OSA. Recommendation Adoption of the proposed motion is recommended by City staff. CITY COUNCIL ACTION REQUESTED Motion to accept the 2025 Annual Comprehensive Financial Report (ACFR) for the City of Chaska and associated audit reports as well as the 2025 Annual Financial Report (AFR) for the Chaska Fire Department Relief Association and associated audit reports. Page 59 of 436 CITY OF CHASKA STATE OF MINNESOTA 2025 ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 Page 60 of 436Page 61 of 436 CITY OF CHASKA CARVER COUNTY, MINNESOTA Annual Comprehensive Financial Report For the Fiscal Year Ended December 31, 2025 Matthew Podhradsky, City Administrator Report Prepared by Administrative Services Department Noel Graczyk, Administrative Services Director Erica Mattice, Finance Division Director Page 62 of 436 Chaska ii Page 63 of 436 Table of Contents Annual Comprehensive Financial Report City of Chaska, Minnesota For the Year Ended December 31, 2025 Page SECTION I: INTRODUCTORY Letter of Transmittal ........................................................................................................................... 1 GFOA Certificate of Achievement ..................................................................................................... 8 Organization and Administrative Structure ......................................................................................... 9 Elected and Administrative Officials ................................................................................................ 10 SECTION II: FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT .............................................................................. 11 MANAGEMENT’S DISCUSSION AND ANALYSIS .......................................................... 15 BASIC FINANCIAL STATEMENTS: Government-Wide Financial Statements: Statement of Net Position .................................................................................................................. 32 Statement of Activities ...................................................................................................................... 33 Fund Financial Statements: Balance Sheet - Governmental Funds ............................................................................................... 36 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position .................................................................................................... 37 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds ...................................................................................................................... 38 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities .................................................................. 39 Statement of Revenues, Expenditures and Changes in Fund Balances Budget and Actual - General Fund ................................................................................................ 40 Statement of Net Position - Proprietary Funds .................................................................................. 42 Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds ............. 43 Statement of Cash Flows - Proprietary Funds ................................................................................... 44 Notes to the Financial Statements ............................................................................................. 45 REQUIRED SUPPLEMENTARY INFORMATION: PERA - General Employees Retirement Fund Schedule of City’s and Non-Employer Proportionate Share of Net Pension Liability ............................................................................. 98 PERA - General Employees Retirement Fund Schedule of City Contributions ............................... 98 PERA - Public Employees Police and Fire Fund Schedule of City’s and Non-Employer Proportionate Share of Net Pension Liability ............................................................................. 99 iii Page 64 of 436 Table of Contents Annual Comprehensive Financial Report City of Chaska, Minnesota For the Year Ended December 31, 2025 Page PERA - Public Employees Police and Fire Fund Schedule of City Contributions ........................... 99 CFDRAPP, Schedule of Changes in Net Pension Liability (Asset) and Related Ratios ................ 100 CFDRAPP, Schedule of City Contributions ................................................................................... 101 Schedule of Changes in Total OPEB Liability and Related Ratios................................................. 102 Notes to Required Supplementary Information .............................................................................. 103 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES: GOVERNMENTAL FUNDS: Nonmajor Governmental Funds: Combining Balance Sheet ............................................................................................................... 112 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ........................ 113 Nonmajor Special Revenue Funds: Combining Balance Sheet ............................................................................................................... 116 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ........................ 117 Nonmajor Debt Service Funds: Combining Balance Sheet ............................................................................................................... 120 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ........................ 122 Nonmajor Capital Project Funds: Combining Balance Sheet ............................................................................................................... 126 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ........................ 128 Combining Balance Sheet – Tax Increment Funds ......................................................................... 130 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Tax Increment Funds ................................................................................................................ 132 Nonmajor Budgeted Special Revenue and Capital Project Funds: MOUNT PLEASANT MAINTENANCE & CARE SPECIAL REVENUE FUND: Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ........... 135 CHASKA EDA SPECIAL REVENUE FUND: Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ........... 136 LOCAL AFFORDABLE HOUSING AID SPECIAL REVENUE FUND: Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ........... 137 EQUIPMENT ACQUISITION CAPITAL PROJECT FUND: Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ........... 138 iv Page 65 of 436 Table of Contents Annual Comprehensive Financial Report City of Chaska, Minnesota For the Year Ended December 31, 2025 Page PROPRIETARY FUNDS: Nonmajor Enterprise Funds: Combining Statement of Net Position ............................................................................................. 140 Combining Statement of Revenues, Expenses and Changes in Fund Net Position ........................ 141 Combining Statement of Cash Flows .............................................................................................. 142 SECTION III: STATISTICAL (UNAUDITED) Net Position by Component ............................................................................................................ 146 Changes in Net Position .................................................................................................................. 148 Governmental Activities Tax Revenues by Source ......................................................................... 149 Fund Balances of Governmental Funds .......................................................................................... 150 Changes in Fund Balances of Governmental Funds ....................................................................... 152 General Governmental Tax Revenues by Source............................................................................ 155 Tax Capacity Value and Estimated Actual Value of Real and Personal Property .......................... 156 Property Tax Rates – Direct and Overlapping Governments .......................................................... 158 Principal Property Taxpayers .......................................................................................................... 159 Property Tax Levies and Collections .............................................................................................. 160 Ratios of Outstanding Debt by Type ............................................................................................... 162 Ratios of General Bonded Debt Outstanding to Estimated Actual Taxable Value ......................... 164 Direct and Overlapping Governmental Activities Debt .................................................................. 165 Legal Debt Margin Information ...................................................................................................... 166 Pledged Revenue Coverage ............................................................................................................. 168 Demographic and Economic Statistics ............................................................................................ 170 Principal Employers ........................................................................................................................ 171 Full-Time Equivalent City Government Employees by Function / Program .................................. 172 Operating Indicators by Function / Program ................................................................................... 174 Capital Asset Statistics by Function / Program ............................................................................... 176 v Page 66 of 436 Chaska vi Page 67 of 436 City of Chaska June 30, 2026 To the Citizens of the City of Chaska, Honorable Mayor and Council Members, and Mr. Matt Podhradsky, City Administrator The Annual Comprehensive Financial Report of the City of Chaska, Minnesota, for the year ended December 31, 2025, is hereby submitted. The report was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as established by the Governmental Accounting Standards Board and meets the requirements of the Minnesota State Auditor’s Office. This report consists of management’s representations concerning the finances of the City. Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these representations, management of the City has established a comprehensive internal control framework that is designed both to protect the City’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. The City’s financial statements have been audited by CliftonLarsonAllen LLP (CLA), a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City for the fiscal year ended December 31, 2025, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial presentation. Based upon the audit, the independent auditor concluded that there was reasonable basis for rendering an unmodified opinion that the City’s financial statements for the fiscal year ended December 31, 2025, are fairly presented in conformity with GAAP. The independent auditor’s report is presented as the first item in the financial section of this report. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City of Chaska’s MD&A can be found in the financial section of this report, immediately following the independent auditor’s report. ONE CITY HALL PLAZA / CHASKA, MN 55318-1962 / PH: (952) 448-9200 / FAX: (952) 448-9300 / www.chaskamn.gov 1 Page 68 of 436 Letter of Transmittal City of Chaska, Minnesota For the Year Ended December 31, 2025 City Profile The City of Chaska was founded in 1851 and incorporated on March 3, 1891. The City is located in eastern Carver County, with the Minnesota River bordering the City to the south. It encompasses 17.8 square miles and has an estimated population of 31,105. The City operates under a Statutory Plan A form of government where policymaking and legislative authorities are vested in the City Council. The City Council consists of a mayor and four council members and is responsible, among other things, for passing ordinances, adopting the budget, and appointing committees. The mayor is elected for a two-year term of office and four council members serve four- year staggered terms, with two council members elected every two years. Non-partisan elections are held on the Tuesday after the first Monday in November, of each even-numbered year. The City Administrator is appointed by the City Council and also serves as the City Clerk. The City Administrator is responsible for carrying out policies and ordinances of the City Council and overseeing daily operations of the City. A City Attorney is retained and appointed by the Chaska City Council. The Administrative Services Director serves as City Treasurer. The City of Chaska provides a full range of services, including police and fire protection; building inspections; construction and maintenance of highways, streets, and other infrastructure; recreational activities and cultural events; and general administrative services. The City also operates nine enterprises: electric, water, sewer, and storm water utilities, a community center, two golf courses, a turbine generator, along with a curling and event center. The City is also financially accountable for the Chaska Economic Development Authority (EDA), which is included in this report as a blended component unit. The Chaska City Council serves as the board of the EDA. The primary focus of the City of Chaska is to enhance and maintain the high quality of life of its “shareholders”, the citizens of Chaska. Consistent with this focus, the City will strive to maintain its unique historical small-town image and sense of community while supporting well-planned, orderly growth. To achieve this focus, the City has established six ongoing core strategies:  Enhance Chaska’s high quality of life  Plan orderly community development  Maintain a sense of community and small-town values  Assure that quality basic municipal services are provided  Maintain a commitment to excellence  Develop and maintain partnerships The annual budget serves as the foundation for the City of Chaska’s financial planning and control. The objectives of these budgetary controls are to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the Chaska City Council. The activities of the General Fund and certain special revenue and capital project funds are included in the annual appropriated budget. Debt service budgetary control is established by bond sale resolution covenants. Project-length financial plans are adopted for capital project funds. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established at the fund level. Expenditures for departments or divisions that exceed appropriations are not authorized unless additional revenue sources or fund balance are identified and available. Unused appropriated expenditures lapse at year-end. 2 Page 69 of 436 Letter of Transmittal City of Chaska, Minnesota For the Year Ended December 31, 2025 The City maintains stable financial operations due to a history of conservative budgeting, maintenance of healthy reserves, and lack of reliance on state aid as a revenue source. Economic Condition and Outlook Since 2000, the City of Chaska has seen significant population growth and expects to continue growth through 2050. Year Population* % Increase 2000 17,603 2010 23,770 35.0% 2020 27,810 17.0% 2024 29,830 7.3% 2025 Estimate 31,105 4.3% 2030 Projected 31,300 5.2% 2040 Projected 33,300 6.4% 2050 Projected 36,800 10.5% *Source of Projected Population: Metropolitan Council The increase in population between 2000 and 2010 is attributed to the addition of approximately 200 to 500 housing units (both single family and multifamily units) per year from 2002 through 2005, as well as the addition of a significant amount of commercial development in the community. This commercial development included both small boutique stores and larger service centers such as Home Depot, Super Target, and Kohl’s. Chaska saw the majority of its industrial development growth in the late 1980s and early 1990s. Nearly 8,000 jobs were created, with now over 13,000 jobs in total in the community. The industrial park was near full capacity in the 1990s, with the exception of a few remaining sites. National and international companies such as Entegris, TEL- FSI, Lake Region Manufacturing, and Beckman Coulter all offer several hundred jobs at each facility. Housing and commercial development occurring after 2000 resulted directly from both a strong housing market and employment opportunities available in Chaska. As with other communities across the county, the City saw a drop in new housing development beginning in 2007. The number of new single family home permits rebounded beginning in 2012. Between 2016 and 2025 the City averaged 131 new single family permits annually. 3 Page 70 of 436 Letter of Transmittal City of Chaska, Minnesota For the Year Ended December 31, 2025 TOTAL NEW SINGLE/ MULTI FAMILY PERMITS 250 200 150 100 Number of New Permits 50 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Single Family Home Permits Multi Family Town Home Permits With the rebound in housing, market value in the City has also continued to increase. ESTIMATED MARKET VALUE $6,000,000,000 $5,000,000,000 $4,000,000,000 $3,000,000,000 $2,000,000,000 $1,000,000,000 $- 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 For Payable Year Other development opportunities within the City include the following: Industrial Parks There are two existing industrial parks located within Chaska with a combined capacity of 679 acres. Currently there are over one hundred enterprises occupying the parks, the largest of which include Lake Region Manufacturing, TEL-FSI International Inc., Beckman Coulter, Bailiwick and Lifecore Biomedical. There are a few remaining sites available within the industrial park. 4 Page 71 of 436 Letter of Transmittal City of Chaska, Minnesota For the Year Ended December 31, 2025 Southwest Chaska Corporate and Industrial Development The City has approximately 390 acres of corporate and industrial land that has started to develop along Highway 212. There is room for 5.5 million square feet of office and industrial space which will be marketed towards bioscience and high-tech companies. When complete, it is expected to add between $300 and $500 million of taxable market value as well as 4,000 to 6,000 quality jobs. The first project in this new industrial area was United Health Group’s 250,000 square foot data center that began operations in 2012. The second project was Stream Data’s 115,000 square foot data center that completed construction in late 2014. The third project was the development of an approximately 100,000 square foot data center facility for US Bank National Association completed in 2017. Southwest Chaska Master Plan Development of objectives outlined in the Southwest Chaska Master Plan began in 2017. The plan guides development and land use for an undeveloped two square mile area in southwest Chaska along Highway 212. While most of this area was originally determined to be residential, the new master plan allows for more corporate uses and allows the residential development to be more consistent with market conditions. The City received approval in late 2011 for the addition of an interchange off of U.S. Highway 212 at Carver County Road 44. Substantial project completion occurred in 2020. This project enabled the City to expand industrial development rapidly. To support access to the southwest Chaska area, the City worked on extending Creek Road. Creek Road is a connector to major development in Chaska that began in 2017. This $14.2 million dollar project is anticipated to provide access to 5,000 new jobs in the area. In 2021, the City began working on a joint State, County, and City cooperative project to reconstruct Minnesota State Highway 41 and Carver County Road 61 through Chaska’s historic downtown area. This $31 million reconstruction project took approximately 3 years to complete. The City, acting as the lead on the project, issued $25.3 million of Temporary State Aid Street Bonds in 2022 to support project funding for the share of the project not reimbursed to the City by the State of Minnesota Department of Transportation and Carver County. The City issued permanent State Aid Street Bonds when the line of credit expired in 2024. Tax Abatement In order to encourage jobs, investment and essential services to Chaska, the City implemented a Business Incentive Policy to assist developers with expansion projects and new development. Under this policy, the city provides tax abatements for up to three times a new developer’s total property taxes. The City has entered into a number of tax abatement agreements. The benefit to the City is development of underutilized properties, job creation, and increased tax base in future years. Long-Term Financial Planning Each year the City develops a five-year financial forecast. The primary purpose of the forecast is to project available revenues and anticipated expenditures for all operating funds supported by property tax levies. The forecast is also used to establish the City’s maximum tax levy. In preparing the five-year forecast, every attempt is made to accurately and conservatively estimate revenues and expenditures. The 2025 budget and five-year forecast were both developed based on the following objectives: 5 Page 72 of 436 Letter of Transmittal City of Chaska, Minnesota For the Year Ended December 31, 2025 1. Support budget programs that help Chaska strengthen its mission of being “The Best Small Town in Minnesota.” 2. Maintain existing high-quality service levels. 3. Limit tax levy growth to capture only new growth in the community and inflation. Only increasing levy beyond this point if new service levels and/or assets are added. 4. Fully fund maintenance and replacement of vehicles, equipment, and physical assets on a regular schedule to ensure sustainability of investments already made. 5. Fund new programs only after existing, necessary programs are funded. 6. Budget utilizing a plan that avoids draw-down of the City’s general fund reserves and builds these reserves to a targeted level. 7. Fully fund levy needs of the Street Reconstruction Program. 8. Develop a budget plan that is sustainable from a resource perspective to support the service levels residents expect. Key factors which impact both the cost of providing services and the City’s revenue resources include changes in Chaska’s population and households. The current 2025 – 2029 financial forecast strives to balance existing and future service level demands within the forecasted revenues while at the same time maintaining a low property tax rate. The City’s tax rate decreased after the Great Recession in 2008 – 2009 due to declines in market value. Market values have recovered allowing the City to implement a capital asset maintenance program while keeping property tax rates relatively constant. The tax rate is 38.9 percent in 2025. CITY TAX RATE 50% 40% 30% 20% 10% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 In 2018, the City updated its Comprehensive Plan, which is a requirement from the Metropolitan Council to make local plans consistent with its updated Regional Development Framework. The 2040 Comprehensive Plan guides the direction of the City in several major areas: land use, transportation, environment, parks and trails, and public facilities. Each of these areas is examined in a comprehensive manner, in order to take advantage of opportunities, avoid problems, and work toward building a stronger community. Major Initiatives One of the City’s main initiatives has been the development and implementation of its Downtown Master Plan. Chaska has a historic downtown, with several commercial buildings and homes over 100 years old. A major focus 6 Page 73 of 436 Letter of Transmittal City of Chaska, Minnesota For the Year Ended December 31, 2025 of this initiative is to define how the City, businesses, and residents reinvest back into this unique area, to make it economically viable in the future. The City continues its multi-year program to reconstruct streets in the historic downtown core. This reconstruction has reinvigorated the coordination and planning efforts for the transformation of another downtown block, which will be called City Square West. Another major initiative for the City is the continuing capital asset maintenance plan. Key to this plan is $1 million of levy annually dedicated to reinvesting in parks, streets, and trails. The City also views its building program as a major initiative. In 2023, the City started increasing the tax levy by $1,125,000 to fund renovation of four City Facilities. The first is a Public Safety facility where the Police and Fire departments will be located. Construction of this building began in 2024. The next building is the Municipal Service Building where Public works, Electric, Water, and Sewer personnel and services are located. After that, the Library will be relocated from City Hall to a new building. The last building to be renovated will be City Hall. 2025 brought forth the third year that the tax levy was increased to fund replacement of these buildings. Certificate of Achievement The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Chaska for its Annual Comprehensive Financial Report for fiscal year ended December 31, 2024. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized Annual Comprehensive Financial Report must satisfy both the generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The City of Chaska has received a Certificate of Achievement every year since 1989. We believe our current reporting continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA. Acknowledgements The preparation of this report was made possible by the dedicated service of the City staff, and in particular, members of the Administrative Services Department. Special recognition goes to Lisa Nelson, Controller. Her contributions were essential in the preparation and production of this report. We would like to express appreciation to Matt Podhradsky, the City Administrator, and to the Honorable Mayor and Chaska City Council members for their interest and support in planning and conducting the financial operations of the City. Respectfully submitted, Noel J. Graczyk Administrative Services Director, Treasurer Erica H. Mattice Finance Division Director 7 Page 74 of 436 GFOA Certificate of Achievement City of Chaska, Minnesota For the Year December 31, 2025 Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of Chaska Minnesota For its Annual Comprehensive Financial Report For the Fiscal Year Ended December 31, 2024 Executive Director/CEO 8 Page 75 of 436 Organization and Administrative Structure City of Chaska, Minnesota For the Year Ended December 31, 2025 City of Chaska Residents and Businesses Mayor and City Council Parks Recreation and Arts Board Planning Commission Human Rights Commission Legal City Administrator, City Clerk Administration Administrative Services Deputy Clerk Human Resources Information Utility Billing Finance Technology Economic Communications Development Accounting Payroll Authority Risk Management Special Assessments Budget Community Development Parks, Recreation, and Arts Planning Building Inspections Curling and Event Parks & Recreation Community Center Center Engineering Aquatics Lodge Police Ice Arena Fitness Center Patrol Investigations Maintenance Daycare Youth Services Civilian Services Golf Courses Fire The Loop at Chaska Town Operations and Chaska Course Fire Marshal Training Electric Public Works Transmission Administration Streets Parks /Distribution Building Storm Water Maintenance Water/Sewer Transmission Administration /Distribution 9 Page 76 of 436 Elected and Administrative Officials City of Chaska, Minnesota For the Year Ended December 31, 2025 Elected Officials Name Title Term Expires Taylor Hubbard Mayor December 31, 2026 Jon Grau Council Member, Ward 1 December 31, 2026 Josh Benesh Council Member, Ward 2 December 31, 2028 McKayla Hatfield Council Member, Ward 3 December 31, 2026 Leah Sheveland Council Member, Ward 4 December 31, 2028 Administrative Officials City Staff: City Administrator/City Clerk Matt Podhradsky Assistant City Administrator Elise Durbin Administrator Services Director, Treasurer Noel Graczyk Community Development Director Nate Kabat City Engineer Matt Clark Chief of Police Ryan Seibert Fire Chief Stephen Kraus Public Works Director Brian Jung Parks and Recreation Director Marshall Grange Electric Director Craig Schmieg Water and Sewer Director Matt Haefner Golf Professional John Kellin Executive Director of Chaska Economic Development Authority (EDA) Matt Podhradsky 10 Page 77 of 436 CliftonLarsonAllen LLP  CLAconnect.com  INDEPENDENT AUDITORS’ REPORT Board of Directors City of Chaska Chaska, Minnesota Report on the Audit of the Financial Statements Opinions We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Chaska, as of and for the year ended December 31, 2025, and the related notes to the financial statements, which collectively comprise the City of Chaska’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Chaska, as of December 31, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City of Chaska and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphasis of Matter – Restatements We draw attention to Note 17 of the financial statements, which describes the City’s restatement to correct an error in prior year financial statements. Our opinions are not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  11 Page 78 of 436 Board of Directors City of Chaska In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City of Chaska’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of City of Chaska’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about City of Chaska’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. 12 Page 79 of 436 Board of Directors City of Chaska Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the pension and OPEB schedules be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Chaska’s basic financial statements. The combining and individual nonmajor fund financial statements and budgetary comparison schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the combining and individual nonmajor fund financial statements and budgetary comparison schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors’ report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. 13 Page 80 of 436Board of Directors City of Chaska Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 30, 2026, on our consideration of the City of Chaska’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City of Chaska’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City of Chaska’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Minneapolis, Minnesota June 30, 2026 14 Page 81 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 As management of the City of Chaska (the City), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the year ended December 31, 2025. We encourage readers to consider the information presented here in conjunction with additional information we have furnished in our letter of transmittal, published earlier in the report, and the City’s basic financial statements following this section. FINANCIAL HIGHLIGHTS  The assets and deferred outflows of resources of the City exceeded liabilities and deferred inflows of resources at the close of the most recent fiscal year by $299,068,577 (net position). Of that amount, $36,721,505 is restricted for specific purposes (restricted net position) and $252,922,569 represents the net investment in capital assets.  The City’s governmental funds reported combined ending fund balances of $45,926,938. This is a decrease of $34,133,149 from the prior year.  At the end of the current fiscal year, the General fund had a fund balance of $7,735,746. Although not legally restricted, the City has committed $2,794,249 in fund balance, with $1,294,249 committed for compensated absences and $1,500,000 for a stabilization arrangement. The City has assigned $480,638 in fund balance for compensated absences. The City has $289,405 in non-spendable fund balance for prepaid supplies and items, leaving $4,171,454 in unassigned fund balance.  Total bonds and premium payable decreased $8,725,259 during the year. At the end of the year, the City reported $159,322,161 in bonds and premium payable. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis are intended to serve as an introduction to the City’s basic financial statements comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. These financial statements include not only the City itself (known as the primary government), but also the Chaska Economic Development Authority (EDA). The EDA has been presented as a blended component unit of the City’s financial statements in accordance with accounting principles generally accepted in the United States of America. Government-wide Financial Statements – The government-wide statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to private sector business. The Statement of Net Position presents information on the City’s assets, liabilities, and deferred inflows/outflows of resources with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The Statement of Activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change 15 Page 82 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods, (e.g., uncollected taxes and earned, but unused employee leave benefits). The government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include General Government, Public Safety, Public Works, Parks, Recreation and Arts, and Economic Development. The business-type activities of the City include Electric, Water, Sewer, and Storm Water utilities, along with the Community Center, The Loop at Chaska, Chaska Town Course, Turbine Generator, and Curling Center operations. Fund Financial Statements – A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The City’s funds are reported in two categories: governmental funds and proprietary funds. Governmental Funds – Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on the near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for the governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains numerous individual governmental funds. Information is presented separately in the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund, Public Facilities Capital Improvement, and Public Improvement Projects Fund, which are considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements or schedules elsewhere in this report. The City adopts an annual appropriated budget for its General Fund, Mount Pleasant Maintenance & Care Fund, Chaska EDA Fund, Local Affordable Housing Aid Fund, and Equipment Acquisition Fund. Budgetary comparison statements have been provided for these funds to demonstrate compliance with the budget. Proprietary Funds – The City maintains two different types of proprietary funds:  Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its Electric, Water, Sewer, and Storm Water utilities, along with the Community Center, The Loop at Chaska, Chaska Town Course, Turbine Generator, and Curling Center operations. 16 Page 83 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025  Internal service funds are used to accumulate and allocate costs internally among the City’s various functions. The City has one internal service fund that is used to account for the purchase of property, liability, and worker’s compensation insurance. This internal service fund is included in the governmental activities in the government-wide financial statements. The internal service fund is presented in a single column in the proprietary funds financial statements. Proprietary fund statements provide the same type of information as the government-wide financial statements, only in more detail. Proprietary fund financial statements provide separate information for the Electric, Water, Sewer, Community Center, Turbine Generator, Storm Water, and Curling Center operations, all of which are considered to be major funds of the City. Data from the non-major enterprise funds are combined into a single, aggregated presentation. Notes to the Financial Statements - The notes to the financial statements provide additional narrative and financial information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Other Information - In addition to the basic financial statements, the financial section also presents required supplementary information, and the combining and individual fund statements and schedules. These statements and schedules are presented immediately following the notes to the financial statements. A statistical section has been included to facilitate additional analysis and it is the final section of the report. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of the City’s financial position. For the City, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $299,068,577 at the close of 2025. By far, the largest portion of the City’s net position (84.6%) reflects its net investment in capital assets (e.g., land, buildings, machinery, equipment, lease assets, subscription-based assets, and infrastructure), reduced by the outstanding balance of any long-term debt used to acquire those assets and the outstanding balance of any capital related payables, such as contracts and retainage payable. The City uses capital assets, including lease assets and subscription assets, to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since capital assets themselves cannot be used to liquidate these liabilities. An additional portion of the City’s net position represents resources that are subject to external restriction on how they may be used. The amount of restricted net position is $36,721,505. After restrictions, the City is reporting an unrestricted net position deficit of $9,424,503, an improvement of $10,782,284 from the prior year. 17 Page 84 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 Summary of Net Position Governmental Activities Business-Type Activities Total 2025 2024 2025 2024 2025 2024 Assets Current and Other Assets$ 80,053,151 $ 108,954,803 $ 40,921,417 $ 39,441,037 $ 120,974,568 $ 148,395,840 Capital Assets 237,553,482 190,291,582 158,407,073 157,925,198 395,960,555 348,216,780 Total Assets$ 317,606,633 $ 299,246,385 $ 199,328,490 $ 197,366,235 $ 516,935,123 $ 496,612,620 Deferred Outflows of Resources Pension Plan Deferments$ 6,863,556 $ 9,150,045 $ 820,673 $ 734,097 $ 7,684,229 $ 9,884,142 OPEB Plan Deferments 31,204 25,713 12,627 10,406 43,831 36,119 Total Deferred Outflows of Resources$ 6,894,760 $ 9,175,758 $ 833,300 $ 744,503 $ 7,728,060 $ 9,920,261 Total Assets and Deferred Outflows$ 324,501,393 $ 308,422,143 $ 200,161,790 $ 198,110,738 $ 524,663,183 $ 506,532,881 Liabilities Other Liabilities$ 19,386,456 $ 16,402,810 $ 6,680,599 $ 5,471,480 $ 26,067,055 $ 21,874,290 Noncurrent Liabilities 130,489,843 134,754,989 44,003,067 49,802,776 174,492,910 184,557,765 Total Liabilities$ 149,876,299 $ 151,157,799 $ 50,683,666 $ 55,274,256 $ 200,559,965 $ 206,432,055 Deferred Inflows of Resources Leases$ 2,514,598 $ 1,851,456 $ 11,120,941 $ 13,224,926 $ 13,635,539 $ 15,076,382 Debt Refunding Deferments 208,995 - 185,130 222,156 394,125 222,156 Pension Plan Deferments 8,774,907 10,620,095 1,758,236 1,989,865 10,533,143 12,609,960 OPEB Plan Deferments 335,887 412,936 135,947 167,128 471,834 580,064 Total Deferred Inflows of Resources$ 11,834,387 $ 12,884,487 $ 13,200,254 $ 15,604,075 $ 25,034,641 $ 28,488,562 Net Position Net Investment in Capital Assets$ 135,733,388 $ 125,048,189 $ 117,189,181 $ 111,725,590 $ 252,922,569 $ 236,773,779 Restricted 21,925,710 20,757,570 14,795,795 15,438,696 36,721,505 36,196,266 Unrestricted 5,131,609 (1,425,902) 4,292,894 68,121 9,424,503 (1,357,781) Total Net Position$ 162,790,707 $ 144,379,857 $ 136,277,870 $ 127,232,407 $ 299,068,577 $ 271,612,264 Total Liabilities, Deferred Inflows, and Net Position$ 324,501,393 $ 308,422,143 $ 200,161,790 $ 198,110,738 $ 524,663,183 $ 506,532,881 Governmental activities – Total net position of the governmental activities increased $18,410,850 to $162,790,707. Net investment in capital assets increased $10,685,199 due to various road improvement projects and construction that began on the new public safety campus. Unrestricted net position improved $6,557,511 from the prior year. The improvement in unrestricted net position stems from construction projects that received funding during the year. Business-type activities – Total net position of the business-type activities increased $9,045,463 to $136,277,870. Net investment in capital assets increased $5,463,591 due to the construction of electric, water, sewer, and storm water system assets, the utility meter replacement project, water tower and well improvements, and developer donated utility infrastructure. Unrestricted net position improved $4,224,773 from the prior year. 18 Page 85 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 Changes in Net Position Governmental Activities Business-Type Activities Total 2025 2024 2025 2024 2025 2024 Revenues Program Revenues: Charges for Services $ 15,384,654 $ 11,434,981 $ 87,808,143 $ 82,217,723 $ 103,192,797 $ 93,652,704 Operating Grants & Contributions 3,690,341 7,651,814 - - 3,690,341 7,651,814 Capital Grants & Contributions 6,177,614 18,400,195 2,250,926 11,194,164 8,428,540 29,594,359 General Revenues: Property Taxes 23,901,081 20,618,682 - - 23,901,081 20,618,682 Franchise Taxes 778,189 772,621 - - 778,189 772,621 Grants & Contributions Not Restricted 16,254 10,102 367 563 16,621 10,665 Investment Earnings 3,116,165 2,995,886 776,949 730,733 3,893,114 3,726,619 Other General Revenues 907,986 505,989 1,041,801 1,154,175 1,949,787 1,660,164 Total Revenues 53,972,284 62,390,270 91,878,186 95,297,358 145,850,470 157,687,628 Expenses General Government 8,339,226 7,736,835 - - 8,339,226 7,736,835 Economic Development 2,226,410 1,810,824 - - 2,226,410 1,810,824 Public Safety 13,446,421 12,260,433 - - 13,446,421 12,260,433 Public Works 7,713,684 12,230,186 - - 7,713,684 12,230,186 Parks, Recreation & Arts 4,997,167 6,045,540 - - 4,997,167 6,045,540 Interest on Long-term Debt 3,594,337 3,970,358 - - 3,594,337 3,970,358 Electric - - 49,416,632 47,649,505 49,416,632 47,649,505 Water - - 5,166,762 4,595,273 5,166,762 4,595,273 Sewer - - 7,524,068 7,587,553 7,524,068 7,587,553 Community Center - - 5,118,267 4,915,842 5,118,267 4,915,842 The Loop at Chaska - - 873,304 658,213 873,304 658,213 Chaska Town Course - - 3,250,575 3,506,545 3,250,575 3,506,545 Turbine Generator - - 1,686,592 1,705,658 1,686,592 1,705,658 Storm Water - - 2,673,453 2,295,546 2,673,453 2,295,546 Chaska Curling Center - - 2,367,259 2,367,422 2,367,259 2,367,422 Total Expenses 40,317,245 44,054,176 78,076,912 75,281,557 118,394,157 119,335,733 Excess Before Transfers 13,655,039 18,336,094 13,801,274 20,015,801 27,456,313 38,351,895 Transfers 4,755,811 (3,783,982) (4,755,811) 3,783,982 - - Change in Net Position 18,410,850 14,552,112 9,045,463 23,799,783 27,456,313 38,351,895 Net Position - Beginning 144,379,857 129,827,745 127,232,407 103,432,624 271,612,264 233,260,369 Net Position - Ending $ 162,790,707 $ 144,379,857 $ 136,277,870 $ 127,232,407 $ 299,068,577 $ 271,612,264 As a whole, the City had total revenues of $145,850,470, for the year ended December 31, 2025. This decreased $11,837,158 from the prior year. This is due to a large reduction in capital grants and contributions from other government entities for construction and various other capital projects. The total cost of all programs and services was $118,394,157 which is $941,576 lower than the prior year. The City’s expenses are predominantly related to providing services such as police, fire, building inspections, street maintenance, snow removal, purchasing power for electric service, and other utility operations for the citizens of Chaska. Recreation expenses include those related to the wide variety of opportunities offered through the Community Center, Curling Center, golf courses and Park and Recreation programs. Other expenses include economic development and interest on long-term debt. 19 Page 86 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 Governmental activities – Governmental Activities revenue decreased $8,417,986 from the prior year and expenses decreased $3,736,931. Significant components of revenue and expenses include:  Property Taxes were the largest source of revenue at $23,901,081 or 44%. Property Taxes for 2025 were $3,282,399 more than the prior year due to increased tax levy based on growth, inflation, and enhanced services.  Charges for Services made up 28.5% of total revenue, compared to 18.3% the prior year. Charges for services were $3,949,673 higher than the prior year. The majority of this change was in the Public Works revenue, which was $3,148,012 higher than last year due to increased water trunk fees. General Government revenue was $772,944 higher due to administrative fees.  Operating Grants and Contributions for 2025 were $3,961,473 lower than the prior year, due to already receiving reimbursements from the County and Federal Government for each agency’s share of public improvement projects.  Capital Grants and Contributions were $6,177,614 and the third largest source of revenue in 2025. Revenue in this category decreased $12,222,581 from the prior year. Special assessments, intergovernmental aid and grants, and developer donated assets make up the majority of this revenue.  Total expenses for all programs and services were $40,317,245. Street maintenance/construction makes up 19.1% of this total. Public safety services also make up 33.4% of this total. Total expenses were $3,736,931 lower than the prior year.  The Public Works function decreased $4,516,502 from the prior year, due to several street projects wrapping up construction in 2025. The majority of construction for some large projects occurred in 2023 and 2024.  Public safety expenses were $1,185,988 higher than the prior year due to increased personnel costs as fire and police increase staffing to meet growth across the city.  General government expenses account for 20.7% of the total and were $602,391, or 7.8% higher than the prior year due to various small changes across departments.  Interest on long-term debt decreased $376,021 for reducing value of interest payments.  Net transfers in 2025 include $4,755,811 in transfers from business-type activities to governmental activities.  Additional comparisons can be found in the accompanying graphs. 20 Page 87 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 Revenues by Source - Governmental Activities Property Taxes 44% Franchise Taxes 1% Grants & Contributions Not Restricted <1% Other General Revenues 7% Capital Grants & Contributions 12% Charges for Service 29% Operating Grants & Contributions 7% Expenses and Program Revenues - Governmental Activities $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,339,226 $13,446,421 $7,713,684 $8,000,000 $6,291,191 $4,997,167 $6,000,000 $4,773,139 $3,594,337 $4,000,000 $2,226,410 $1,558,517 $998,665 $10,842,547 $2,000,000 $- $- General Economic Public Safety Public Works Parks, Interest on Government Development Recreation & Long-Term Arts Debt Expenses Program Revenues Business-type activities – Business-type Activities revenue decreased $3,419,172 from the prior year and expenses increased $2,795,355. Significant components of revenue and expenses include:  Charges for services for business-type activities include charges for Electric, Water, Sewer, and Storm Water utilities. Also included in charges for services are Community Center, The Loop at Chaska golf course, Chaska Town Course golf course, Turbine Generator, and Curling Center operations.  The Electric operations comprise 67.7% of all business-type program revenue and 63.3% of all business- type expenses. 21 Page 88 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025  Charges for services increased $5,590,420, or 6.8% compared to the prior year. The electric and water utilities each had significant increases over the prior year due to growth. The Loop at Chaska recorded $470,060 in sales in its second year after re-opening compared to $396,264 the prior year. Rounds of golf played at the Chaska Town Course also continues to stay strong.  Capital Grants and Contributions decreased $8,943,238 from the prior year due to fewer developer contributions.  Electric charges for services were $3,755,200 higher than last year due to continued growth in customer base. 2025 was hotter than usual resulting in higher usage and level of revenue. 2024 had closer to normal temperatures.  Charges for Services at the Chaska Community Center increased $445,473. The Community Center is continuing to see increases in membership and participation in classes, lessons, and programs after several years of decreases due to the pandemic.  Additional comparisons can be found in the accompanying graphs. Expenses and Program Revenues - Business-type Activities Expenses Program Revenues $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $61,847,794 $8,693,768 $7,524,068 $5,766,404 $5,166,762 $5,118,267 $3,736,474 $10,000,000 $3,118,089 $3,330,839 $3,506,545 $49,416,632 $1,743,199 $2,673,453 $2,367,259 $1,196,226 $1,686,592 $480,060 $873,304 $0 22 Page 89 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 Program Revenues - Business-type Activities Storm Water Chaska Curling Center Turbine Generator 3% 1% 2% Chaska Town Course 4% The Loop at Chaska <1% Community Center 4% Sewer 10% Water 6% Electric 69% FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS As noted earlier, the City of Chaska uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. Governmental Funds - The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City of Chaska’s financing requirements. In particular, assigned and unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. At the end of the current fiscal year, the City’s governmental funds reported a combined fund balance of $45,926,938. Revenues for the City’s governmental funds were $50,314,126, while total expenditures were $93,186,714. After other financing sources and uses, the net change in fund balances decreased $34,133,149. 23 Page 90 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 Governmental Funds Revenues Intergovernmental 8.2% Charges for Service Licenses & Permits 28.2% 4.6% Franchise Taxes Special Assessments 1.5% 1.7% All Other Revenue 8.5% Property Taxes 47.3% Governmental Fund Expenditures Parks, Recreation and Arts 4.6% Debt Service Public Works 10.6% 12.8% Public Safety Capital Outlay 17.5% 43.2% Economic Development 2.4% General Government 8.9% The General Fund is the chief operating fund of the City. At the end of the current fiscal year, unassigned fund balance of the General Fund was $4,171,454. Total fund balance increased $789,477 to $7,735,746 as of December 31, 2025.  Total revenues of $28,036,369 and transfers into the fund of $5,279,679 less total expenditures of $27,979,125 and transfers out of $4,547,446, resulted in the $789,477 increase in fund balance. Total revenues were $57,244 more than total expenditures. Overall revenues were $2,996,546 higher than the prior year due to increases in tax revenue, intergovernmental revenue and administrative fees. Tax revenue was higher due to the increased tax levy. Administrative fees increased based on services provided to departments across the city. Expenditures were also higher than last year as new positions were added in general government, police and fire.  The City has committed $1,294,249 in the general fund for compensated absences estimated to be used in the next year based on a three-year average. The remaining balance of compensated absences has been set 24 Page 91 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 aside as assigned. The remaining $1,500,000 in committed fund balance is set aside for working capital and reserve needs. The Public Facilities Capital Improvement Fund is used to account for the financing, improvements, and construction of public facilities. The Public Safety campus, the first of four planned facility renovations, began construction in 2024. Capital outlay and other expenditures were $40,340,844, mainly for construction of the new facility. The city purchased land for the new municipal services building site in 2025. The fund ended the year with a fund balance of $5,124,472. The Public Improvement Projects Capital Project Fund is used to account for the revenues and expenditures for various public improvement projects, many of which are in the southwest Chaska growth area. This fund received $206,499 in Federal, State, and local governmental revenue for each agency’s share of major construction projects where the City is the lead agency. Expenditures were $1,343,236 relating to construction of roads and other infrastructure. The fund ended the year with a fund balance deficit of $12,427,382 which will be resolved as projects receive final funding, assessment revenue, or bond proceeds. Proprietary Funds – The City’s proprietary fund statements provide the same type of information found in the government-wide financial statements, but in more detail. The combined net position of all enterprise funds increased $9,033,125 to $136,122,806. Capital contributions for the year were $1,972,888 which includes developer contributions of water, sewer and storm water infrastructure assets. Other factors concerning the finances of these funds have been addressed in the discussion of the City’s business-type activities. The following table shows net position changes in individual major funds and combined non-major funds between 2024 and 2025. Net Position - Enterprise Funds 2024 Net Position 2025 Net Position $60,000,000 $50,000,000 $40,000,000 $31,906,217 $27,737,894 $30,000,000 $25,763,354 $20,000,000 $3,571,639 $2,449,953 $(5,943,906) $10,000,000 $(6,114,709) $1,342,132 $782,091 $48,077,353 $1,465,905 $1,472,552 $43,222,749 $28,208,494 $32,672,001 $- $26,598,768 $(10,000,000) Electric Water Sewer Community Turbine Storm Curling Nonmajor Center Generator Water Center Enterprise General Fund Budgetary Highlights The final amended budget for the General fund includes the original adopted budget plus any additional supplemental appropriations that were approved by the City Council during the year. In 2025, the original budget was not amended. 25 Page 92 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 The City’s final budget for the General fund anticipated that revenues and other financing sources would be equal to expenditures and other financing uses. At year-end, revenues were $1,056,922 higher than the final budget, and expenditures were $320,124 higher than the final budget. Other financing sources and uses were $52,679 higher than the budget. For the year, the net change in fund balance was an increase of $789,477. Budgetary variances – Revenues  Total General Fund property taxes were $15,751,404 which is $46,286 lower than the final budget of $15,797,690. Taxes for the 2025 levy had a collection rate of 99.7%, which is typical for the City.  License and Permit revenue was $723,536 more than the final budget. The City budgets permit revenue conservatively and for several years permit revenue has outperformed the budget due to the high volume and value of construction. The 2025 revenue for licenses and permits was $2,328,552.  Investment earnings were $135,341 more than the final budget due to favorable interest rates on cash deposits and general investments. The City budgets investment earnings conservatively due to the possibility of economic fluctuations. A significant cash balance, along with higher interest rates, led to more interest allocated to the fund.  Charges for services and other revenues were $202,398 and $112,026 higher than budget, respectively. Recreation program participation led to higher than budgeted charges for services. Miscellaneous refunds, reimbursements and contributions increased in the other revenue category. These revenues vary year-to- year and are less predictable. Budgetary variances – Expenditures  General government expenditures were $683,692 less than budgeted. Many departments were slightly under budget contributing to the favorable difference. The information technology department was significantly under budget for equipment acquisition costs. Budgeted contingency was not needed for general government expenditures.  Public Safety expenditures were $721,114 higher than budgeted in the police department and fire department. Police wages and benefits and costs for fuel and upfitting leased vehicles were over budget. Fire department gear purchases, education and training costs, and payments remitted to the fire relief were all over budget. The department updated older gear and continued to invest in training for new hires and existing fire personnel.  Public Works expenditures were $107,801 under budget. Snow removal was $164,087 under budget due lower than usual snowfall. Other public works departments were relatively close to budget.  Parks, Recreation and Arts expenditures were over budget by $273,466 largely due to park maintenance costs for wages and benefits. Park maintenance employees allocate time between parks and storm water based on service needs. In 2025, more hours were allocated to park maintenance activities resulting in general fund activities being over budget and storm water activities under budget. 26 Page 93 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 CAPITAL ASSETS AND LONG-TERM DEBT Capital Assets As shown in the capital asset table below, at the end of 2025, the City had $395,960,555 (net of depreciation and amortization) invested in a broad range of capital assets, including police and fire equipment, buildings, park facilities, roads and highways, land, and utility infrastructure. Additional detailed information on the City of Chaska’s capital assets can be found in Note 4 of the basic financial statements. Capital Assets - Net of Depreciation and Amortization Governmental Activities Business-Type Activities Total 2025 2024 2025 2024 2025 2024 Land $ 71,014,956 $ 69,756,449 $ 1,723,711 $ 1,625,670 $ 72,738,667 $ 71,382,119 Works of Art/Historical Treasures 114,943 114,943 - - 114,943 114,943 Construction in Progress 80,325,633 33,938,343 12,313,180 8,741,465 92,638,813 42,679,808 Buildings 2,617,357 2,701,578 29,730,965 31,429,106 32,348,322 34,130,684 Other Improvements 12,450,710 13,173,545 5,413,712 5,655,069 17,864,422 18,828,614 Furniture & Equipment 6,831,282 3,964,457 6,374,850 6,406,559 13,206,132 10,371,016 Infrastructure 63,254,856 65,695,356 102,769,405 104,014,289 166,024,261 169,709,645 Lease Equipment 221,507 349,722 11,171 14,769 232,678 364,491 Subscriptions 722,238 597,189 70,079 38,271 792,317 635,460 Total Capital Assets, Net of Depreciation and Amortization $ 237,553,482 $ 190,291,582 $ 158,407,073 $ 157,925,198 $ 395,960,555 $ 348,216,780  Capital assets for governmental activities increased $47,261,900. Most of this increase is due to construction in progress for the Public Safety Facility.  The increase in land is due to completion of construction in progress projects as well as the addition of developer donated land.  The increase in construction in progress is due to public facility renovations along with various street and utility projects.  The increase in infrastructure is due to the completion of several large construction projects, as well as the addition of developer donated utility infrastructure. 27 Page 94 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 Long-Term Debt At year-end, the City had $160,250,154 in bonds, bond premium, financed purchase payables, as well as subscription and lease liabilities outstanding, as shown in the following table. Additional detailed information about the City’s long-term liabilities is presented in Note 6 to the financial statements. Outstanding Long-Term Debt, Lease and Subscription Liabilities (Does Not Include Compensated Absences, Other Post-Employment Benefit or Net Pension Liabilities) Governmental Activities Business-Type Activities Total 2025 2024 2025 2024 2025 2024 General Obligation Equipment Certificates$ 9,705,000 $ 10,340,000 $ - $ - $ 9,705,000 $ 10,340,000 General Obligation Bonds - - 11,690,000 12,965,000 11,690,000 12,965,000 General Obligation Tax Increment Bonds 2,645,000 2,765,000 - - 2,645,000 2,765,000 General Obligation Abatement Bonds 430,000 465,000 - - 430,000 465,000 General Obligation Improvement Bonds 22,790,000 25,385,000 - - 22,790,000 25,385,000 General Obligation State Aid Street Bonds 12,995,000 13,200,000 - - 12,995,000 13,200,000 General Obligation Revenue Bonds 175,000 260,000 - - 175,000 260,000 Revenue Bonds - - 15,005,000 17,040,000 15,005,000 17,040,000 EDA Revenue Bonds 6,450,000 6,800,000 - - 6,450,000 6,800,000 EDA Lease Revenue Bonds 55,900,000 57,430,000 8,970,000 10,500,000 64,870,000 67,930,000 Lease Purchase Bonds 3,768,000 - 3,024,000 3,164,000 6,792,000 3,164,000 Premium 4,632,073 5,850,253 1,143,088 1,883,167 5,775,161 7,733,420 Financed Purchase Payable - - 80,058 134,159 80,058 134,159 Lease Liability 233,093 359,785 11,665 15,136 244,758 374,921 Subscription Liability 549,132 521,457 54,045 41,005 603,177 562,462 Total $ 120,272,298 $ 123,376,495 $ 39,977,856 $ 45,742,467 $ 160,250,154 $ 169,118,962  During the year, the City made principal and amortization payments of $19,313,463 on outstanding bonds. The City made principal payments of $54,101 on financed purchase payable, $728,195 on lease liabilities, and $231,765 on subscription liabilities.  During the year, the Chaska EDA issued $6,125,000 Lease Revenue Refunding Bonds, 2025B, and the City issued $3,972,000 Lease Purchase Bonds, 2025A. The Lease Revenue Refunding Bonds refunded 2015B incurring cost savings of $1,327,763. The Par Amount of 2025B was $6,125,000. The $3,972,000 Lease Purchase bonds are for financing the site acquisition for the city’s new Municipal Service Building. The Municipal Service Building anticipates construction in 2026, and substantial completion in 2027. The EDA Lease Revenue bonds issued in 2025 carry an AA- rating by Standard and Poor’s. The City was rated A1 from Moody’s for Chaska Electric Revenue Bonds issued in 2017 and in 2020, Standard and Poor’s reaffirmed the City’s A rating for its 2020F Electric Revenue Bonds. Under Minnesota State Statutes, the general obligation bonded debt issued by the City is subject to a legal debt limitation based on 3% of market value. On December 31, 2025, the City’s legal debt margin was $59,722,559. The statutes provide that debt issues supported by tax increment, special assessment revenues or available dedicated reserves are excluded from the total limited debt. 28 Page 95 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025 ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES The City uses a five-year financial forecast model for its General fund, enterprise funds, and certain other funds to determine levels of service and to respond to short-term economic and financial changes to make decisions for the long-term. The City models some funds out ten to twenty years to plan for capital improvements. The City adopted a tax levy policy in 2014 which outlines that the tax levy is increased each year based on two factors: new construction in the community and inflationary increases in the market. The tax levy is only increased beyond this point if new services or assets are added. City Council continues to commit funding to the multi-year Public Facility renovation program. The City is dedicating an additional $1,125,000 in property tax levy and $590,000 in utility funds in 2026 to fund a series of four City building renovations. Construction and renovation of facilities began in 2024 and will continue through 2030. City operations at the Chaska Community Center and Chaska Curling and Event Center continue to rebound after the pandemic. In 2024 and 2025 the Community Center began to see memberships improve from the initial loss during the pandemic, although, not quite back to pre-pandemic levels. The City will continue to identify capital improvements and annually plan for new equipment and repairs when budgeting for the Community Center to keep it a facility that attracts new members. Membership and program rates will increase slightly in 2026 based on comparative rates in neighboring communities. Curling Center operations include curling, an event center and restaurant. Operations have rebounded after the pandemic, and the City continues to look for ways to increase revenue through usage of the facilities during the least used time slots. The City’s elected and appointed officials considered many factors when setting the fiscal year 2026 budget. Considerations include:  The City will continue to prioritize ensuring General Fund reserve balances are sufficient for cash flow and other needs, and to also maintain the City’s bond rating. The General Fund fund balance is projected to increase $300,000 by year-end 2026. This will bring the total fund balance increase to $1,800,000 at the end of 2026.  The City will continue to fully fund the established Capital Asset Maintenance Program. The City dedicated $1,400,000 of tax levy each year for reinvestment back into existing governmental assets such as roads, trails and parks. 2026 projects include street overlay of Bavaria Road.  The City will use the remaining balance of one-time public safety aid received from the State to support police and fire services.  In the 2023 Legislative session, the State created a Metro Sales Tax with a portion of sales tax coming back to each metro area city for the purpose of supporting affordable housing stock. The city’s allocation in 2025 was approximately $340,000 with the expectation that 2026 revenue will be similar.  Building permit revenue is expected to be similar to 2025 based on the market for commercial and industrial projects as well as residential housing. 29 Page 96 of 436 Management’s Discussion and Analysis City of Chaska, Minnesota For the Year Ended December 31, 2025  Population continues to increase steadily as a result of the number of residential units being built each year. The city anticipates a population of approximately 31,300 by the end of 2030.  Electric revenue continues to increase due to economic development activity occurring in recent years, including data center development and additions to existing industrial businesses, driving up this usage. This has had a positive impact on electric funds right-of-way transfers to the General fund.  The City completed a staffing study in 2019 that identified a gap of 16 employees needed to sustainably provide city services at expected levels. In 2024, the city completed the program with all anticipated positions now added. In 2026, the City is now focused on completing a compensation study to stay competitive in the employment market.  The City will be in the fourth and final year of implementing the building improvement program to support public facility renovations. The fourth year of the program includes an additional $1.125 million in tax levy and $590,000 in transfers from the Enterprise Utility Funds to support the construction and renovation of the City’s Public Safety Campus, Municipal Services Building, City Hall, and a new Library. Market values across the community increased by an average of 7.51% for taxes payable 2026 with 4.1% driven by new construction and 3.4% driven by changes in existing property values. For the third year in a row, the strongest growth has been in the category of apartments. Tax capacity is slated to grow at a slightly faster rate of 9.1% compared to 6.6% in 2025. The City property tax levy is increasing from $20,806,116 for taxes payable in 2025 to $23,746,345 for taxes payable in 2026, which, along with other property tax factors, resulted in an increase of the City tax rate from 38.9% to 39.3%. The Chaska EDA property tax levy is increasing from $231,440 for taxes payable in 2025 to $249,217 for taxes payable in 2026. The EDA tax rate will remain unchanged at 0.42% for taxes payable in 2026. Annual taxes on the median value home are projected to increase from $1,520 in 2025 to $1,705 in 2026. Requests for Information This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the City’s finances and to demonstrate the City’s accountability for the money it receives. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Administrative Services Department, City of Chaska, One City Hall Plaza, Chaska, MN 55318. 30 Page 97 of 436 Government-Wide Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 31 Page 98 of 436 CITY OF CHASKA, MINNESOTA STATEMENT OF NET POSITION DECEMBER 31, 2025 GOVERNMENTAL BUSINESS-TYPE ACTIVITIES ACTIVITIES TOTAL ASSETS Cash And Investments$ 41,499,368 $ 4,512,558 $ 46,011,926 Receivables: Taxes 466,793 - 466,793 Special Assessments 9,448,416 6,758 9,455,174 Accounts, Net Of Allowance 447,919 12,580,565 13,028,484 Interest 43,323 106,247 149,570 Notes 25,053 - 25,053 Internal Balances 11,309,467 (11,309,467) - Due From Other Governments 1,712,837 88,483 1,801,320 Leases Receivable 142,759 1,929,566 2,072,325 Inventories - 56,421 56,421 Prepaid Items 289,405 8,423,536 8,712,941 Restricted Assets: Cash And Investments For Operating And Maintenance - 9,420,000 9,420,000 Cash And Investments For Debt Service 11,489,817 5,375,795 16,865,612 Cash And Investments Held For Developer 701,340 - 701,340 Leases Receivable, Non-Current 2,476,654 9,730,955 12,207,609 Capital Assets: Not Depreciated Or Amortized 151,455,532 14,036,891 165,492,423 Net Of Depreciation And Amortization 86,097,950 144,370,182 230,468,132 TOTAL ASSETS 317,606,633 199,328,490 516,935,123 DEFERRED OUTFLOWS OF RESOURCES Pension Plan Deferments 6,863,556 820,673 7,684,229 OPEB Plan Deferments 31,204 12,627 43,831 TOTAL DEFERRED OUTFLOWS OF RESOURCES 6,894,760 833,300 7,728,060 TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 324,501,393 $ 200,161,790 $ 524,663,183 LIABILITIES Accounts Payable $ 10,505,516 $ 1,407,834 $ 11,913,350 Salaries Payable 490,632 272,988 763,620 Deposits Payable 1,674,250 549,664 2,223,914 Accrued Interest Payable 1,881,478 390,281 2,271,759 Due To Other Governments 1,487,196 3,312,044 4,799,240 Unearned Revenue 3,347,384 747,788 4,095,172 Non-Current Liabilities: Due Within One Year 7,889,168 5,499,913 13,389,081 Due In More Than One Year 122,600,675 38,503,154 161,103,829 TOTAL LIABILITIES 149,876,299 50,683,666 200,559,965 DEFERRED INFLOWS OF RESOURCES Leases 2,514,598 11,120,941 13,635,539 Debt Refunding Deferments 208,995 185,130 394,125 Pension Plan Deferments 8,774,907 1,758,236 10,533,143 OPEB Plan Deferments 335,887 135,947 471,834 TOTAL DEFERRED INFLOWS OF RESOURCES 11,834,387 13,200,254 25,034,641 NET POSITION Net Investment in Capital Assets 135,733,388 117,189,181 252,922,569 Restricted for: Special Purposes 1,161,946 - 1,161,946 Capital Projects 1,762,215 - 1,762,215 Debt Service 12,210,702 14,795,795 27,006,497 Economic Development 6,790,847 - 6,790,847 Unrestricted 5,131,609 4,292,894 9,424,503 TOTAL NET POSITION 162,790,707 136,277,870 299,068,577 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION $ 324,501,393 $ 200,161,790 $ 524,663,183 The notes to the financial statements are an integral part of this statement. 32 Page 99 of 436CITY OF CHASKA, MINNESOTA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2025 NET (EXPENSE) REVENUE AND PROGRAM REVENUES CHANGES IN NET POSITION OPERATING CAPITAL CHARGES FOR GRANTS AND GRANTS AND GOVERNMENTAL BUSINESS-TYPE FUNCTIONS/PROGRAMS EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS ACTIVITIES ACTIVITIES TOTAL Governmental Activities: General Government $ 8,339,226 $ 6,951,630 $ 128,111 $ - $ (1,259,485) $ - $ (1,259,485) Economic Development 2,226,410 385,966 564,592 48,107 (1,227,745) - (1,227,745) Public Safety 13,446,421 2,088,033 1,073,034 1,612,072 (8,673,282) - (8,673,282) Public Works 7,713,684 5,109,567 1,386,947 4,346,033 3,128,863 - 3,128,863 Parks, Recreation And Arts 4,997,167 849,458 537,657 171,402 (3,438,650) - (3,438,650) Interest On Long-Term Debt 3,594,337 - - - (3,594,337) - (3,594,337) Total Governmental Activities 40,317,245 15,384,654 3,690,341 6,177,614 (15,064,636) - (15,064,636) Business-type Activities: Electric 49,416,632 60,937,909 - 909,885 - 12,431,162 12,431,162 Water 5,166,762 5,558,208 - 208,196 - 599,642 599,642 Sewer 7,524,068 8,320,281 - 373,487 - 1,169,700 1,169,700 Chaska Community Center 5,118,267 3,736,474 - - - (1,381,793) (1,381,793) The Loop at Chaska 873,304 470,060 - 10,000 - (393,244) (393,244) Chaska Town Course 3,250,575 3,477,055 - - - 226,480 226,480 Turbine Generator 1,686,592 1,743,199 - - - 56,607 56,607 Storm Water 2,673,453 2,368,731 - 749,358 - 444,636 444,636 Chaska Curling Center 2,367,259 1,196,226 - - - (1,171,033) (1,171,033) Total Business-type Activities 78,076,912 87,808,143 - 2,250,926 - 11,982,157 11,982,157 TOTAL $ 118,394,157 $ 103,192,797 $ 3,690,341 $ 8,428,540 (15,064,636) 11,982,157 (3,082,479) General Revenues: Property Taxes 23,901,081 - 23,901,081 Franchise Taxes 778,189 - 778,189 Grants & Contributions Not Restricted to Specific Functions 16,254 367 16,621 Investment Earnings 3,116,165 776,949 3,893,114 Interest Revenue - 1,019,578 1,019,578 Other 907,986 22,223 930,209 Transfers 4,755,811 (4,755,811) - Total General Revenues & Transfers 33,475,486 (2,936,694) 30,538,792 Change in Net Position 18,410,850 9,045,463 27,456,313 Net Position - Beginning 144,379,857 127,232,407 271,612,264 Net Position - Ending $ 162,790,707 $ 136,277,870 $ 299,068,577 The notes to the financial statements are an integral part of this statement. (162,790,707) (136,277,870) 33 Page 100 of 436 Chaska 34 Page 101 of 436 Governmental Funds City of Chaska, Minnesota For the Year Ended December 31, 2025 35 Page 102 of 436 CITY OF CHASKA, MINNESOTA BALANCE SHEET GOVERNMENTAL FUNDS DECEMBER 31, 2025 PUBLIC FACILITIES PUBLIC TOTAL CAPITAL IMPROVEMENT NONMAJOR GOVERNMENTAL GENERAL IMPROVEMENT PROJECTS GOVERNMENTAL FUNDS ASSETS Cash And Investments$ 8,661,606 $ 1,309,334 $ - $ 27,753,793 $ 37,724,733 Cash With Escrow Agent - 11,363,976 - 125,841 11,489,817 Restricted Cash And Investments 701,340 - - - 701,340 Receivables: Taxes 368,417 - - 98,376 466,793 Special Assessments 153 - 1,532,048 7,916,215 9,448,416 Accounts, Net of Allowance 245,704 247 175,676 26,292 447,919 Interest 4,578 2,536 - 34,156 41,270 Notes - - - 25,053 25,053 Due From Other Funds - 2,000,000 - 20,903,731 22,903,731 Due From Other Governments 23,888 1,575,000 62,782 51,167 1,712,837 Interfund Receivable - 6,197 - 1,711,920 1,718,117 Leases Receivable - - - 2,619,413 2,619,413 Advance To Other Funds - 62,463 - 4,366,737 4,429,200 Prepaid Items 289,405 - - - 289,405 TOTAL ASSETS$ 10,295,091 $ 16,319,753 $ 1,770,506 $ 65,632,694 $ 94,018,044 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES: Accounts Payable$ 343,208 $ 9,619,349 $ 138,337 $ 404,622 $ 10,505,516 Salaries Payable 490,632 - - - 490,632 Deposits Payable 1,520,614 - - 153,636 1,674,250 Due To Other Funds - - 12,473,291 3,368,440 15,841,731 Due To Other Governments 25,368 932 - 1,460,896 1,487,196 Interfund Payable - - - 1,269,898 1,269,898 Advance From Other Funds - - - 2,926,964 2,926,964 Unearned Revenue - - - 3,347,384 3,347,384 TOTAL LIABILITIES 2,379,822 9,620,281 12,611,628 12,931,840 37,543,571 DEFERRED INFLOWS OF RESOURCES: Unavailable Revenue - Taxes 179,370 - - 62,408 241,778 Unavailable Revenue - Special Assessments 153 - 1,532,048 4,604,693 6,136,894 Unavailable Revenue - Notes Receivable - - - 25,053 25,053 Unavailable Revenue - Intergovernmental Grants - 1,575,000 54,212 - 1,629,212 Lease Revenue For Subsequent Years - - - 2,514,598 2,514,598 TOTAL DEFERRED INFLOWS OF RESOURCES 179,523 1,575,000 1,586,260 7,206,752 10,547,535 FUND BALANCES: Nonspendable 289,405 - - 104,815 394,220 Restricted - 11,363,976 - 19,881,919 31,245,895 Committed 2,794,249 - - 4,282,180 7,076,429 Assigned 480,638 - - 30,318,322 30,798,960 Unassigned 4,171,454 (6,239,504) (12,427,382) (9,093,134) (23,588,566) TOTAL FUND BALANCES (DEFICITS) 7,735,746 5,124,472 (12,427,382) 45,494,102 45,926,938 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES$ 10,295,091 $ 16,319,753 $ 1,770,506 $ 65,632,694 $ 94,018,044 The notes to the financial statements are an integral part of this statement. 36 Page 103 of 436CITY OF CHASKA, MINNESOTA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION DECEMBER 31, 2025 Total fund balances - governmental funds $ 45,926,938 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in governmental funds. Cost of Capital Assets 321,821,608 Less: Accumulated Depreciation and Amortization (84,268,126) Due to availability, certain revenues are not recognized under the governmental fund statements until received; however, under full accrual in the government-wide Statement of Activities, revenues are recorded when earned regardless of when received. Delinquent Taxes 241,778 Special Assessments 6,136,894 Notes Receivable 25,053 Intergovernmental Grants 1,629,212 Governmental funds do not report long-term amounts related to pensions, other post employment benefits, and deferred amounts on refunding that are included in governmental activities net position. Deferred Outflows - Pension Plan Deferments 6,863,556 Deferred Inflows - Pension Plan Deferments (8,774,907) Deferred Outflows - OPEB Plan Deferments 31,204 Deferred Inflows - OPEB Plan Deferments (335,887) Deferred Inflows - Debt Refunding Deferments (208,995) Internal service funds are used by management to charge the costs of property and liability insurance to individual funds. The assets and liabilities of the internal service fund are included in governmental activities in the statement of net position. 6,228,764 Internal balances from business-type activities for internal service fund services. (155,064) Interest on long-term debt is included in the change in net position as it accrues, regardless of when payment is due. However, it is included in the change in fund balances when due. (1,881,478) Long-term liabilities, including bonds payable, leases, subscriptions, compensated absences, other post-employment benefits and net pension liabilities are not payable with current financial resources and, therefore, are not reported in governmental funds. Due within one year (7,889,168) Due in more than one year (122,600,675) Net position of governmental activities $ 162,790,707 The notes to the financial statements are an integral part of this statement. 37 Page 104 of 436 CITY OF CHASKA, MINNESOTA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 GO TEMPORARY PUBLIC STATE AID FACILITIES PUBLIC TOTAL STREET BONDS CAPITAL IMPROVEMENT NONMAJOR GOVERNMENTAL GENERAL 2022A IMPROVEMENT PROJECTS GOVERNMENTAL FUNDS REVENUES Taxes: Property$ 15,751,404 $ - $ - $ - $ 8,042,273 $ 23,793,677 Franchise 778,189 - - - - 778,189 Licenses And Permits 2,328,552 - - - - 2,328,552 Intergovernmental 1,239,352 - - 206,499 2,681,900 4,127,751 Charges For Services 7,404,254 - 54,345 8,550 6,707,349 14,174,498 Fines And Forfeitures 61,752 - - - 500 62,252 Special Assessments - - - - 831,382 831,382 Investment Earnings 160,341 - 1,276,937 7,776 1,503,061 2,948,115 Leases - - - - 147,798 147,798 Other Revenue 312,525 - 7 617,744 191,636 1,121,912 TOTAL REVENUES 28,036,369 - 1,331,289 840,569 20,105,899 50,314,126 EXPENDITURES CURRENT: General Government 8,088,822 - 80,498 - 159,212 8,328,532 Economic Development - - - - 2,223,646 2,223,646 Public Safety 12,138,908 - 3,646,357 - 561,463 16,346,728 Public Works 3,484,288 - 927,399 954,009 6,552,113 11,917,809 Parks, Recreation And Arts 3,899,865 - - - 407,234 4,307,099 DEBT SERVICE: Principal 332,765 - - - 4,554,000 4,886,765 Interest 34,477 - - - 4,701,876 4,736,353 Issuance Costs And Fiscal Agent Fees - - 60,700 - 161,185 221,885 CAPITAL OUTLAY - - 35,625,890 389,227 4,202,780 40,217,897 TOTAL EXPENDITURES 27,979,125 - 40,340,844 1,343,236 23,523,509 93,186,714 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 57,244 - (39,009,555) (502,667) (3,417,610) (42,872,588) OTHER FINANCING SOURCES (USES) Transfers In 5,279,679 - 4,214,700 1,263,586 10,868,829 21,626,794 Transfers Out (4,547,446) - (3,407,000) - (8,499,915) (16,454,361) Bonds Issued - - 3,972,000 - - 3,972,000 Refunding Bonds Issued - - - - 6,125,000 6,125,000 Premium on Bonds Issued - - - - 491,204 491,204 Debt Service - Principal - - - - (7,330,000) (7,330,000) Lease Issuance - - - - 51,374 51,374 Subscription Issuance - - - - 205,093 205,093 Sale Of Capital Assets - - - - 52,335 52,335 TOTAL OTHER FINANCING SOURCES (USES) 732,233 - 4,779,700 1,263,586 1,963,920 8,739,439 NET CHANGE IN FUND BALANCES 789,477 - (34,229,855) 760,919 (1,453,690) (34,133,149) FUND BALANCES (DEFICITS), JANUARY 1, As Previously Reported 6,946,269 5,065 39,354,327 (13,134,089) 46,942,727 80,114,299 Adjustment/Restatment - (5,065) - (54,212) 5,065 (54,212) FUND BALANCES (DEFICITS), JANUARY 1, As Adjusted or Restated 6,946,269 - 39,354,327 (13,188,301) 46,947,792 80,060,087 FUND BALANCES (DEFICITS), DECEMBER 31 $ 7,735,746 $ - $ 5,124,472 $ (12,427,382) $ 45,494,102 $ 45,926,938 The notes to the financial statements are an integral part of this statement. 38 Page 105 of 436CITY OF CHASKA, MINNESOTA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2025 Total net change in fund balances - governmental funds $ (34,133,149) Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation and amortization expense. Further detail on increases and decreases can be found in the note on capital assets. (Increases include donations of capital assets.) Capital Outlay 56,262,304 Less: Depreciation and Amortization Expense (6,066,117) Net Book Value of assets sold or disposed (2,934,287) Under modified accrual basis of accounting, certain revenues cannot be recognized until they are available to liquidate liabilities of the current period. Under the full accrual basis of accounting, these revenues are recognized when earned. Delinquent Taxes 107,403 Special Assessments (369,385) Notes Receivable (2,780) Intergovernmental Grants 1,362,255 Long-term debt and other long-term liabilities provide current financial resources to governmental funds, while the repayment of long-term debt and liabilities consume the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Further detail on the additions and reductions can be found in the note on long-term liabilities. Additions to long-term liabilities (10,927,982) Reductions to long-term liabilities 15,193,128 Net pension, OPEB, and deferred amount on refunding activity is not recognized in the governmental funds expense/revenue is incurred in the Statement of Activities. Deferred Outflows - Pension Plan Deferments (2,286,489) Deferred Inflows - Pension Plan Deferments 1,845,188 Deferred Outflows - OPEB Deferments 5,491 Deferred Inflows - OPEB Deferments 77,049 Interest on long-term debt in the Statement of Activities differs from the amount reported in the governmental funds because interest is recognized as an expenditure in the funds when it is due, and thus requires the use of current financial resources. In the Statement of Activities, however, interest expense is recognized as the interest accrues, regardless of when it is due. (345,483) Internal service funds are used by management to charge the costs of property and liability insurance to individual funds. The net revenue of certain activities of internal service funds is reported with governmental activities. 636,042 Internal service fund loss allocated to business-type activities. (12,338) Change in net position - governmental activities $ 18,410,850 The notes to the financial statements are an integral part of this statement. 39 Page 106 of 436CITY OF CHASKA, MINNESOTA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED DECEMBER 31, 2025 VARIANCE WITH ORIGINAL FINAL BUDGET AND FINAL POSITIVE BUDGET ACTUAL (NEGATIVE) REVENUES: Taxes: Property$ 15,797,690 $ 15,751,404 $ (46,286) Franchise 780,000 778,189 (1,811) Licenses And Permits 1,605,016 2,328,552 723,536 Intergovernmental 1,326,386 1,239,352 (87,034) Charges For Services 7,201,856 7,404,254 202,398 Fines And Forfeitures 43,000 61,752 18,752 Investment Earnings 25,000 160,341 135,341 Other Revenue 200,499 312,525 112,026 TOTAL REVENUES 26,979,447 28,036,369 1,056,922 EXPENDITURES: Current: General Government 8,772,514 8,088,822 683,692 Public Safety 11,417,794 12,138,908 (721,114) Public Works 3,592,089 3,484,288 107,801 Parks, Recreation And Arts 3,626,399 3,899,865 (273,466) Debt Service: Principal 227,990 332,765 (104,775) Interest 22,215 34,477 (12,262) TOTAL EXPENDITURES 27,659,001 27,979,125 (320,124) EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (679,554) 57,244 736,798 OTHER FINANCING SOURCES (USES): Transfers In 5,227,000 5,279,679 52,679 Transfers Out (4,547,446) (4,547,446) - TOTAL OTHER FINANCING SOURCES (USES) 679,554 732,233 52,679 NET CHANGE IN FUND BALANCES - 789,477 789,477 FUND BALANCES, January 1 6,946,269 6,946,269 - FUND BALANCES, December 31 $ 6,946,269 $ 7,735,746 $ 789,477 The notes to the financial statements are an integral part of this statement. 40 Page 107 of 436 Proprietary Funds City of Chaska, Minnesota For the Year Ended December 31, 2025 41 Page 108 of 436 CITY OF CHASKA, MINNESOTA STATEMENT OF NET POSITION PROPRIETARY FUNDS DECEMBER 31, 2025 GOVERNMENTAL BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS ACTIVITIES- INTERNAL COMMUNITY TURBINE STORM CURLING NONMAJOR SERVICE ELECTRIC WATER SEWER CENTER GENERATOR WATER CENTER ENTERPRISE TOTALS FUND ASSETS Current Assets: Cash And Investments$ 50,621 $ 692,059 $ 784,769 $ 1,259 $ 2,135,990 $ 454,143 $ 50 $ 393,667 $ 4,512,558 $ 3,774,635 Restricted Assets: Cash And Investments For Operating And Maintenance 9,420,000 - - - - - - - 9,420,000 - Cash And Investments For Debt Service 858,345 - - 240,934 3,045,235 - 1,231,281 - 5,375,795 - Receivables: Special Assessments 1,520 877 615 - - 3,746 - - 6,758 - Accounts: Current 5,162,451 403,632 723,255 146,106 - 233,502 54,103 42 6,723,091 - Unbilled 4,889,718 402,882 746,718 - - - - - 6,039,318 - Allowance For Uncollectible Accounts (141,390) (11,657) (21,306) - - (6,679) (812) - (181,844) - Interest 7,374 2,602 2,425 485 89,217 3,156 - 988 106,247 2,053 Due From Other Funds - 2,165,802 3,000,000 - - 4,300,000 - 1,049,961 10,515,763 - Due From Other Governments 88,483 - - - - - - - 88,483 - Interfund Receivable - - - - 77,733 - - - 77,733 83,505 Leases Receivable - 27,646 - 206,572 1,695,348 - - - 1,929,566 - Inventories - - - - - - - 56,421 56,421 - Prepaid Items 7,818,419 235,447 369,670 - - - - - 8,423,536 - Total Current Assets 28,155,541 3,919,290 5,606,146 595,356 7,043,523 4,987,868 1,284,622 1,501,079 53,093,425 3,860,193 Noncurrent Assets: Leases Receivable - 153,182 - 349,131 9,228,642 - - - 9,730,955 - Advance To Other Funds 1,176,884 - - - 360,780 - - - 1,537,664 2,368,571 Capital Assets: Land 778,843 252,130 - 90,466 - 602,272 - - 1,723,711 - Construction In Progress 4,993,844 5,507,320 863,022 - - 845,526 - 103,468 12,313,180 - Buildings 9,799,403 17,625,520 255,000 26,036,260 - 866,184 17,040,442 9,830,041 81,452,850 - Other Improvements - 1,271,864 - 1,005,036 - 132,172 15,362 5,172,604 7,597,038 - Furniture And Equipment 3,168,083 966,911 1,435,903 4,060,964 - 1,148,323 1,866,462 3,446,198 16,092,844 - Infrastructure 39,943,275 48,902,569 47,998,937 - 29,662,102 38,995,079 - - 205,501,962 - Lease Equipment - - - 8,513 - - 9,246 - 17,759 - Subscriptions 102,777 20,822 20,822 - - - - - 144,421 - Less: Accumulated Depreciation And Amortization (27,670,029) (36,506,495) (24,593,267) (22,962,584) (22,453,363) (15,788,476) (5,777,969) (10,684,509) (166,436,692) - Total Net Capital Assets 31,116,196 38,040,641 25,980,417 8,238,655 7,208,739 26,801,080 13,153,543 7,867,802 158,407,073 - Total Noncurrent Assets 32,293,080 38,193,823 25,980,417 8,587,786 16,798,161 26,801,080 13,153,543 7,867,802 169,675,692 2,368,571 TOTAL ASSETS 60,448,621 42,113,113 31,586,563 9,183,142 23,841,684 31,788,948 14,438,165 9,368,881 222,769,117 6,228,764 DEFERRED OUTFLOWS OF RESOURCES Pension Plan Deferments 267,900 74,168 73,478 175,771 - 50,104 53,212 126,040 820,673 - OPEB Plan Deferments 6,666 963 963 1,944 - 268 408 1,415 12,627 - TOTAL DEFERRED OUTFLOWS OF RESOURCES 274,566 75,131 74,441 177,715 - 50,372 53,620 127,455 833,300 - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 60,723,187 $ 42,188,244 $ 31,661,004 $ 9,360,857 $ 23,841,684 $ 31,839,320 $ 14,491,785 $ 9,496,336 $ 223,602,417 $ 6,228,764 LIABILITIES Current Liabilities: Accounts Payable$ 166,230 $ 467,286 $ 162,561 $ 93,453 $ 6,750 $ 453,891 $ 38,324 $ 19,339 $ 1,407,834 $ - Salaries Payable 91,384 26,305 26,598 72,118 - 7,559 20,024 29,000 272,988 - Deposits Payable 260,058 27,250 - 6,949 - - 19,349 236,058 549,664 - Compensated Absences 301,210 82,788 82,788 68,543 - 18,248 32,712 95,127 681,416 - Accrued Interest Payable 49,442 27,978 38,441 6,383 112,313 25,872 121,108 8,744 390,281 - Due To Other Funds - - - 10,062,000 - - 5,365,802 2,149,961 17,577,763 - Due To Other Governments 3,164,470 31,314 7,655 17,828 83,445 - 1,343 5,989 3,312,044 - Interfund Payable 77,733 63,521 63,521 67,814 - 58,430 - 278,438 609,457 - Revenue Bonds Payable 505,000 862,431 278,917 385,000 1,625,000 178,652 690,000 145,000 4,670,000 - Financed Purchase Payable - - - 80,058 - - - - 80,058 - Lease Liability - - - 1,682 - - 1,899 - 3,581 - Subscription Liability 34,767 9,639 9,639 - - - - - 54,045 - Other Post Employment Benefits 5,707 825 825 1,666 - 229 349 1,212 10,813 - Unearned Revenue 1,520 877 615 388,916 - 224,690 131,170 - 747,788 - Total Current Liabilities 4,657,521 1,600,214 671,560 11,252,410 1,827,508 967,571 6,422,080 2,968,868 30,367,732 - Noncurrent Liabilities: Compensated Absences 163,220 10,045 10,044 50,592 - 8,487 37,236 64,179 343,803 - Advance From Other Funds 360,780 1,236,782 1,236,782 608,728 - 585,920 - 1,379,479 5,408,471 - Revenue Bonds Payable 5,784,116 6,064,358 2,712,288 1,839,785 7,834,824 1,787,717 6,260,000 2,879,000 35,162,088 - Lease Liability - - - 4,253 - - 3,831 - 8,084 - Other Post Employment Benefits 153,814 22,227 22,227 44,859 - 6,193 9,416 32,660 291,396 - Net Pension Liability 880,665 243,811 241,543 577,808 - 164,705 174,922 414,329 2,697,783 - Total Noncurrent Liabilities 7,342,595 7,577,223 4,222,884 3,126,025 7,834,824 2,553,022 6,485,405 4,769,647 43,911,625 - TOTAL LIABILITIES 12,000,116 9,177,437 4,894,444 14,378,435 9,662,332 3,520,593 12,907,485 7,738,515 74,279,357 - DEFERRED INFLOWS OF RESOURCES Leases - 169,536 - 528,822 10,422,583 - - - 11,120,941 - Debt Refunding Deferments - - - - 185,130 - - - 185,130 - Pension Plan Deferments 573,959 158,900 157,422 376,577 - 107,344 114,002 270,032 1,758,236 - OPEB Plan Deferments 71,759 10,370 10,370 20,929 - 2,889 4,393 15,237 135,947 - TOTAL DEFERRED INFLOWS OF RESOURCES 645,718 338,806 167,792 926,328 10,607,713 110,233 118,395 285,269 13,200,254 - NET POSITION Net Investment In Capital Assets 24,716,016 30,695,646 22,844,367 5,927,877 (2,436,215) 24,418,364 6,197,813 4,825,313 117,189,181 - Restricted For Debt Service 10,278,345 - - 240,934 3,045,235 - 1,231,281 - 14,795,795 - Unrestricted 13,082,992 1,976,355 3,754,401 (12,112,717) 2,962,619 3,790,130 (5,963,189) (3,352,761) 4,137,830 6,228,764 TOTAL NET POSITION 48,077,353 32,672,001 26,598,768 (5,943,906) 3,571,639 28,208,494 1,465,905 1,472,552 136,122,806 6,228,764 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION $ 60,723,187 $ 42,188,244 $ 31,661,004 $ 9,360,857 $ 23,841,684 $ 31,839,320 $ 14,491,785 $ 9,496,336 223,602,417 $ 6,228,764 Net position - total enterprise funds 136,122,806 Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 155,064 Net position of business-type activities $ 136,277,870 The notes to the financial statements are an integral part of this statement. 42 Page 109 of 436CITY OF CHASKA, MINNESOTA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS GOVERNMENTAL ACTIVITIES - INTERNAL COMMUNITY TURBINE STORM CURLING NONMAJOR SERVICE ELECTRIC WATER SEWER CENTER GENERATOR WATER CENTER ENTERPRISE TOTALS FUND OPERATING REVENUES: Sales $ 60,937,909 $ 5,558,208 $ 8,320,281 $ 3,736,474 $ 1,743,199 $ 2,368,731 $ 1,196,226 $ 3,947,115 $ 87,808,143 $ - Premiums And Other Revenue - - - - - - - - - 1,544,592 TOTAL OPERATING REVENUES 60,937,909 5,558,208 8,320,281 3,736,474 1,743,199 2,368,731 1,196,226 3,947,115 87,808,143 1,544,592 OPERATING EXPENSES: Production 38,391,047 937,609 4,045,147 - - - - - 43,373,803 - Distribution / Collections 3,933,021 1,132,488 945,063 - - 5 98,594 - - 6,609,166 - Administration 5,179,389 1,059,968 1,052,538 4,378,409 397,436 823,233 1,434,594 3,362,304 17,687,871 1,250,451 Depreciation And Amortization 1,883,335 1,917,445 1,383,210 773,867 998,713 1,212,794 634,988 561,648 9,366,000 - TOTAL OPERATING EXPENSES 49,386,792 5,047,510 7,425,958 5,152,276 1,396,149 2,634,621 2,069,582 3,923,952 77,036,840 1,250,451 OPERATING INCOME (LOSS) 11,551,117 510,698 894,323 (1,415,802) 347,050 ( 265,890) ( 873,356) 2 3,163 10,771,303 294,141 NON-OPERATING REVENUES: Investment Earnings 3 48,403 8 3,443 8 5,712 9 ,282 5 6,378 1 11,090 4 8,488 3 4,153 7 76,949 168,050 Intergovernmental Payments 532 61 383 - - 2 77,429 - - 2 78,405 - Interest Revenue - 2 ,520 - 8 ,357 1,008,701 - - - 1,019,578 - Gain On Sale Of Capital Assets - - - - - - - 2 2,223 2 2,223 - Miscellaneous Refunds - - - - - - - - - 590,473 TOTAL NON-OPERATING REVENUES 348,935 8 6,024 8 6,095 1 7,639 1,065,079 388,519 4 8,488 5 6,376 2,097,155 758,523 NON-OPERATING EXPENSES: Interest 3 8,840 1 13,761 8 4,015 (36,155) 290,443 4 6,424 2 94,248 203,119 1,034,695 - Fiscal Agent Fees 4 ,775 876 839 2 ,300 - 5 ,125 3 ,800 - 1 7,715 - TOTAL NON-OPERATING EXPENSES 4 3,615 1 14,637 8 4,854 (33,855) 290,443 5 1,549 2 98,048 203,119 1,052,410 - INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS 11,856,437 482,085 895,564 (1,364,308) 1,121,686 7 1,080 (1,122,916) ( 123,580) 11,816,048 1,052,664 CAPITAL CONTRIBUTIONS 9 09,885 208,196 373,487 - - 4 71,320 - 1 0,000 1,972,888 - TRANSFERS IN (OUT): Transfers In 5 ,682 4 73,903 5 7,763 1,535,111 - 2 97,500 1,806,730 244,000 4,420,689 - Transfers Out (7,917,400) ( 398,400) ( 491,400) - - ( 369,300) - - (9,176,500) (416,622) TOTAL TRANSFERS IN (OUT) (7,911,718) 7 5,503 ( 433,637) 1,535,111 - (71,800) 1,806,730 244,000 (4,755,811) (416,622) CHANGE IN NET POSITION 4,854,604 765,784 835,414 170,803 1,121,686 470,600 683,814 130,420 9,033,125 636,042 NET POSITION, JANUARY 1 43,222,749 31,906,217 25,763,354 (6,114,709) 2,449,953 27,737,894 782,091 1,342,132 127,089,681 5,592,722 NET POSITION, DECEMBER 31 $ 48,077,353 $ 32,672,001 $ 26,598,768 $ (5,943,906) $ 3,571,639 $ 28,208,494 $ 1,465,905 $ 1,472,552 136,122,806 $ 6,228,764 Change in net position - total enterprise funds $ 9,033,125 Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 1 2,338 Change in net position - business-type activities $ 9,045,463 The notes to the financial statements are an integral part of this statement. 43 Page 110 of 436CITY OF CHASKA, MINNESOTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 GOVERNMENTAL BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS ACTIVITIES - INTERNAL COMMUNITY TURBINE STORM CURLING NONMAJOR SERVICE ELECTRIC WATER SEWER CENTER GENERATOR WATER CENTER ENTERPRISE TOTALS FUND CASH FLOWS FROM OPERATING ACTIVITIES: Receipts From Customers And Users $ 59,123,817 $ 5,407,344 $ 8,094,817 $ 3,796,046 $ - $ 2,343,883 $ 1,241,964 $ 3,976,495 $ 83,984,366 $ 1,544,592 Payments To Suppliers (46,785,483) (2,374,666) (5,142,695) (1,853,505) (396,741) (823,538) (782,899) (1,440,686) (59,600,213) (1,257,717) Payments To Employees (3,299,241) (1,004,058) (997,256) (2,672,443) - (613,154) (690,843) (1,956,605) (11,233,600) - Miscellaneous Receipts - - - - - - - - 590,473 Net Cash Provided (Used) By Operating Activities 9,039,093 2,028,620 1,954,866 (729,902) (396,741) 907,191 (231,778) 579,204 13,150,553 877,348 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES: Transfers From Other Funds 5,682 473,903 57,763 1,535,111 - 255,500 1,806,730 - 4,134,689 - Transfers To Other Funds (7,917,400) (398,400) (491,400) - - (327,300) - - (9,134,500) (416,622) Due From Other Funds - 1,091,691 (400,000) - - (550,000) - 146,421 288,112 2,750,000 Due To Other Funds - - - (83,997) - - (195,694) 53,579 (226,112) - Interfund Loan Payments From Other Funds 15,000 - - - 73,305 - - - 88,305 105,252 Interest Receipts On Interfund Loans - - - - 30,914 - - - 30,914 - Interest Payments On Leases - 2,520 - 8,824 - - - - 11,344 - Intergovernmental Receipts 532 61 383 - - 277,429 - - 278,405 - Net Cash Provided (Used) By Non-Capital Financing Activities (7,896,186) 1,169,775 (833,254) 1,459,938 104,219 (344,371) 1,611,036 200,000 (4,528,843) 2,438,630 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: Proceeds From Subscriptions 33,693 16,847 16,847 - - - - - 67,387 - Capital Contributions 909,885 - - - - 15,000 - 10,000 934,885 - Principal Paid On Bonds (485,000) (839,557) (267,417) (375,000) (1,550,000) (168,026) (1,155,000) (140,000) (4,980,000) - Principal Paid On Financed Purchase - - - (54,101) - - - - (54,101) - Principal Paid On Leases - - - (1,638) - - (1,833) - (3,471) - Principal Paid On Subscriptions (34,706) (9,820) (9,820) - - - - - (54,346) - Interest And Fiscal Charges (220,954) (123,752) (97,401) (99,178) (526,750) (70,117) (314,911) (112,185) (1,565,248) - Proceeds From Sale Of Capital Assets - - - - - - - 22,223 22,223 - Construction And Acquisition Of Capital Assets (4,113,342) (2,078,847) (628,414) (103,111) - (359,653) (15,362) (444,548) (7,743,277) - Transfers From Other Funds - - - - - - - 244,000 244,000 - Lease Receipts - - - - 1,646,795 - - - 1,646,795 - Lease Interest - - - - 902,191 - - - 902,191 - Interfund Loan Payments To Other Funds (73,305) (55,260) (55,260) (64,279) - (55,650) - (262,591) (566,345) - Interest Payments On Interfund Loans (30,914) (60,644) (60,644) (38,928) - (33,609) - (91,339) (316,078) - Net Cash Provided (Used) By Capital And Related Financing Activities (4,014,643) (3,151,033) (1,102,109) (736,235) 472,236 (672,055) (1,487,106) (774,440) (11,465,385) - CASH FLOWS FROM INVESTING ACTIVITIES: Interest On Investments 359,982 86,721 87,349 9,282 57,558 113,698 48,488 35,612 798,690 169,638 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,511,754) 134,083 106,852 3,083 237,272 4,463 (59,360) 40,376 (2,044,985) 3,485,616 CASH AND CASH EQUIVALENTS, January 1 12,840,720 557,976 677,917 239,110 4,943,953 449,680 1,290,691 353,291 21,353,338 289,019 CASH AND CASH EQUIVALENTS, December 31 $ 10,328,966 $ 692,059 $ 784,769 $ 242,193 $ 5,181,225 $ 454,143 $ 1,231,331 $ 393,667 $ 19,308,353 $ 3,774,635 CASH AND CASH EQUIVALENTS: Cash And Investments $ 50,621 $ 692,059 $ 784,769 $ 1,259 $ 2,135,990 $ 454,143 $ 50 $ 393,667 $ 4,512,558 $ 3,774,635 Restricted Assets-Bonds: Cash And Investments for Operating And Maintenance 9,420,000 - - - - - - - 9,420,000 - Cash And Investments For Debt Service 858,345 - - 240,934 3,045,235 - 1,231,281 - 5,375,795 - Total Cash And Cash Equivalents $ 10,328,966 $ 692,059 $ 784,769 $ 242,193 $ 5,181,225 $ 454,143 $ 1,231,331 $ 393,667 $ 19,308,353 $ 3,774,635 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: Operating Income (Loss) $ 11,551,117 $ 510,698 $ 894,323 $ (1,415,802) $ 347,050 $ (265,890) $ (873,356) $ 23,163 $ 10,771,303 $ 294,141 Adjustments To Reconcile Operating Income (Loss) To Net Cash Provided (Used) By Operating Activities: Depreciation And Amortization Expense 1,883,335 1,917,445 1,383,210 773,867 998,713 1,212,794 634,988 561,648 9,366,000 - Allowance For Uncollectible Accounts 21,547 2,889 4,547 (73) - 951 (655) - 29,206 - Miscellaneous Receipts - - - - - - - - - 590,473 Sales Related to Leases - - - - (1,559,722) - - - (1,559,722) - (Increase) Decrease In Assets And Deferred Outflows: Special Assessments (1,211) (401) (404) - - (3,731) - - (5,747) - Accounts Receivable (1,797,337) (154,053) (230,011) 33,143 - (38,114) 43,673 12,424 (2,130,275) - Due From Other Governments (88,483) - - 3,343 - - - - (85,140) - Prepaid Expense (2,827,235) - (33,200) - - - 720 - (2,859,715) - Leases Receivable - 26,708 - 346,872 1,559,722 - - - 1,933,302 - Inventory - (222) - - - - - (12,081) (12,303) - Deferred Outflows (33,490) (8,267) (7,952) (11,246) - (6,791) (1,574) (19,477) (88,797) - Increase (Decrease) In Liabilities And Deferred Inflows: Accounts Payable (96,629) (211,464) (6,214) (26,321) 5,000 12,706 5,151 1,379 (316,392) (7,266) Salaries Payable 16,897 5,728 6,021 7,911 - (6,748) 3,687 2,614 36,110 - Deposits Payable 50,181 3,900 - (617) - - (1,050) 16,956 69,370 - Compensated Absences Payable 28,663 7,515 8,514 2,178 - 1,204 2,672 6,290 57,036 - Net Pension Liability (23,042) (9,638) (10,467) (54,632) - (1,625) (23,441) 4,594 (118,251) - Due To Other Governments 420,861 (13,785) (32,866) 5,667 (4,305) (3,315) (35) 1,758 373,980 - Unearned Revenue 1,211 401 404 9,434 - 16,046 3,770 - 31,266 - Other Post Employment Benefits 13,786 1,992 1,992 4,021 - 555 844 2,927 26,117 - Deferred Inflows - Leases - (28,256) - (332,530) (1,743,199) - - - (2,103,985) - Deferred Inflows (81,078) (22,570) (23,031) (75,117) - (10,851) (27,172) (22,991) (262,810) - NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ 9,039,093 $ 2,028,620 $ 1,954,866 $ (729,902) $ (396,741) $ 907,191 $ (231,778) $ 579,204 $ 13,150,553 $ 877,348 NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES: Contributions of Capital Assets $ - $ 208,196 $ 373,487 $ - $ - $ 456,320 $ - $ - $ 1,038,003 $ - Payment of Capital Assets on Account (76,297) (408,566) (135,206) - - 416,347 - (18,489) (222,211) - Acquisition of Subscription Assets - 7,208 7,208 - - - - - 14,416 - Lease Revenue Over(Under) Lease Receivable Payments - 3,600 - - 183,477 - - - 187,077 - Amortization Of Bond Premiums 203,171 66,955 69,539 170,746 179,906 49,762 - - 740,079 - Amortization Of Gain On Refunding - - - - 37,026 - - - 37,026 - The notes to the financial statements are an integral part of this statement. 44 Page 111 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Note 1 Summary of Significant Accounting Policies The City of Chaska (the City) operates under the Optional Plan A form of government pursuant to applicable Minnesota laws and statutes. The Plan A form of government prescribes an Administrator-Council form of organization. The Council consists of an elected mayor and four council members. The City provides services such as public safety, highways and streets, culture-recreation, public improvements, planning and zoning, and general administration. The City operates electric, water, sewer, and storm water utilities in addition to a community center, two golf courses, a gas turbine generator, and a curling and event center. The financial statements of the City have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), as applied to governmental units by the Governmental Accounting Standards Board (GASB). In order to enhance the usefulness of the financial statements to the reader the following is a summary of the City’s significant accounting policies. A) The Financial Reporting Entity These financial statements present the City (primary government) and its component units. The City includes all funds, organizations, institutions, agencies, departments and offices that are not legally separate from such. Component units are legally separate organizations for which the elected officials of the City are financially accountable and are included within the basic financial statements of the City because of the significance of their operational or financial relationship with the City. The City is considered financially accountable for a component unit if it appoints a voting majority of the organization’s governing body and it is able to impose its will on the organization by significantly influencing the programs, projects, activities, or level of services performed or provided by the organization, or there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the City. As a result of applying the component unit definition criteria above, one organization has been defined and is presented in this report as follows: Blended component unit – The Chaska Economic Development Authority (Chaska EDA) was established in 1987 by Resolution No. 87-25 of the Chaska City Council. The Chaska EDA is included in these financial statements because the Chaska EDA Board is comprised of City Council members. Activities of the Chaska EDA are financed by a tax levy of the City for that purpose. There are no other statements for the Chaska EDA other than those presented in this report. B) Government-Wide and Fund Financial Statements The basic financial statements include both government-wide financial statements and fund financial statements. Government-wide financial statements (Statement of Net Position and Statement of Activities) report information based on the City as a whole. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Direct expenses also include allocated expenses to functional programs from centralized expenses reported 45 Page 112 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 in the Self Insurance fund. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function, 2) operating grants and contributions that are restricted to meet the operational requirements of a particular function and 3) capital grants and contributions (including special assessments) that are restricted to meeting the capital requirements of a particular function. Taxes and other internally directed revenues are reported as general revenues. The accounts of the City are organized on the basis of funds and separate “Fund Financial Statements” are provided for Governmental funds and Proprietary funds. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions and activities. A fund is a separate accounting entity with self-balancing accounts that include assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund equity, revenues, and expenditures/expenses. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. Fund financial statements present information for individual major funds in separate columns. Nonmajor funds are presented aggregately in one column in the fund financial statements. Major Funds The City reports the following major governmental funds:  General Fund – This fund is the City’s primary operating fund and is used to account for all financial resources except those required to be accounted for in another fund.  Public Facilities Capital Improvement Capital Project Fund – This fund accounts for the financing and construction of new public facilities and facility improvements.  Public Improvement Projects Capital Project Fund – This fund accounts for the financing and construction of public improvement projects. The City reports the following major proprietary funds:  Electric Fund – This fund accounts for the activities of the City’s Electric Utility operations.  Water Fund – This fund accounts for the activities of the City’s Water Utility operations.  Sewer Fund - This fund accounts for the activities of the City’s Sewer Utility operations  Community Center Fund – This fund accounts for activities of the City’s Community Center operations.  Turbine Generator Fund – This fund accounts for the activities of the City’s Turbine Generator Utility operations.  Storm Water Fund – This fund accounts for the activities of the City’s Storm Water Utility operations.  Curling Center Fund – This fund accounts for the activities of the City’s Curling and Event Center operations. Additionally, the City reports the following fund type:  Internal Service Fund – Internal service funds account for operations that provide services to other departments or agencies of the government on a cost reimbursement basis. The City has one Internal Service 46 Page 113 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 fund – the Self-Insurance fund. This fund is used to account for the purchase of property, liability, and workers’ compensation insurance for all City departments. Costs are allocated to individual departments. C) Measurement Focus and Basis of Accounting The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. The economic resources measurement focus aims to report all inflows, outflows, and balances affecting or reflecting an entity’s net position. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year in which they are levied. Grants and similar items are recognized as revenues as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered available when they are collectible within the current period or soon enough thereafter to pay liabilities for the current period. For this purpose, the City generally considers revenues to be available if they are collected within 60 days of the end of the current period. Intergovernmental revenue is considered available if collected within 90 days of the end of the current period. Expenditures are generally recorded when a liability is incurred, as under the accrual basis of accounting. However, principal and interest on long-term debt and other long-term obligations are recognized as expenditures to the extent they have matured. Property taxes, franchise taxes, licenses, and interest associated with the current period are all considered to be susceptible to accrual and have been recognized as revenues of the current period. Only the portion of special assessments receivable due within the current period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the City. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are administrative charges between the City’s enterprise funds and other functions of the government. Elimination of these charges would misrepresent the direct costs and program revenues reported for the various functions concerned. Proprietary funds are accounted for on a flow of economic resources measurement focus and accrual basis of accounting. This means that all assets, including capital assets, deferred outflows of resources, and all liabilities, including long-term liabilities and deferred inflows of resources associated with fund activity are included on the Statement of Net Position. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in net position. Revenues are recognized when they are earned, and expenses are recognized at the time liabilities are incurred. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating expenses for all the City’s enterprise funds and internal service fund are cost of sales and services, administrative expense, depreciation of capital assets, and amortization of right to use lease and subscription assets. All other revenues and expenses are reported as non- operating items. 47 Page 114 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 D) Budgetary Accounting Budgets for the General fund, two Special Revenue funds and one Capital Project fund are adopted on a basis consistent with accounting principles generally accepted in the United States of America (GAAP). The non-major Special Revenue funds with budgets are the Mount Pleasant Maintenance & Care fund and the Chaska EDA fund. The budgeted non-major capital project fund is the Equipment Acquisition fund. All annual appropriations lapse at fiscal year-end. Budget schedules for the budgeted non-major funds are included later in this financial report. E) Cash and Investments Cash balances from all funds are combined and invested to the extent available as authorized by Minnesota State Statutes. Earnings from such investments are allocated to the respective funds based on applicable cash balance participation by each fund. Investments are stated at fair value, except for investments in external investment pools, which are stated at amortized cost. Cash and cash equivalents consist of available cash, cash deposits and highly liquid investments with an original maturity date at the time of purchase of three months or less. The proprietary funds’ portion in the government-wide cash and investment management pool is considered to be cash equivalent. Interest on escrow investments is allocated specifically to the related fund. Investment income is accrued at the balance sheet date. The City categorizes its fair value measurements within the fair value hierarchy established by accounting principles generally accepted in the United States of America (GAAP). The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs. Debt securities classified in Level 2 of the fair value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices. See Note 3 for the City’s recurring fair value measurements as of year-end. F) Receivables  Property Tax Property tax levies are set by the City Council and must be levied on or before five business days after December 20 each year. Levied property taxes are certified to Carver County for collection in the following year. In Minnesota, counties act as collection agents for all property taxes. The county spreads all levies over assessable property. Such taxes become a lien on January 1 and are recorded as receivables by the City on that date. Property taxes are due from taxpayers in two equal installments, on May 15 and October 15. Minnesota counties typically provide tax settlements to cities and other local governments three times a year: in July, December, and January of the following year. However, cities can request that 70% of the July settlement be distributed three weeks early. The City has a standing request with the County for this, and thus receives the early settlement each June. Revenues are accrued and recognized in the government-wide financial statements in the current period. In the fund financial statements, taxes that remain unpaid at December 31 are classified as delinquent taxes and have been offset by a deferred inflow of resources, because it is not known when they will be available to finance current expenditures. No allowance for uncollectible taxes has been provided because such amounts are not expected to be material. 48 Page 115 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025  Special Assessments Special assessments are levied against benefiting properties for the assessable costs of special assessment improvement projects in accordance with state statutes. The City usually adopts assessment rolls before an improvement contract is awarded. Annual installments (including interest) for special assessments are collected by the County in the same manner as property taxes. The City recognizes special assessment revenue in the government-wide financial statements when the assessment rolls are levied. In the governmental fund financial statements, the City recognizes special assessment revenue when it becomes both measurable and available. Current assessments, which remain unpaid at December 31 are classified as delinquent receivables and together with deferred assessments are fully offset by unavailable revenue – special assessments, a deferred inflow of resources, because it is not known when they will be available to finance current expenditures. Delinquent special assessments receivable at December 31, 2025, totaled $377,862.  Trade Receivables Utility and miscellaneous accounts receivable are shown net of an allowance for uncollectible accounts on the Statement of Net Position. On December 31, 2025, the allowance for uncollectible accounts is $182,445.  Leases Receivable The City’s leases receivable are measured at the present value of lease payments expected to be received during the leases’ terms. Under the lease agreements, the City may receive variable lease payments that are dependent upon the lessee’s revenue or other factors. The variable payments are recorded as an inflow of resources in the period the payment is received. A deferred inflow of resources is recorded for the lease receivable. The deferred inflow of resources is recorded at the initiation of the lease in an amount equal to the initial recording of the lease receivable. The deferred inflow of resources is amortized on a straight-line basis over the term of the lease. G) Short-Term and Long-Term Interfund Receivables/Payables City operations include activity between individual funds for goods provided or services rendered. The current portions of lending/borrowing arrangements are classified as “interfund receivables/payables.” The long-term portions of interfund receivables and payables are reported as “advance to other funds” and “advance from other funds.” H) Inventory The original cost of materials and supplies are recorded as expenditures at the time of purchase for Governmental Funds. These funds do not maintain material amounts of inventories. Inventories in the Proprietary Funds are valued at cost, which approximates market, using the first in-first out (FIFO) method. Inventory is recorded as an expense when consumed. 49 Page 116 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 I) Prepaid Items Certain prepayments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. Prepaid items are reported as expense or expenditure during the period benefited. J) Restricted Assets In the government-wide statement of net position and proprietary fund financial statements, unspent bond proceeds, as well as certain resources set aside for their repayment, are classified as restricted assets because their use is limited by applicable bond covenants. Investment earnings on these assets are allocated directly to the appropriate funds. The City has also restricted cash in the governmental funds. A deposit is being held and administered by the City on behalf of a developer for the sole purpose of funding construction-related expenses. K) Capital Assets Capital assets, which include property, buildings, improvements, equipment, right to use lease assets, right to use subscription assets, and infrastructure (e.g., roads, bridges, streets, sidewalks, drainage systems, and lighting systems) are reported in the applicable governmental or business-type activities columns in the government-wide financial statements and in the proprietary fund financial statements. Such assets are capitalized at historical cost or estimated historical cost for assets where actual historical cost is not available. Donated assets are valued at their estimated acquisition value on the date of donation. The City uses the following capitalization policy: Description Capitalization Threshold Land $25,000 Works of Art/Treasures 10,000 Buildings and Building Improvements 25,000 Other Improvements 25,000 Furniture and Equipment 10,000 Infrastructure 50,000 Depreciation and amortization of assets on the government-wide statements for the primary government (governmental and business-type activities) and in the proprietary funds financial statements is charged as an expense against operations using the straight-line method and the following estimated useful lives: Description Life Buildings and Building Improvements 25 years Other Improvements 25 - 50 years Furniture and Equipment 3 - 25 years Infrastructure 10 - 50 years Right to use lease assets (hereinafter known as lease assets) are recorded at the value of the lease liability, plus any payments made to the lessor at or before the commencement of the lease term and certain direct costs. Right to use subscription assets (hereinafter known as subscription assets) are recorded at the value of the subscription liability, plus any payments made prior to commencement of the subscription term and any capitalizable implementation costs. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. 50 Page 117 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Lease assets are amortized over the shorter of the useful life of the underlying asset (using the table and asset category above) or the related lease term. Subscription assets are amortized over the shorter of the useful life of the underlying asset (using the table and category above) or the related subscription term. Capital assets not being depreciated or amortized include land, because land is believed to have an unlimited useful life; works of art/historical treasures, because these assets do not have a determinable useful life; and construction in progress, because construction on the asset has not been fully completed. L) Compensated Absences The City provides various forms of employee leave including paid personal leave (PPL), vacation and sick leave, and compensatory time benefits. Employees are compensated upon termination for unused PPL, vacation, and compensatory time. Unused sick leave is not paid upon termination. The liability for compensated absences reported in the government-wide and proprietary fund statements consists of leave that has not been used that is attributable to services already rendered, accumulates, and is more likely than not to be used for time off or otherwise paid in cash. The liability also includes amounts for leave that has been used for time off but has not yet been paid in cash. For the General Fund, the City commits a portion of fund balance for compensated absences equal to the three-year average as a percent of compensated absences expected to be used in the coming year. The remaining portion of compensated absences in the General Fund is set aside in Assigned Fund Balance at the discretion of the Administrative Services Director. M) Deferred Outflows/Inflows of Resources In addition to assets and liabilities, statements of financial position will sometimes report separate sections for deferred outflows or inflows of resources. These separate financial statement elements represent a consumption or acquisition of net assets that applies to a future period and so will not be recognized as an outflow of resources (expense/expenditure) or an inflow of financial resources (revenue) until then. The City reports deferred outflows and inflows of resources related to pensions and other post-employment benefits (OPEB) in the government-wide and enterprise funds Statements of Net Position. These deferred outflows and inflows result from the difference between expected and actual economic experience, changes in actuarial assumptions, net collective difference between projected and actual investment earnings, changes in proportion, and contributions to the plan subsequent to the measurement date and before the end of the reporting period. These amounts are deferred and amortized as required under pension and OPEB standards. The City reports deferred inflows of resources related to debt refunding in the government-wide and enterprise funds Statements of Net Position. This deferred inflow results from the differences between the resources required to refund debt and the net carrying amount of the refunded issue. These amounts are deferred and amortized over the remaining life of the old debt or the life of the new debt, whichever is shorter. The City also reports deferred inflows of resources for leases receivable in the government-wide and enterprise funds Statements of Net Position and governmental funds balance sheet. These deferred inflows are amortized on a straight-line basis over the term of the related leases. Unavailable revenue arises only under the modified accrual basis of accounting and therefore is only reported in the governmental funds balance sheet. The governmental funds report unavailable revenues for taxes, special assessments, notes outstanding and intergovernmental grants. These amounts are deferred and recognized as an 51 Page 118 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 inflow of resources in the period that the amounts become available. Property tax revenue, special assessment revenue, and payments on notes receivable are generally considered available if collected within 60 days after year- end. Intergovernmental revenue is generally considered available if collected within 90 days after year-end. N) Long-Term Obligations In the government-wide and proprietary fund financial statements, long-term debt and other long-term obligations are reported as liabilities. Bond premiums and discounts are amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed in the period incurred. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs are reported as expenditures. O) Fund Balance Classifications The difference between fund assets and deferred outflows of resources less liabilities and deferred inflows of resources is “fund balance” on the governmental fund statements. In the fund financial statements, fund balance is divided into five classifications based primarily on the extent to which the City is bound to observe constraints imposed upon the use of resources reported in governmental funds. These classifications are as follows:  Nonspendable – consists of amounts that cannot be spent because it is not in spendable form, such as prepaid items, inventory, leases receivable net of deferred inflows, and other long-term assets.  Restricted – consists of amounts related to externally imposed constraints established by creditors, grantors or contributors; or constraints imposed by state statutory provisions.  Committed – consists of amounts related to internally imposed constraints that are established by formal action (resolution) of the City Council. Those committed amounts cannot be used for any other purposes unless the City Council removes or changes the specified use by taking the same type of action it employed to previously commit those amounts.  Assigned – consists of amounts intended to be used by the City for specific purposes but do not meet the criteria to be classified as restricted or committed. In governmental funds other than the General fund, assigned fund balance represents the remaining amount that is not restricted or committed. In the General fund, assigned amounts represent intended use established by the governing body itself or by an official to which the governing body delegates authority. Pursuant to City Council Resolution, the City’s Administrative Services Director is authorized to establish assignments of fund balance.  Unassigned – is the residual classification for the General fund and also reflects negative residual amounts in other funds. When both restricted and unrestricted resources are available for use, it is the City’s policy to use restricted resources first and then unrestricted as needed. When committed, assigned or unassigned funds are available for expenditure, it is the City’s policy to spend committed funds first, assigned funds second, and unassigned funds last. 52 Page 119 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 P) Net Position Net position represents the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources in the government-wide and proprietary fund financial statements. Net position is displayed in three components:  Net Investment in Capital Assets - consists of capital assets, net of accumulated depreciation and amortization, reduced by the outstanding balance of any long-term debt used to build or acquire the capital assets and the outstanding balance of any capital related payables such as contracts and retainage payable.  Restricted Net Position - consists of net position restricted by limitations imposed on their use through external restrictions imposed by creditors, grantors, or laws or regulation of other governments.  Unrestricted Net Position – all other elements of net position that do not meet the definition of “restricted” or “net investment in capital assets” are reported as unrestricted. The City applies restricted resources first when an expense is incurred for which both restricted and unrestricted resources are available. Q) Interfund Transactions Interfund services provided are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. In the ordinary course of business, transfers between funds are made to finance projects. Other interfund transactions are reported as transfers in/out. Interfund transactions within the respective categories of governmental activities and business-type activities in the government-wide statement of activities are eliminated. The internal balances caption on the government-wide statement of net position represents interfund receivable or payable between governmental and business-type activities. R) Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (GAAP), requires management to make estimates and assumptions that affect the amounts reported in the financial statements during the reporting period. Actual results could differ from those estimates. S) Pension Plans For purposes of measuring the net pension liability (asset), deferred outflows/inflows of resources, and pension expense, information about the fiduciary net position of the Public Employees Retirement Association (PERA) and additions to/deductions from PERA’s fiduciary net position have been determined on the same basis as they are reported by PERA. For this purpose, plan contributions are recognized as of employer payroll paid dates and benefit payments, and refunds are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. For purposes of measuring the net pension liability (asset), deferred outflows/inflows of resources, and pension expense, information about the fiduciary net position of the Chaska Fire Department Relief Association Pension 53 Page 120 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Plan (CFDRAPP) and additions to/deductions from CFDRAPP’s fiduciary net position have been reported using a one-year look-back period. Investments are reported at fair value. Note 2 Compliance and Accountability A) Budget Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America. Annually appropriated budgets are adopted for the General Fund, three Special Revenue Funds: Mount Pleasant Maintenance & Care Fund, Chaska EDA Fund and Local Affordable Housing Aid fund, and one Capital Project Fund: Equipment Acquisition Fund. Budgeted amounts are as originally adopted and as amended by the City Council. The City follows these procedures in establishing and monitoring the annual budget: 1. Prior to September 30 each year, the City Administrator submits to the City Council a proposed operating budget for the year commencing the following January 1. 2. Public hearings are held to obtain public comments. 3. The budget is legally enacted by resolution after obtaining public comments. 4. The legal level of budgetary control is at the fund level. Budgetary control is maintained by department heads for all assigned divisions. Department heads may reallocate budget appropriations between divisions within the same fund, but not reallocate between funds or functions. The City Administrator may reallocate budget appropriations between functions within the same fund. 5. During the year, expenditures in various categories (i.e., personal services, operating supplies, other services and charges, capital outlay, and other financing uses) may exceed the level of appropriation if additional revenues or reduced expenditures in another account are identified and available to offset the additional expenditures. 6. Unused budgeted expenditure appropriations lapse at year-end. 7. Annual appropriated budgets are not adopted for Debt Service Funds because budgetary control is achieved through bond indenture provisions. Budgetary control for other Capital Project Funds is accomplished through project controls, so budgets are not adopted. B) Excess of Expenditures Over Appropriations For the year ended December 31, 2025, expenditures exceeded appropriations in the following funds: Excess of Expenditures Over Fund Final Budget Actual Appropriations General Fund$ 27,659,001 $ 27,979,125 $ 320,124 Nonmajor Funds: Mount Pleasant Maintennance & Care Special Revenue Fund 13,500 14,022 522 Chaska EDA Fund 624,145 782,062 157,917 Equipment Acquisition Capital Project Fund 1,840,000 2,011,915 171,915 54 Page 121 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Variances in the General Fund, Mount Pleasant Special Revenue fund, and Chaska EDA Special Revenue fund were all offset by revenues greater than expected. The Equipment Acquisition fund variance was offset by fund balance. C) Nonmajor Funds with Negative Equity The following nonmajor funds maintained a deficit fund balance at December 31, 2025: Special Revenue Fund Chaska EDA $ 678,648 Capital Project Funds Permanent Improvement Revolving/Storm Water$ 345,484 Park Development 364,499 Community Fund 223,931 Abatement Program 430,369 Engler Boulevard 3,366,317 TIF Dist #14 - Downtown Redevelopment 2,245,489 TIF Dist #20 - Brewery Project 42,045 TIF Dist #21 - Hot Spot Project 74,896 TIF Dist #22 - Ernst House Project 120,250 TIF Dist #23 - City Square West Project 1,032,707 TIF Dist #25 - EDCO Project 14,728 The deficit in the Chaska EDA fund is due to various economic development projects, some of which have not received final funding. Ongoing activities of the Chaska EDA fund will eliminate this deficit. The deficits in the Capital Project funds relate to capital projects that have incurred expenditures and have not received final financing. The Permanent Improvement Storm Water fund deficit is due to transfers to other funds to support project and debt service costs. This fund will receive future area charges and assessment payments to eliminate the deficit. The Fire Protection System deficit is due to developer assistance which will be collected through annual assessments. The Abatement Program and TIF District deficits are due to project costs for the districts. Abatement and tax increment revenue collected in future years will eliminate these deficits. All funds are expected to recover their deficits. Note 3 Cash and Investments The City maintains a cash and investment pool that is available for use by all funds. Each fund type’s portion of this pool is displayed on the government-wide statement of net position as “cash and investments.” Deposits, investments, petty cash and change funds are reported on the City’s financial statements as follows: Statement of Net Position - Government-Wide Cash and Investments $46,011,926 Restricted Cash and Investments 26,986,952 Total Cash and Investments $72,998,878 55 Page 122 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 B) Deposits In accordance with applicable Minnesota Statutes, the City maintains deposits at depository banks authorized by the City Council, including checking accounts and certificates of deposits. The following is considered the most significant risk associated with deposits: Custodial Credit Risk – In the case of deposits, this is the risk that in the event of bank failure, the City’s deposits may be lost and not recovered. Minnesota Statutes require that federal deposit insurance, corporate surety bond or collateral protect all deposits. The fair value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds. Authorized collateral includes the legal investments described below under “credit risk”, as well as certain first mortgage notes and certain other state or local government obligations. Minnesota Statutes require that securities pledged as collateral be held in safekeeping by the City or in a financial institution other than that furnishing the collateral. The City’s investment policies do not further address limiting exposure to custodial credit risk for deposits. At year-end, the carrying amount of the City’s deposits was $6,569,269 while the balance on the bank records was $8,569,269. Total bank deposits include a developer’s escrow with an account balance of $701,340. These funds are being held and administered by the City on behalf of the developer for the sole purpose of funding construction-related expenses. At December 31, 2025, all deposits were insured, or collateralized by securities held by the City’s agent in the City’s name. C) Investments The City has the following investments at year-end: Fair Value Credit Risk Measurements Interest Risk - Maturity Duration in Years Investment Type Rating Agency Using Less Than 1 1 to 5 Total U.S. Treasury Securities AA1 Moody Level 1$ 700,028 $ - $ 700,028 U.S. Government Agencies AA S&P Level 2 2,380,516 - 2,380,516 State and Local Bonds AA S&P Level 2 - 1,001,680 1,001,680 Investments in Mutual Funds & Money Markets First American Government Obligations AAAm S&P Level 1 12,962,032 - 12,962,032 100% Treasury MM Fund AAAm S&P Level 1 3,716,674 - 3,716,674 Minnesota Municipal MM Fund AAAm S&P Amortized Cost 45,668,679 - 45,668,679 Total Investments:$ 65,427,929 $ 1,001,680 66,429,609 Total Deposits 6,565,247 Petty Cash and Change Funds 4,022 Total Deposits and Investments$ 72,998,878 The Minnesota Municipal Money Market Fund (the 4M Fund) is regulated by Minnesota statutes and the Board of Directors of the League of Minnesota Cities and is a customized cash management program for Minnesota public 56 Page 123 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 funds. It is also sponsored and governed by the League of Minnesota Cities since 1987. Allowable under Minnesota Statutes, the 4M Fund is comprised of top quality, highly rated investments. The 4M Fund is an external investment pool not registered with the Securities and Exchange Commission (SEC); however, it follows the same regulatory rules of the SEC. The reported value of the pool is the same as the fair value of the pool share. The City’s investment in this fund is measured at amortized cost. For this investment pool, there are no unfunded commitments, redemption frequency is daily, and there is no redemption notice required for the Liquid Class; the redemption notice period is 14 days for the Plus Class. Investments are subject to various risks, the following of which are considered the most significant: Custodial Credit Risk – For investments, this is the risk that in the event of a failure of the counterparty to an investment transaction (typically a broker-dealer) the City would not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The City’s investment policies do not address limiting exposure to custodial credit risk. Credit Risk – This is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Minnesota Statutes limit the City’s investments to direct obligations or obligations guaranteed by the United States or its agencies; shares of investment companies registered under the Federal Investment Company Act of 1940 that receive the highest credit rating are rated in one of the two highest rating categories by a statistical rating agency, and all of the investments have a final maturity of thirteen months or less; general obligations rated “A” or better; revenue obligations rated “AA” or better; general obligations of the Minnesota Housing Finance Agency rated “A” or better; bankers acceptances of United States banks eligible for purchase by the Federal Reserve System; commercial paper issued by United States corporations or their Canadian subsidiaries, rated of the highest quality category by at least two nationally recognized rating agencies, and maturing in 270 days or less; Guaranteed Investment Contracts guaranteed by a United States commercial bank, domestic branch of a foreign bank, or a United States insurance company, with a credit quality in one of the top two highest categories; repurchase or reverse purchase agreements and securities lending agreements with financial institutions qualified as a “depository” by the government entity, with banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000, that are a primary reporting dealer in U.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker- dealers. The City’s investment policies do not further address credit risk. Concentration Risk – This is the risk associated with investing a significant portion of the City’s investment (considered 5.0% or more) in the securities of a single issuer, excluding U.S. guaranteed investments (such as Treasuries), investment pools, and mutual funds. The City’s investment policy does not limit the concentration of investments. At year-end, the City had 17.1%, or $12,962,032 of its investments in a single issuer, First American Funds Money Market fund. Interest Rate Risk - This is the risk of potential variability in the fair value of fixed rate investments resulting from changes in interest rates (the longer the period for which an interest rate is fixed, the greater the risk). The City’s investment policy does not limit the duration of investments. 57 Page 124 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Note 4 Capital Assets Capital asset activity for Governmental and Business-Type activities for the year ended December 31, 2025, was as follows: Beginning Ending Balance Increases Decreases Balance Governmental Activities Capital assets, not depreciated/amortized: Land$ 69,756,449 $ 1,258,508 $ - $ 71,014,957 Works of Art/Treasures 114,943 - - 114,943 Construction In Progress 33,938,343 49,137,984 (2,750,695) 80,325,632 Total capital assets, not depreciated/amortized: 103,809,735 50,396,492 (2,750,695) 151,455,532 Capital assets, depreciated and amortized: Buildings and Building Improvements 9,102,190 120,281 - 9,222,471 Other Improvements 26,061,669 35,492 - 26,097,161 Furniture & Equipment 12,868,825 4,235,806 (1,139,464) 15,965,167 Infrastructure 116,483,852 926,495 - 117,410,347 Intangible Right-to-Use Assets Lease Equipment 645,710 51,727 (51,078) 646,359 Subscriptions 674,755 496,011 (146,195) 1,024,571 Total capital assets, depreciated and amortized: 165,837,001 5,865,812 (1,336,737) 170,366,076 Less accumulated depreciation and amortization for: Buildings and Building Improvements (6,400,612) (204,501) - (6,605,113) Other Improvements (12,888,124) (758,328) - (13,646,452) Furniture & Equipment (8,904,368) (1,352,807) 1,123,290 (9,133,885) Infrastructure (50,788,496) (3,366,994) - (54,155,490) Intangible Right-to-Use Assets Lease Equipment (295,988) (155,270) 26,405 (424,853) Subscriptions (77,566) (228,217) 3,450 (302,333) Total accumulated depreciation and amortization: (79,355,154) (6,066,117) 1,153,145 (84,268,126) Net capital assets, depreciated and amortized: 86,481,847 (200,305) (183,592) 86,097,950 Governmental activities capital assets, net:$ 190,291,582 $ 50,196,187 $ (2,934,287) $ 237,553,482 58 Page 125 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Beginning Ending Balance Increases Decreases Balance Business-Type Activities Capital assets, not depreciated/amortized: Land $ 1,625,670 $ 98,041 $ - $ 1,723,711 Construction In Progress 8,741,465 6,738,336 (3,166,621) 12,313,180 Total capital assets, not depreciated/amortized: 10,367,135 6,836,377 (3,166,621) 14,036,891 Capital assets, depreciated and amortized: Buildings and Building Improvements 81,157,442 295,408 - 81,452,850 Other Improvements 7,581,676 15,362 - 7,597,038 Furniture & Equipment 15,196,916 1,045,055 (149,127) 16,092,844 Infrastructure 200,677,080 4,824,883 - 205,501,963 Intangible Right-to-Use Assets Lease Equipment 17,759 - - 17,759 Subscriptions 77,033 67,387 - 144,420 Total capital assets, depreciated and amortized: 304,707,906 6,248,095 (149,127) 310,806,874 Less accumulated depreciation and amortization for: Buildings and Building Improvements (49,728,336) (1,993,549) - (51,721,885) Other Improvements (1,926,607) (256,719) - (2,183,326) Furniture & Equipment (8,790,357) (1,012,578) 84,941 (9,717,994) Infrastructure (96,662,791) (6,069,766) - (102,732,557) Intangible Right-to-Use Assets Lease Equipment (2,990) (3,598) - (6,588) Subscriptions (38,762) (35,580) - (74,342) Total accumulated depreciation and amortization: (157,149,843) (9,371,790) 84,941 (166,436,692) Net capital assets, depreciated and amortized: 147,558,063 (3,123,695) (64,186) 144,370,182 Business-type activities capital assets, net: $ 157,925,198 $ 3,712,682 $ (3,230,807) $ 158,407,073 Depreciation and amortization expense was charged to functions/programs of the primary government as follows: Governmental Activities Business-Type Activities General Government $ 403,671 Electric $ 1,883,335 Public Safety 926,501 Water 1,920,340 Public Works 3,940,684 Sewer 1,386,105 Parks, Recreation and Arts 795,261 Chaska Community Center 773,867 Total Depreciation and Amortization Expense - The Loop at Chaska 200,244 Governmental Activities: $ 6,066,117 Chaska Town Course 361,404 Turbine 998,713 Storm Water 1,212,794 Chaska Curling Center 634,988 Total Depreciation and Amortization Expense - Business-Type Activities: $ 9,371,790 59 Page 126 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Note 5 Leases Receivable Agreements For the year ended December 31, 2025, the City had 10 active leases. The leases have annual receipts that range from $8,226 to $2,486,184 and interest rates that range from 1.05% to 8.56%. As of December 31, 2025, the total combined value of the leases receivable is $14,279,934, the total combined value of the short-term lease receivable is $2,126,275 and the total combined value of the deferred inflow of resources is $13,635,538. Leases receivable activity for the year ended December 31, 2025, was as follows: Beginning Ending Balance Additions Reductions Balance Governmental Activities AT&T Cell Tower $ - $ 810,940 $ (4,658) $ 806,282 T-Mobile Cell Tower Site A1P757E 166,832 - (5,689) 161,143 T-Mobile Cell Tower Site A1P0059A 748,956 - (22,724) 726,232 Verizon Cell Tower 640,462 - (23,370) 617,092 Sprint Cell Tower MS70XC498-A/A1P032 230,899 - (36,487) 194,412 Northstar Regional Building Space 145,917 - (31,665) 114,252 Governmental Activities Leases Receivable:$ 1,933,066 $ 810,940 $ (124,593) $ 2,619,413 Business-type Activities Bountiful Baskets Office Space$ 207,536 $ - $ (26,707) $ 180,829 St. Francis Gym Space 760,123 - (204,420) 555,703 MMPA MRS Breaker Station 361,124 - (52,928) 308,196 MMPA Gas Turbine 12,122,588 - (1,506,795) 10,615,793 Orchard Hill Daycare Building Space 142,452 - (142,452) - Business-type Activities Leases Receivable:$ 13,593,823 $ - $ (1,933,302) $ 11,660,521 Annual payment requirements to maturity are as follows: Year Ending Governmental Activities Business-type Activities December 31 Principal Interest Principal Interest 2026 $ 142,759 $ 53,074 $ 1,929,566 $ 864,037 2027 149,967 50,206 2,080,313 713,963 2028 157,226 47,192 2,173,594 546,767 2029 140,752 44,196 2,209,090 370,956 2030 119,867 41,723 3,267,958 195,131 2031 - 2035 500,094 178,781 - - 2036 - 2040 597,633 123,966 - - 2041 - 2045 431,939 67,296 - - 2046 - 2050 379,176 23,842 - - Total:$ 2,619,413 $ 630,276 $ 11,660,521 $ 2,690,854 60 Page 127 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Lease activity reported in deferred inflows of resources for the year ended December 31, 2025, was as follows: Beginning Ending Balance Additions Reductions Balance Governmental Activities T-Mobile Cell Tower Site A1P757E $ 152,869 $ - $ (8,571) $ 144,298 T-Mobile Cell Tower Site A1P0059A 743,851 - (28,609) 715,242 Verizon Cell Tower 598,910 - (34,888) 564,022 Sprint Cell Tower MS70XC498-A/A1P032 217,158 - (38,322) 178,836 AT&T Tower - 810,940 (5,407) 805,533 Northstar Regional Building Space 138,668 - (32,001) 106,667 Governmental Activities Deferred Inflows - Leases: $ 1,851,456 $ 810,940 $ (147,798) $ 2,514,598 Business-type Activities Bountiful Basket Office Space $ 197,792 $ - $ (28,256) $ 169,536 St. Francis Gym Space 727,130 - (198,308) 528,822 MMPA MRS Breaker Station 347,855 - (54,925) 292,930 MMPA Gas Turbine 11,817,927 - (1,688,274) 10,129,653 Orchard Hill Daycare Building Space 134,222 - (134,222) - Business-type Activities Deferred Inflows - Leases: $ 13,224,926 $ - $ (2,103,985) $ 11,120,941 61 Page 128 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Note 6 Long-Term Liabilities Long-term liabilities for the year ended December 31, 2025, are as follows: Beginning Ending Due Within Governmental Activities Balance Additions Reductions Balance One Year Bonds Payable: General Obligation Bonds: Equipment Certificates$ 10,340,000 $ - $ (635,000) $ 9,705,000 $ 705,000 Tax Increment Bonds 2,765,000 - (120,000) 2,645,000 125,000 Taxable Abatement Bonds 465,000 - (35,000) 430,000 40,000 Improvement Bonds 25,385,000 - (2,595,000) 22,790,000 2,765,000 State Aid Street Bonds 13,200,000 - (205,000) 12,995,000 440,000 Revenue Bonds 260,000 - (85,000) 175,000 85,000 EDA Revenue Bonds 6,800,000 - (350,000) 6,450,000 355,000 EDA Lease Revenue Bonds 57,430,000 6,125,000 (7,655,000) 55,900,000 1,515,000 Lease Purchase Bonds - 3,972,000 (204,000) 3,768,000 123,000 Plus: Premium 5,850,253 491,204 (1,709,384) 4,632,073 - Total Bonds Payable: 122,495,253 10,588,204 (13,593,384) 119,490,073 6,153,000 Lease Liability 359,785 51,374 (178,066) 233,093 137,826 Subscription Liability 521,457 205,093 (177,418) 549,132 198,549 Compensated Absences 1,756,106 18,781 - 1,774,887 1,373,087 Total OPEB Liability 682,154 64,530 - 746,684 26,706 Net Pension Liability 8,940,234 - (1,244,260) 7,695,974 - Governmental Activities Long-term Liabilities: $ 134,754,989 $ 10,927,982 $ (15,193,128) $ 130,489,843 $ 7,889,168 Beginning Ending Due Within Business-type Activities Balance Additions Reductions Balance One Year Bonds Payable: General Obligation Revenue Bonds$ 12,965,000 $ - $ (1,275,000) $ 11,690,000 $ 1,320,000 Revenue Bonds 17,040,000 - (2,035,000) 15,005,000 2,130,000 EDA Lease Revenue Bonds 10,500,000 - (1,530,000) 8,970,000 1,075,000 Lease Purchase Bonds 3,164,000 - (140,000) 3,024,000 145,000 Plus: Premium 1,883,167 - (740,079) 1,143,088 - Total Bonds Payable: 45,552,167 - (5,720,079) 39,832,088 4,670,000 Financed Purchase Payable 134,159 - (54,101) 80,058 80,058 Lease Liability 15,136 546,658 (550,129) 11,665 3,581 Subscription Liability 41,005 67,387 (54,347) 54,045 54,045 Compensated Absences 968,183 57,036 - 1,025,219 681,416 Total OPEB Liability 276,092 26,117 - 302,209 10,813 Net Pension Liability 2,816,034 - (118,251) 2,697,783 - Business-type Activities Long-term Liabilities: $ 49,802,776 $ 697,198 $ (6,496,907) $ 44,003,067 $ 5,499,913 The change in the compensated absences liability is presented as a net change. For the Governmental Activities, lease liabilities, subscription liabilities, other post-employment benefits, and net pension liabilities are generally liquidated by the General fund. In business-type activities, financed purchase payable, lease liabilities, subscription liabilities, other post-employment benefits, and net pension liabilities are liquidated within the respective Enterprise fund. 62 Page 129 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Bonds Payable: The City issues general obligation bonds to provide funds for the construction of capital projects and acquisition of equipment. General obligation bonds have been issued for both governmental and business-type activities. General obligation debt is supported by the “full faith and credit” of the City including tax increment and improvement bond issues. Bonds in the governmental activities will be repaid by future property tax levies, tax increments or special assessments accumulated in the specific debt service funds. Bonds in the business-type activities will be repaid with the net revenues of the utility issuing the bonds. For both governmental and business- type activities, in the event a deficiency exists at the time a debt service payment is due, the City must provide resources to cover the deficiency until other resources are available. The City and the Chaska EDA also issue revenue bonds. Revenue bonds are supported by specific fee revenues to pay for debt service. Bonds outstanding for the year ended December 31, 2025, are as follows: Final Issue Maturity Interest Original Outstanding Governmental Activities Date Date Rate Issue 12/31/2025 Bonds Payable General Obligation Bonds Equipment Certificates G.O. Equipment Certificates, Series 2017B 11/29/17 02/01/27 5.00%$ 1,960,000 $ 520,000 G.O. Equipment Certificates, Series 2019B 11/06/19 02/01/29 4.00-5.00% 1,240,000 625,000 G.O. Equipment Certificates, Series 2023A 12/28/23 02/01/43 3.75-5.00% 8,815,000 8,560,000 Total Equipment Certificates 12,015,000 9,705,000 Tax Increment Bonds G.O. Taxable Cross-over Refunding Bonds, Series 2017D 12/27/17 02/01/31 3.00-3.50% 460,000 245,000 G.O. Taxable TI Bonds, Series 2019D 12/04/19 02/01/40 2.55-3.05% 1,670,000 1,495,000 G.O. Taxable TI Bonds, Series 2019D 12/04/19 02/01/40 2.55-3.05% 260,000 250,000 G.O. Taxable TI Bonds, Series 2019D 12/04/19 02/01/40 2.55-3.05% 670,000 655,000 Total Tax Increment Bonds 3,060,000 2,645,000 Taxable Abatement Bonds G.O. Taxable Bonds, Series 2017C 11/29/17 02/01/39 1.80-3.45% 245,000 185,000 G.O. Taxable Advance Refunding Bonds, Series 2020D 09/02/20 12/01/32 0.15-1.50% 375,000 245,000 Total Taxable Abatement Bonds 620,000 430,000 Improvement Bonds G.O. Improvement Bonds, Series 2012A 08/15/12 02/01/28 2.00-2.40% 2,430,000 525,000 G.O. Cross-over Refunding, Series 2012B 08/15/12 02/01/27 2.00-2.30% 3,295,000 440,000 G.O. Improvement Bonds, Series 2014A 12/30/14 02/01/30 0.70-3.00% 3,080,000 1,145,000 G.O. Improvement Bonds, Series 2015B 08/19/15 02/01/31 3.00-5.00% 5,940,000 2,890,000 G.O. Improvement Bonds, Series 2017B 11/29/17 02/01/38 2.25-5.00% 6,875,000 5,125,000 G.O. Taxable Bonds, Series 2017C 11/29/17 02/01/33 1.70-3.45% 1,790,000 870,000 G.O. Cross-over Refunding, Series 2017E 12/27/17 02/01/29 2.01-2.87% 995,000 425,000 G.O. Improvement Bonds, Series 2019B 11/06/19 02/01/39 2.13-5.00% 4,440,000 3,310,000 G.O. Improvement Bonds, Series 2019D 12/04/19 02/01/35 2.55-3.00% 1,165,000 815,000 G.O. Improvement Bonds, Series 2019D 12/04/19 02/01/29 2.55-3.00% 85,000 40,000 G.O. Improvement Refunding, Series 2019E 12/04/19 02/01/33 3.00-5.00% 1,180,000 615,000 G.O. Improvement Refunding, Series 2019E 12/04/19 02/01/31 4.00-5.00% 560,000 275,000 G.O. Improvement Bonds, Series 2020C 09/02/20 02/01/37 2.00-5.00% 1,725,000 1,425,000 G.O. Taxable Advance Refunding Bonds, Series 2020D 09/02/20 12/01/34 0.20-1.70% 2,205,000 1,230,000 G.O. Improvement Bonds, Series 2023A 12/28/23 02/01/38 5.00% 1,250,000 1,170,000 G.O. Improvement Bonds, Series 2024B 12/19/24 02/01/40 4.00-5.00% 2,490,000 2,490,000 Total Improvement Bonds 39,505,000 22,790,000 (Continued) 63 Page 130 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 (Continued) Final Issue Maturity Interest Original Outstanding Governmental Activities Date Date Rate Issue 12/31/2025 G.O. State Aid Bonds G.O. State Aid Street Bonds, Series 2021A 01/14/21 04/01/41 1.00-4.00% 4,940,000 4,185,000 G.O. State Aid Bonds, Series 2024B 12/19/24 02/01/45 4.00-5.00% 5,855,000 5,855,000 G.O. State Aid Bonds, Series 2024B 12/19/24 02/01/45 4.00-5.00% 2,955,000 2,955,000 Total State Aid Street Bonds 13,750,000 12,995,000 G.O. Revenue Bonds G.O. Cross-over Refunding, Series 2012B 08/15/12 02/01/27 2.00-2.30% 1,025,000 175,000 EDA Revenue Bonds EDA Taxable Installment Purchase Revenue Bonds, Series 2020A 03/09/20 12/01/40 1.75-3.08% 6,285,000 5,175,000 EDA Taxable Installment Purchase Revenue Bonds, Series 2020B 07/08/20 12/01/40 1.47-3.40% 1,530,000 1,275,000 Total EDA Revenue Bonds 7,815,000 6,450,000 EDA Lease Revenue Bonds Lease Revenue Bonds, Series 2015D 12/30/15 02/01/26 2.00-4.00% 1,085,000 125,000 Lease Revenue Bonds, Series 2024A 07/17/24 02/01/54 4.00-5.00% 49,650,000 49,650,000 Lease Revenue Refunding Bonds, 2025B 01/30/25 02/01/34 5.00% 6,125,000 6,125,000 Total EDA Lease Revenue Bonds 56,860,000 55,900,000 Lease Purchase Bonds Lease-Purchase Agreement, Series 2025A 01/16/25 08/01/44 5.00% 3,972,000 3,768,000 Premium 8,397,833 4,632,073 Total Bonds Payable - Governmental Activities:$ 143,047,833 $ 119,490,073 Final Issue Maturity Interest Original Outstanding Business-type Activities Date Date Rate Issue 12/31/2025 Bonds Payable General Obligation Revenue Bonds G.O. Utility Revenue Bonds, Series 2015C 12/30/15 02/01/36 2.00-4.00%$ 5,170,000 $ 3,180,000 G.O. Utility Revenue Bonds, Series 2017B 11/29/17 02/01/38 2.25-5.00% 735,000 555,000 G.O. Utility Revenue Bonds, Series 2019C 11/06/19 02/01/35 2.00-3.00% 2,135,000 1,510,000 G.O. Utility Revenue Bonds, Series 2019D 12/04/19 02/01/30 2.55-3.00% 780,000 420,000 G.O. Utility Revenue Bonds, Series 2020C 09/02/20 02/01/31 4.00-5.00% 1,215,000 810,000 G.O. Taxable Crossover Advance Refunding Bonds, Series 2020D 09/02/20 12/01/32 0.20-1.50% 7,845,000 5,215,000 Total General Obligation Revenue Bonds 17,880,000 11,690,000 Revenue Bonds Electric Revenue Refunding Bonds, Series 2015A 10/01/15 10/01/30 2.00-5.00% 21,760,000 8,985,000 Electric Utility Revenue Bonds, Series 2017A 09/06/17 10/01/37 2.25-4.00% 7,220,000 4,925,000 Electric Utility Revenue Refunding Bonds, Series 2020F 12/29/20 10/01/31 4.00% 1,830,000 1,095,000 Total Revenue Bonds 30,810,000 15,005,000 EDA Lease Revenue Bonds Taxable Lease Revenue Bonds, Series 2015A 04/15/15 02/01/35 1.22-4.40% 12,855,000 5,360,000 Taxable Lease Revenue Bonds, Series 2015C 12/30/15 02/01/31 1.53-4.57% 3,410,000 1,590,000 Lease Revenue Refunding Bonds, Series 2017A 12/27/17 12/01/27 2.00-4.00% 1,880,000 435,000 EDA Lease Revenue & Limited Tax Refunding Bonds, Series 2020E 09/02/20 12/01/33 4.00-5.00% 2,310,000 1,585,000 Total EDA Lease Revenue Bonds 20,455,000 8,970,000 Lease Purchase Bonds Lease-Purchase Agreement, Series 2021 12/28/21 12/01/41 3.47% 3,560,000 3,024,000 Premium 5,109,034 1,143,088 Total Bonds Payable - Business-type Activities:$ 77,814,034 $ 39,832,088 64 Page 131 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 General Obligation Bonds: The City issues the following types of general obligation bonds:  Equipment certificates and GO bonds provide funding for the acquisition of equipment and vehicles for various departments.  Tax Increment bonds provide financing for the construction of streets and utilities and the acquisition of property for business development.  Taxable abatement bonds provide financing for the City’s Housing Improvement Areas and Tax Abatement programs.  Improvement bonds provide financing for construction projects such as streets, infrastructure, and utilities.  State Aid Street bonds provide funding for road construction. Annual debt service requirements to maturity are as follows: Governmental Activities Year Ending G.O. Equipment Certificates G.O. Tax Increment Bonds G.O. Abatement Bonds December 31 Principal Interest Principal Interest Principal Interest 2026 $ 705,000 $ 431,312 $ 125,000 $ 77,220 $ 40,000 $ 8,827 2027 735,000 395,312 125,000 73,282 40,000 8,342 2028 500,000 364,438 135,000 69,195 45,000 7,773 2029 525,000 339,663 145,000 65,008 45,000 7,093 2030 375,000 318,013 150,000 60,843 45,000 6,367 2031 - 2035 2,160,000 1,283,937 680,000 244,690 155,000 18,519 2036 - 2040 2,755,000 683,262 1,285,000 129,055 60,000 4,140 2041 - 2043 1,950,000 112,344 - - - - Total:$ 9,705,000 $ 3,928,281 $ 2,645,000 $ 719,293 $ 430,000 $ 61,061 Governmental Activities Year Ending G.O. Improvement Bonds G.O. State Aid Street Bonds December 31 Principal Interest Principal Interest 2026$ 2,765,000 $ 749,859 $ 440,000 $ 477,410 2027 2,895,000 646,915 505,000 455,960 2027 2,770,000 542,228 530,000 432,335 2029 2,685,000 450,040 555,000 407,160 2030 2,380,000 363,588 580,000 381,635 2031 - 2035 7,200,000 875,461 3,235,000 1,578,770 2036 - 2040 2,095,000 169,969 3,855,000 957,175 2041 - 2045 - - 3,295,000 311,708 Total:$ 22,790,000 $ 3,798,060 $ 12,995,000 $ 5,002,153 65 Page 132 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 General Obligation Revenue Bonds: G.O. Revenue bonds are issued by the City to construct or expand utility systems. Bonds will be repaid with the net revenues of the Water, Sewer, and Storm Water Utilities. Annual debt service requirements to maturity are as follows: Governmental Activities Business-type Activities Year Ending G.O. Revenue Bonds G.O. Revenue Bonds December 31 Principal Interest Principal Interest 2026$ 85,000 $ 3,005 $ 1,320,000 $ 259,241 2027 90,000 1,035 1,345,000 232,251 2028 - - 1,375,000 201,579 2029 - - 1,440,000 169,475 2030 - - 1,475,000 136,969 2031 - 2035 - - 4,250,000 293,223 2036 - 2038 - - 485,000 12,350 Total: $ 175,000 $ 4,040 $ 11,690,000 $ 1,305,088 Revenue Bonds: Revenue bonds issued by the City are supported by income derived from specific fee revenues to pay for debt service. These Electric Revenue Bonds in the Electric fund and Turbine Generator fund will be repaid with net revenues of each fund. Annual debt service requirements to maturity are as follows: Business-type Activities Year Ending Revenue Bonds December 31 Principal Interest 2026$ 2,130,000 $ 645,025 2027 2,240,000 543,575 2028 2,345,000 436,825 2029 2,450,000 331,550 2030 2,550,000 218,500 2031 - 2035 2,345,000 346,300 2036 - 2037 945,000 42,750 Total:$ 15,005,000 $ 2,564,525 EDA Revenue and EDA Lease Revenue Bonds: Revenue bonds issued by the Chaska EDA are supported by income derived from specific fee revenues to pay for debt service. These bonds have been issued to construct or improve community parks and community facilities. 66 Page 133 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Annual debt service requirements to maturity are as follows: Governmental Activities Business-type Activities Year Ending EDA Revenue Bonds EDA Lease Revenue Bonds EDA Lease Revenue Bonds December 31 Principal Interest Principal Interest Principal Interest 2026 $ 355,000 $ 179,628 $ 1,515,000 $ 2,456,369 $ 1,075,000 $ 354,320 2027 365,000 172,220 1,460,000 2,382,619 1,110,000 314,237 2028 370,000 164,294 1,535,000 2,307,744 925,000 271,320 2029 380,000 155,933 1,605,000 2,229,244 960,000 232,927 2030 395,000 147,133 1,685,000 2,146,993 1,000,000 192,602 2031 - 2035 2,120,000 570,585 8,920,000 9,371,094 3,900,000 393,614 2036 - 2040 2,465,000 236,788 7,495,000 7,394,219 - - 2041 - 2045 - - 9,370,000 5,512,994 - - 2046 - 2050 - - 11,405,000 3,440,553 - - 2051 - 2054 - - 10,910,000 922,762 - - Total: $ 6,450,000 $ 1,626,581 $ 55,900,000 $ 38,164,591 $ 8,970,000 $ 1,759,020 Lease Purchase Bonds: Lease-Purchase Agreement bonds issued by the City are supported by income derived from specific fee revenues to pay for debt service. Lease-Purchase Agreements have been issued to reconstruct and improve the 9-hole golf course; The Loop at Chaska, and to purchase land for a new municipal services facility. Annual debt service requirements to maturity are as follows: Year Ending Governmental Activities Business-type Activities December 31 Principal Interest Principal Interest 2026 $ 123,000 $ 188,400 $ 145,000 $ 104,933 2027 130,000 182,250 150,000 99,901 2028 136,000 175,750 155,000 94,696 2029 143,000 168,950 160,000 89,318 2030 150,000 161,800 166,000 83,766 2031 - 2035 869,000 688,850 918,000 328,505 2036 - 2040 1,111,000 448,550 1,089,000 157,781 2041 - 2044 1,106,000 141,600 241,000 8,363 Total: $ 3,768,000 $ 2,156,150 $ 3,024,000 $ 967,263 67 Page 134 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Revenue Pledged: Future revenue pledged for the payment of long-term debt (revenue bonds) is as follows: Revenue Pledged Current Year Percent of Remaining Principal Pledged Total Debt Term of Principal and Interest Revenue Bond Issue Use of Proceeds Type Service Pledge and Interest Paid Received Water Treatment Plant and G.O. Water Revenue Bonds: Water Systems $ 5,558,208 2020D Refunding Bonds Refund Original Bonds Utility Revenue 100% 2020 - 2032$ 5,492,265 $ 745,087 G.O. Utility Revenue Bonds: Water, Sanitary Sewer and Storm Water 16,247,220 2015C Utility Revenue Utility System Improvements Utility Revenue 100% 2015 - 2036 3,757,050 343,238 2017B Utility Revenue Utility System Improvements Utility Revenue 100% 2017 - 2038 677,756 50,062 2019C Utility Revenue Utility System Improvements Utility Revenue 100% 2019 - 2035 1,690,178 176,082 2019D Utility Revenue Utility System Improvements Utility Revenue 100% 2019 - 2030 449,089 87,937 2020C Utility Revenue Utility System Improvements Utility Revenue 100% 2020 - 2031 928,750 156,875 Electric Utility Systems and Electric Revenue Bonds: Generating Facilities 1,743,199 Refund Original Bonds for 2015A Refunding Bonds Lease Revenue 100% 2015 - 2030 10,375,250 2,076,750 Turbine Generator Electric Utility Revenue Bonds 60,937,909 2017A Utility Revenue Electric System Improvements Utility Revenue 100% 2017 - 2037 5,939,875 495,175 2020F Utility Revenue Electric System Improvements Utility Revenue 100% 2020 - 2031 1,254,400 205,000 EDA Revenue Bonds: Taxable Installment Purchase Revenue Bonds 2020A Southwest Park Development Revenue 100% 2020 - 2040 6,448,327 431,239 426,336 2020B Land for NE Collector Phase II Revenue 100% 2020 - 2040 1,628,254 105,412 105,190 EDA Lease Revenue Bonds: Community Center Additions and Improvements 3,736,474 2017A Refunding Bonds Refund Original Bonds Lease Revenue 100% 2017 - 2027 454,650 229,350 2020E Refunding Bonds Refund Original Bonds Lease Revenue 100% 2020 - 2033 1,884,400 236,650 Curling Center, Event Center and Restaurant 3,002,956 2015A Taxable Bonds Building Construction Lease Revenue 100% 2015 - 2035 6,577,358 1,161,760 2015C Taxable Bonds Furniture, Fixtures & Equipment Lease Revenue 100% 2015 - 2031 1,812,612 304,115 Firemen's Park Improvements 932,622 2015D Lease Revenue Fixtures and Equipment Lease Revenue 100% 2015 - 2026 127,500 127,400 2025B Refunding Bonds Refund Original Bonds for Park Lease Revenue 100% 2025 - 2034 7,602,125 153,976 2024A Lease Revenue Public Safety Facility Lease Revenue 100% 2024 - 2054 86,334,966 2,267,239 3,009,733 Lease Purchase Bonds: 2021 Lease Agreement Golf Course Improvements Lease Revenue 100% 2021 - 2041 3,991,263 249,791 470,060 2025A Lease Agreement Land Purchase for City Facility Lease Revenue 100% 2025 - 2044 5,924,150 311,575 407,203 Arbitrage Rebate: The Tax Reform Act of 1986 requires governmental entities to pay the federal government income earned on the proceeds from the issuance of debt in excess of interest costs, pending the expenditure of the borrowed funds. This rebate of interest income (known as arbitrage) applies to governmental debt issued after August 31, 1986. In the opinion of management, any obligation would be immaterial. 68 Page 135 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Lease Liability: For the year ended December 31, 2025, the City had 23 active leases. The leases have annual payments that range from $1,818 to $12,465 and interest rates that range from 2.31% to 7.25%. As of December 31, 2025, the total combined value of the lease liabilities is $244,758, the total combined value of the short-term lease liabilities is $141,407. The combined value of the lease assets of $664,119 with accumulated amortization of $431,441 is included in the capital asset activity in Note 4 Capital Assets. Lease liabilities outstanding for the year ended December 31, 2025, are as follows: Final Issue Maturity Interest Outstanding Governmental Activities Date Date Rates 12/31/2025 Enterprise Fleet Ford Interceptor 25KF7M 01/25/22 01/31/26 4.35% $ 725 Enterprise Fleet Chevrolet Tahoe 25XJSB 06/16/22 06/30/26 5.81% 4,502 Enterprise Fleet Ford Edge 25MCFR 06/21/22 06/30/27 6.35% 11,076 Enterprise Fleet Ford Edge 25MCGV 06/21/22 06/30/27 6.35% 11,076 Enterprise Fleet Ford Edge 25KQ96 06/23/22 06/30/27 6.35% 11,034 Enterprise Fleet Ford Edge 25MCR8 06/23/22 06/30/27 6.35% 11,076 Enterprise Fleet Ford Edge 25MCGS 06/29/22 06/30/27 6.13% 11,022 Enterprise Fleet Ford Edge 25MCGT 06/29/22 06/30/27 6.13% 11,022 Enterprise Fleet Ford Explorer 25KQBX 08/31/22 08/31/26 6.40% 5,711 Enterprise Fleet Ford Explorer 25KQCX 08/31/22 08/31/26 6.40% 5,298 Enterprise Fleet Ford Interceptor 25KQDS 10/07/22 10/31/26 7.25% 8,119 Enterprise Fleet Ford Interceptor 25KT49 02/07/23 02/28/27 6.90% 11,554 Enterprise Fleet Ford Interceptor 25KT93 02/18/23 02/28/27 7.19% 11,607 Enterprise Fleet Ford Interceptor 26ZPWK 06/05/23 06/30/27 7.04% 16,478 Enterprise Fleet Ford Interceptor 26ZQ6L 06/05/23 06/30/27 7.04% 16,513 Pitney Bowes Postage Machine 10/30/23 10/29/28 3.65% 5,079 157943 - Metro Sales Copier 01/17/24 01/16/29 2.31% 5,276 Enterprise Fleet Ford Interceptor 2699SC 01/23/24 01/31/28 7.18% 24,053 Enterprise Fleet Ford Interceptor 27WW8Q 07/24/25 07/31/29 6.84% 45,935 159737 - Metro Sales Copier 05/10/24 05/09/29 2.64% 5,937 Governmental Activities Total Lease Liabilities: $ 233,093 Final Issue Maturity Interest Outstanding Business-type Activities Date Date Rates 12/31/2025 154649 - Metro Sales Copier 01/01/24 11/15/28 3.51%$ 5,730 159737 - Metro Sales Copier 05/10/24 05/09/29 2.64% 5,935 Business-type Activities Total Lease Liabilities: $ 11,665 69 Page 136 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Annual debt service requirements to maturity are as follows: Year Ending Governmental Activities Business-type Activities December 31 Principal Interest Principal Interest 2026$ 137,825 $ 9,023 $ 3,581 $ 307 2027 67,537 2,220 3,694 194 2028 19,050 501 3,638 78 2029 8,681 75 752 5 Total: $ 233,093 $ 11,819 $ 11,665 $ 584 Subscription Liabilities: For the year ended December 31, 2025, the City had 13 active subscriptions. The subscriptions have payments that range from $1,188 to $86,428 and interest rates that range from 2.38% to 2.97%. As of December 31, 2025, the total combined value of the subscription liabilities is $621,425, and the total combined value of the short-term subscription liabilities is $252,594. The combined value of the subscription assets of $1,168,991 with accumulated amortization of $376,675 is included with capital asset activity in Note 4 Capital Assets. The subscriptions had $0 of variable payments and other payments, not included in the Subscription Liability. Subscription liabilities outstanding for the year ended December 31, 2025, are as follows: Final Issue Maturity Interest Outstanding Governmental Activities Date Date Rates 12/31/2025 PlanSource Software 12/01/20 11/30/26 2.82%$ 21,524 DebtBook Platform 08/31/21 12/31/28 2.93% 47,057 Axon Air UAS 05/08/24 05/07/29 2.64% 24,498 Axon Fleet 3 09/01/24 08/31/29 2.64% 57,679 Axon Interview Room 09/24/25 12/14/30 2.97% 52,216 Axon Indoor Drone 01/01/25 12/31/29 2.38% 9,508 SmartGov Permitting 01/01/25 12/31/26 2.87% 61,237 TCP Schedule Anywhere 12/22/25 12/21/31 2.64% 15,766 NeoGov Onboarding 12/31/24 01/01/27 2.87% 13,455 Axon OSP 10 11/01/24 10/31/29 2.64% 246,192 Governmental Activities Total Subscription Liabilities: $ 549,132 70 Page 137 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Final Issue Maturity Interest Outstanding Business-type Activities Date Date Rates 12/31/2025 GIS Software License 03/31/23 03/31/26 2.80%$ 15,488 Yukon Server Hosting 09/15/25 09/14/27 2.61% 33,259 Korwebb Mapping Software 06/02/24 06/01/27 2.87% 5,298 Business-type Activities Total Subscription Liabilities: $ 54,045 Annual debt service requirements to maturity are as follows: Year Ending Governmental Activities Business-type Activities December 31 Principal Interest Principal Interest 2026 $ 198,221 $ 14,557 $ 54,045 $ 1,454 2027 171,688 9,195 - - 2028 146,629 4,588 - - 2029 15,802 706 - - 2030 13,728 328 - - 2031 3,064 72 - - Total: $ 549,132 $ 29,446 $ 54,045 $ 1,454 Financed Purchase Payable: The City has the following financed purchase payable for the acquisition of fitness equipment:  In 2021, the Chaska Community Center entered into a financed purchase agreement for the acquisition of fitness equipment. This agreement qualifies as a financed purchase agreement and was recorded at the present value of the minimum required payments. The equipment was capitalized by the City. The purchase agreement matures in December 2026 and carries an interest rate of 5.20%. In the event of default, Municipal Asset Management, Inc., may exercise one or more of the following remedies: (1) terminate the agreement and any or all of the City’s rights to the property; (2) proceed by court action to take possession from the City of any or all property; (3) proceed by court action to enforce performance by the City of its obligations or to recover damages for the breach or pursue any other remedy available to Municipal Asset Management, Inc.; (4) declare all unpaid purchase agreement payments and other sums payable to be immediately due and payable. Financed purchase payable outstanding for the year ended December 31, 2025, is as follows: Final Issue Maturity Interest Original Outstanding Business-type Activities Date Date Rates Issue 12/31/2025 Financed Purchase Payable 12/13/21 12/13/26 5.20%$ 280,594 $ 80,058 71 Page 138 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 The future minimum obligation and the net present value of these minimum payments are as follows: Year Ending Business-type December 31 Activities 2026$ 82,875 Total Minimum Payments 82,875 Less: Amount Representing Interest (2,817) Present Value of Minimum Payments$ 80,058 2025 Activity: On January 16, 2025, the City issued $3,972,000 Lease-Purchase Agreement, Series 2025A. The true interest cost is 3.66% (coupons range from 4.00% to 5.00%). The final maturity date is February 1, 2045. Proceeds of the Lease- Purchase Agreement bonds will be used to finance and reimburse costs of acquiring land for the City’s future Municipal Services Building and pay costs of issuance. Bonds will be repaid through lease payments made by the City pursuant to the lease agreement. On January 30, 2025, the Chaska EDA issued $6,125,000 in lease Revenue Refunding Bonds, Series 2025B; a current refunding of the $9,000,000 EDA Lease Revenue Bonds, Series 2015B. The true interest cost is 3.53% (coupon of 5.00%). The final maturity date is February 1, 2034. The current refunding of the 2015B bonds was done to achieve cost savings of $1,637,199, with a net present value benefit of $1,327,762. These bonds will be repaid from sources applicable to the original bond; lease revenue. Tax Abatements: The City implemented a Business Incentive Policy (in accordance with Minnesota Statutes, Sections 116J.993 to 116J.995) to assist developers with solutions that increase employment opportunities, improve and develop facilities in the City and increase the availability of essential services. Under this policy, the City provides tax abatements (in accordance with Minnesota Statutes, Section 469.1813, subdivision 8) for up to three times a new developer’s total property taxes. The City has eight agreements that could be considered tax abatements under GASB #77 as of December 31, 2025.  In 2013, the City entered into a development agreement with Ridgeview Two Twelve North Addition, LLC to aid with the construction of an expansion to an existing medical building. The expansion creates employment opportunities, increases resident access to vital services, and increases the tax base of the City. The City assistance helped cover reimbursable costs, including soil correction, architectural enhancement, and fire safety. The maximum assistance is $777,926. The City’s obligation is terminated after the earlier of 20 years of payments or once the Developer has been paid $777,926 in tax abatement payments. The City has rebated a total of $331,582, including $50,294 in 2025.  In 2013, the City entered into a development agreement with IP Stream Minneapolis, LLC to aid with the construction of a data center. This new construction developed an underutilized site, creates employment opportunities, and increases the tax base of the City. The City assistance helped cover reimbursable costs, including site acquisition and site improvements. The maximum assistance is $1,228,500. The City’s 72 Page 139 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 obligation is terminated after the earlier of 20 years of payments or once the Developer has been paid $1,228,500 in tax abatement payments. The City has rebated a total of $263,330, including $49,305 in 2025.  In 2014, the City entered into a development agreement with Lucrum Properties, LLC to aid with the expansion of an existing manufacturing facility. The expansion of this high-quality business creates employment opportunities and increases the tax base of the City. The City assistance will help cover reimbursable costs, including storm water and grading improvements, permit fees, development charges, and parking lot improvements. The maximum assistance is $144,699. The City’s obligation is terminated the earlier of after 20 years of payments or once the Developer has been paid $144,699 in tax abatement payments. The City has rebated a total of $116,159, including $23,520 in 2025.  In 2015, the City entered into a development agreement with Lifecore Biomedical, LLC to aid with the expansion of their existing facilities. The expansion of this high-quality business maximized the use of an underutilized site and increases the tax base of the City. The City assistance will help cover reimbursable costs, including site preparation and grading. The maximum assistance is $144,623. The City’s obligation is terminated the earlier of after 20 years of payments or once the Developer has been paid $144,623 in tax abatement payments. The City has rebated a total of $111,338, including $24,796 in 2025.  In 2016, the City entered into a development agreement with U.S. Bank National Association, to aid with the construction of a new data center. This new construction developed an underutilized site, creates employment opportunities, and increases the tax base, generating substantial revenue for the City. The City assistance will help cover reimbursable costs, including a portion of the construction costs. The maximum assistance is $548,000. The City’s obligation is terminated the earlier of after 20 years of payments or once the Developer has been paid $548,000 in tax abatement payments. The City has rebated a total of $288,244, including $68,860 in 2025.  In 2017, the City of Chaska entered into a development agreement with MSP/Chaska Medical, LLC to aid with construction of a medical office building. This new construction increases the City’s tax base, creates employment opportunities, and encourages economic development in its vicinity. The City agreed to reimburse the Developer for eligible construction costs from the proceeds of an interfund loan to the Developer in an amount not to exceed $280,000 with interest at 3.5 percent per annum. Tax abatement on the property will be used to repay the loan. The loan will terminate the earlier of December 31, 2039 or when the City has received tax abatements sufficient to repay the principal amount of the loan plus accrued interest. The City advanced $280,000 to MSP/Chaska Medical, LLC in 2018. Tax abatement payments began in 2019. The interfund loan balance at the end of 2025 was $185,904.  In 2018, the City of Chaska entered into a development agreement with 3919 Bavaria Road, LLC to aid with construction of a facility for weddings, events, and recreational activities. This new construction increases the City’s tax base, creates employment opportunities, and encourages economic development. The City agreed to reimburse the Developer for eligible construction costs. The City assistance will help cover reimbursable costs, including a portion of the construction costs. The maximum assistance is $656,670. The City’s obligation is terminated the earlier of after 20 years of payments or once the Developer has been paid $656,670 in tax abatement payments. The City has rebated a total of $61,743, including $16,443 in 2025. 73 Page 140 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025  In 2022, the City entered into a development agreement with RCS-RCA Oak Ridge, LLC to aid with construction of a roundabout on Minnesota Trunk Highway 41 to accommodate the traffic needs of a new retail and residential development. The new construction will increase the City’s tax base as well as create employment opportunities. The City assistance will help cover eligible construction costs. The City has deferred $1,147,601 of area and trail charges for the development at an interest rate of 4.00% per annum and provided $700,000 of up-front assistance for construction costs to the Developer in 2022. The deferred charges and upfront assistance are to be reimbursed to the City with 70.00% of the abatement revenues received by the City annually. The maximum assistance the Developer is eligible for is $492,399 at a 0.00% interest rate with 30.00% of the abatement revenue received by the City annually. The City’s obligation is terminated the earlier of after 20 years of payments or once the Developer has been paid $492,399. The first tax abatement payment is scheduled to be made in 2026. Tax Increment Pay-As-You-Go Financing Revenue Notes: The Chaska EDA has entered into private development agreements to facilitate the financing of certain projects established by the Chaska Housing and Redevelopment Authority (pursuant to Minnesota Statutes, Sections 469.001 to 469.047). The costs of these projects are financed using tax increment generated from established tax increment financing districts (pursuant to Minnesota Statutes, Sections 469.174 to 469.179). As of December 31, 2025, the Chaska Economic Development Authority has entered into five agreements considered Tax Increment Pay-As-You-Go Financing Revenue Notes under GASB #77. The agreements are not general obligations of the EDA or the City and are payable solely from available tax increment. Each note will be cancelled at the end of the agreement term, whether it has been fully repaid or not. Accordingly, the amounts have not been included in long-term debt because the nature of the notes is that repayment is required only if sufficient tax increments are received. The City’s position is that these are obligations to assign future and uncertain revenue sources and as such, is not actual debt in substance. The four agreements were to assist the developer with the financing of certain costs of a project constructed within the Development District and are as follows:  In 2007, the Chaska EDA issued a pay-as-you-go note to Clover Field Sinclair Limited Partnership in the principal sum of $3,100,000 with an interest rate of 5.65 percent per annum and payments due each February 1 and August 1, commencing August 1, 2008, and paid through February 1, 2030. Payments are payable solely from available tax increment derived from the housing development and paid to the EDA. The pay-as-you-go note provides for payment to the developer for 95% of the tax increment received in the prior six months, less the administrative fees charged by the County. The current year abatement (TIF note payments) totaled $225,107.66. On December 31, 2024, the amount outstanding on the note was $4,165,472.77.  In 2015, the Chaska EDA issued a pay-as-you-go note to Chaska Heights Senior Living in the principal sum of $2,874,667 with an interest rate of 3.25 percent per annum and payments due each February 1 and August 1, commencing August 1, 2018, and paid through February 1, 2044. Payments are payable solely from available tax increment derived from the housing development and paid to the EDA. The pay-as-you- go note provides for payment to the developer for 100% of the tax increment received in the prior six months, less the administrative fees charged by the County, and less $34,500 which shall be retained by the EDA. The current year abatement (TIF note payments) totaled $279,740.34. On December 31, 2025, the amount outstanding on the note was $2,186,389.16. 74 Page 141 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025  In 2016, the Chaska EDA issued a pay-as-you-go note to Creeks Run Phase II, LLC in the principal sum of $242,500 with an interest rate of 4.5 percent per annum and payments due each February 1 and August 1, commencing August 1, 2018, and paid through February 1, 2036. Payments are payable solely from available tax increment derived from the housing development and paid to the EDA. The pay-as-you-go note provides for payment to the developer for 100% of the tax increment received in the prior six months, less the administrative fees charged by the County, and less $9,000 which shall be retained by the EDA. The current year abatement (TIF note payments) totaled $11,191.85. On December 31, 2025, the amount outstanding on the note was $238,722.29.  In 2021 In 2021, the Chaska EDA issued a pay-as-you-go note to Oppidan, Incorporated in the principal sum of $1,304,000 between two building sites (Building One: $994,000, Building Two: $310,000) with an interest rate of 4.0 percent per annum and payments due each February 1 and August 1, commencing August 1, 2023, and paid through February 1, 2032. Payments are payable solely from available tax increment derived from the redevelopment project area and paid to the EDA. The pay-as-you-go note provides payment to the developer for 95% of the tax increment received in the prior six months, less the administrative fees charged by the County. The current year abatement (TIF note payments) towards Building One totaled $301,345.89 and Building Two totaled $220,720.71. On December 31, 2025, the amount outstanding on the note for Building One was $505,676.30 and the amount outstanding on the note for Building Two was $0. Conduit Debt: From time to time, the City has issued Industrial Revenue Bonds (IRBs) and Housing Revenue Bonds (HRBs) (collectively the “Revenue Bonds”) to provide financial assistance to private-sector entities for the acquisition and construction of industrial and housing facilities deemed to be in the public interest. The Revenue Bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the Revenue Bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond issuance. Neither the City, nor the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds, excluding the bonds mentioned below. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 2025, there were two series of IRBs outstanding. The aggregate principal amount payable for the two series issued after July 1, 1995, was $17,476,043. The aggregate principal amount payable for the three series issued prior to July 1, 1995, could not be determined; however, their original issue amounts totaled $9,625,000. As of December 31, 2025, there were three series of HRBs outstanding. The aggregate principal amounts payable for the three series issued after July 1, 1995, was $4,225,000. The aggregate principal amount payable for the series issued prior to July 1, 1995, could not be determined; however, the original issue amounts totaled $3,600,000. The outstanding HRB balance includes one issue that is backed by the full faith and credit of the City. In 2020, the Carver County Housing and Redevelopment Authority issued $2,200,000 in Housing Development Revenue Bonds. (These bonds refunded the $2,850,000 Housing Revenue Bonds of 2010). This issue is secured by housing revenues and, if not so paid, by a tax levy. The bonds are secured by a general obligation pledge of the City. 75 Page 142 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Note 7 Interfund Receivables, Payables and Transfers Interfund receivables and payables as of December 31, 2025, are as follows: Due To/From Other Funds Receivable Fund Payable Fund Amount Public Facilities Cap. Imp. Community Center $ 2,000,000 Water Curling Center 1,065,802 Water Nonmajor Enterprise 1,100,000 Sewer Community Center 3,000,000 Storm Water Curling Center 4,300,000 Nonmajor Governmental Public Improvement Projects 12,473,291 Nonmajor Governmental Community Center 5,062,000 Nonmajor Governmental Nonmajor Governmental 3,368,440 Nonmajor Enterprise Nonmajor Enterprise 1,049,961 Total: $ 33,419,494 Due to other funds, and due from other funds, is utilized for cash flow purposes and eliminates temporary cash balance deficits in the payable fund. Interfund Receivables/Payables And Advances To/From Other Funds Interfund Receivables/ Advances Receivable Fund Payable Fund Payables To/From Total Purpose Public Facilities Cap. Imp. Community Center$ 6,197 $ 62,463 $ 68,660 1 Electric Nonmajor Governmental - 1,176,884 1,176,884 2 Turbine Generator Electric 77,733 360,780 438,513 3 Internal Service Community Center 27,985 207,278 235,263 4 Internal Service Nonmajor Governmental - 1,750,080 1,750,080 2, 5 Internal Service Nonmajor Enterprise 55,520 411,213 466,733 6 Nonmajor Governmental Water 63,521 1,236,782 1,300,303 7 Nonmajor Governmental Sewer 63,521 1,236,782 1,300,303 7 Nonmajor Governmental Community Center 33,632 338,987 372,619 1 Nonmajor Governmental Storm Water 58,430 585,920 644,350 8 Nonmajor Governmental Nonmajor Governmental 1,269,898 - 1,269,898 9 Nonmajor Governmental Nonmajor Enterprise 222,918 968,266 1,191,184 10 Total:$ 1,879,355 $ 8,335,435 $ 10,214,790 Explanation of Interfund Receivables/Payables and Advances To/From Other Funds: (1) These interfund loans to the Community Center for locker room improvements are from the following funds:  Public Facilities Fund - $68,660 loan balance with $6,197 due in one year.  Improvement Revolving Fund - $372,619 loan balance with $33,632 due in one year. 76 Page 143 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 (2) This 2007 loan from the Electric fund and Internal Service fund provides interim financing for TIF District #14 project costs. The outstanding balance of $2,248,475 will be repaid from tax increment generated by the district as it becomes available. (3) This interfund loan from the Turbine Generator fund to the Electric fund was made in 2001 to finance a substation. Of the $438,513 due at year end, $77,733 is due in one year. (4) This 2022 loan from the Internal Service fund to the Community Center fund provides financing for equipment and repairs. Of the $235,263 due at year end, $27,985 is due in one year. (5) This 2022 loan from the Internal Service fund to the Abatement Program fund provides interim financing for a roundabout and access into a new abatement district. The outstanding balance of $678,489 will be repaid from abatement revenue generated by the district or from permanent financing for the project. (6) This 2022 loan from the Internal Service fund to the Town Course golf fund provides financing for cart path improvements. Of the $466,733 due at year end, $55,520 is due in one year. (7) These interfund loans from the Equipment Acquisition fund to the Water fund and Sewer fund are for shared water/sewer equipment purchases. Of the $2,600,606 due at year end, $127,042 is due in one year. (8) This interfund loan from the Equipment Acquisition fund to the Storm Water fund is for a storm water equipment purchase. Of the $644,350 due at year end, $58,430 is due in one year. (9) These loans eliminate what would have been negative cash in TIF District funds. The outstanding balance of $1,269,898 will be repaid from tax increment generated by the districts as it becomes available. (10) These interfund loans are from the Equipment Acquisition fund to the following funds:  The Loop at Chaska - $44,740 loan balance for golf equipment purchases with $6,570 due in one year.  Town Course - $1,146,444 loan balance for golf equipment purchases with $216,348 due in one year. Transfers In/Out for 2025 are as follows: Transfers In Governmental Funds Enterprise Funds Public Public Facilities Improvement Community Storm Curling Transfers Out General Cap. Imp. Projects Nonmajor Electric Water Sewer Center Water Center Nonmajor Total General $ - $ 3,432,000 $ - $ 795,000 $ - $ - $ - $ 320,446 $ - $ - $ - $ 4,547,446 Public Facilities Capital Improvement - - - 3,407,000 - - - - - - - 3,407,000 Electric 5,130,300 264,600 - 1,463,000 - - - 721,000 42,000 52,500 244,000 7,917,400 Water 40,000 197,400 - 79,000 - - - 70,000 - 12,000 - 398,400 Sewer 60,000 197,400 - 152,000 - - - 70,000 - 12,000 - 491,400 Storm Water - 123,300 - 246,000 - - - - - - 369,300 Internal Service 49,379 - - - 5,682 903 2,763 353,665 - 4,230 - 416,622 Nonmajor Governmental - - 1,263,586 4,726,829 - 473,000 55,000 - 255,500 1,726,000 - 8,499,915 Total: $ 5,279,679 $ 4,214,700 $ 1,263,586 $ 10,868,829 $ 5,682 $ 473,903 $ 57,763 $ 1,535,111 $ 297,500 $ 1,806,730 $ 244,000 $ 26,047,483 Explanation of Transfers: Transfers are used to 1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them, 2) move receipts restricted to debt service from the funds collecting the receipts to the debt service fund as debt service payments become due, and 3) use unrestricted revenues collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. The internal service fund transfers include a transfer to the Community Center fund for planned capital improvements and repairs. This transfer was budgeted within the Community Center fund. Transfers to other funds are related to repair costs for insurance claims that were not reimbursed by other sources. 77 Page 144 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Note 8 Fund Balance and Net Position A summary of the governmental fund balance classifications as of December 31, 2025, are as follows: Public Facilities Public Capital Improvement Nonmajor General Improvement Projects Governmental Totals Nonspendable: Prepaid Items $ 289,405 $ - $ - $ - $ 289,405 Leases - - - 104,815 104,815 Total Nonspendable Balances 289,405 - - 104,815 394,220 Restricted for: Housing Loan Program - - - 13,183 13,183 Police Forfeitures & Evidence - - - 6,657 6,657 Public Safety - - - 623,935 623,935 Debt Requirements - - - 10,191,212 10,191,212 Economic Development - - - 7,267,704 7,267,704 Street Improvement Program - - - 602,597 602,597 Capital Equipment - - - 1,043,628 1,043,628 Public Facility Improvements - 11,363,976 - - 11,363,976 Abatement Program - - - 133,003 133,003 Total Restricted Fund Balances - 11,363,976 - 19,881,919 31,245,895 Committed to: Compensated Absences 1,294,249 - - - 1,294,249 Stabilization Arrangement 1,500,000 - - - 1,500,000 Mt. Pleasant Cemetery Care - - - 278,270 278,270 Economic Development - - - 53,809 53,809 Capital Equipment - - - 1,923,434 1,923,434 Street Improvement Program - - - 2,012,540 2,012,540 Public Infrastructure Improvements 14,127 14,127 Total Committed Fund Balances 2,794,249 - - 4,282,180 7,076,429 Assigned to: Compensated Absences 480,638 - - - 480,638 Mt. Pleasant Cemetery Care - - - 11,975 11,975 Police Forfeitures - - - 5,252 5,252 Road Construction - - - 101,622 101,622 Capital Equipment - - - 7,793,742 7,793,742 Fire Protection Improvements - - - 21,936 21,936 Southwest Chaska Improvements - - - 2,646,568 2,646,568 Street Improvement Program - - - 265,571 265,571 Capital Improvements - - - 19,471,656 19,471,656 Total Assigned Fund Balances 480,638 - - 30,318,322 30,798,960 Unassigned 4,171,454 (6,239,504) (12,427,382) (9,093,134) (23,588,566) Total Fund Balances: $ 7,735,746 $ 5,124,472 $(12,427,382) $ 45,494,102 $ 45,926,938 78 Page 145 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 The following table provides further detail of the calculation of Net Investment in Capital Assets reported as part of the Net Position in the Government-wide financial statements as of December 31, 2025: Governmental Business-Type Activities Activities Total capital assets $ 321,821,608 $ 324,843,765 Less: Accumulated depreciation and amortization 84,268,126 166,436,692 Net carrying value of capital assets 237,553,482 158,407,073 Less: Outstanding principal of capital-related borrowings related to the City's own capital assets 72,457,888 27,749,709 Outstanding principal of debt and other borrowing used to refund capital-related borrowings 14,882,894 11,005,000 Outstanding principal balance of any other capital related liabilities 9,638,244 1,134,965 Unamortized original issue premiums on outstanding capital debt 4,632,073 1,143,088 Unamortized balance of capital-related deferred inflows of resources including amounts on refunding 208,995 185,130 101,820,094 41,217,892 Total Net Investment in Capital Assets $ 135,733,388 $ 117,189,181 Note 9 Risk Management The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Workers compensation coverage is provided through a pooled self-insurance program through the League of Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to LMCIT. The City is subject to supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through Workers Compensation Reinsurance Association (WCRA) as required by law. For workers compensation, the City is not subject to a deductible. The City’s workers compensation coverage is retrospectively rated. With this type of coverage, final premiums are determined after loss experience is known. The amount of premium adjustment, if any, is considered immaterial and not recorded until received or paid. Property and casualty insurance coverage is provided through a pooled self-insurance program through the LMCIT. The City pays an annual premium to the LMCIT. The City is subject to supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through commercial companies for claims in excess of various amounts. The City retains risk for the deductible portion of the insurance policies and for any exclusion from the insurance policies. These amounts are considered immaterial to the financial statements. The City continues to carry commercial insurance for all other risks of loss, including life, disability, dental, and health insurance. There were no significant reductions in insurance from the previous year or settlements in excess of insurance coverage for any of the past three years. 79 Page 146 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 The Self Insurance fund, an internal service fund which charges its costs to user departments, accounts for the risk management activities of the City. The fund is designed to build up a reserve, which will provide the City the opportunity to assume a greater share of its insurance risks and thereby reducing the cost to purchase insurance. Note 10 Commitments and Contingencies A) Construction Commitments At December 31, 2025, the City had the following construction commitments outstanding: Project Project Contractor Commitment Public Safety Facility-Project Manager RJM Construction LLC$ 85,255 Public Safety Facility-Specialties Bartley Sales Company Inc 48,727 Public Safety Facility-Special Inspections Braun Intertec Corp 3,741 Public Safety Facility-Fences & Gates Century Fence Company 114,771 Public Safety Facility-Foodservice & Metal Casework Cosney Corporation 9,232 Public Safety Facility-Carpet & Resilient Flooring 9D DiverzifyPro fka Floors by Beckers 27,811 Public Safety Facility-Safety Floors & Wall Mats 11B DiverzifyPro fka Floors by Beckers 5,000 Public Safety Facility-Concrete Paving Ebert Inc 57,111 Public Safety Facility-Arch Woodwork Focal Point Fixtures Inc 100,909 Public Safety Facility-Tile & Terrazzo Floors Grazzini Brothers & Company 54,100 Public Safety Facility-Plumbing GR Mechnical Plumbing & Heating Inc 83,932 Public Safety Facility-Synthetic Grass Surfacing H2I Group Inc 33,050 Public Safety Facility-Landscaping Hartman Companies Inc 260,255 Public Safety Facility-Structural Steel Industrial Construction Specialists 46,250 Public Safety Facility-Concrete Kelleher Construction Inc 8,100 Public Safety Facility-Rough & Finish Carpentry Kellington Construction Inc 89,722 Public Safety Facility-Elevators KONE Inc 1,824 Public Safety Facility-Earthwork & Utilities Kusske Construction Co LLC 109,504 Public Safety Facility-Fire Slide Poles McIntire Brass Works Inc 16,817 Public Safety Facility-Precast Concrete Molin Concrete Products Co 42,718 Public Safety Facility-Aluminum Storefront & Glazing MT Contracting Inc 127,610 Public Safety Faciltiy-Communications Muska Electric Company 635,999 Public Safety Facility-Electrical NEI Electric Inc 61,500 Public Safety Facility-Masonry Northland Concrete & Masonry Company LLC 24,259 Public Safety Facility-Asphalt Paving Northwest Asphalt Inc 87,500 Public Safety Facility-Survey Northwest Surveying and Engineering Inc 2,835 Public Safety Facility-Roofing Peterson Bros Roofing & Construction Inc 18,804 Public Safety Facility-Painting Prindle Painting Inc 48,608 Public Safety Facility-Applied Fireproofing Pinnacle Wall Systems Inc 12,496 Public Safety Facility-Architectural Metal Panels Progressive Building Stytems Ltd 109,481 Public Safety Facility-Specialty Rigging Quickway Rigging & Transfer Inc 7,830 Public Safety Facility-Framing & Gypsum Board Assemblies RTL Construction 42,493 Public Safety Facility-Signage Signation Sign Group 60,905 Public Safety Facility-Accoustical & Suspended Ceiling Sonus Interiors 438 Public Safety Facility-Window Treatments Sonus Interiors 27,455 Public Safety Facility-Structural Steel Material Standard Iron & Wire Works Inc 56,891 Public Safety Facility-Fire Protection Summit Fire Protection Co 50,000 Public Safety Facility-Doors, Frames & Hardware Twin City Hardware 23,486 Public Safety Facility-HVAC Weidner Mechanical 96,846 Th 41 Landscaping & Irrigation Valdes Lawn care & Snow Removal LLC 12,314 MN River Bluffs Regional Trail Minger Construction Co Inc 80,348 Well 6 Maintenance Project Keys Well Drilling Company 50,480 Well 9 Maintenance Project Keys Well Drilling Company 60,025 Wells 11 & 12 Pumping Facility Municipal Builders Inc 910,478 Victoria Dr Utility Improvements Widmer Construction Inc 39,761 North Water Treatment Plant Sanitary Sewer Widmer Construction Inc 35,239 C2 Seminary Fen Ravine Restoration Sunram Construction Inc 695,332 $ 4,578,241 80 Page 147 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 B) Federal and State Funding Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures that may be disallowed by the grantor cannot be determined at this time, although the City expects such amounts, if any, to be immaterial. C) Legal Claims In connection with the normal conduct of its affairs, the City is involved in various claims litigation and judgments. It is expected that the final settlement of those matters will not materially affect the financial statements of the City. Note 11 Jointly Governed Organizations The City, in conjunction with 11 other municipalities that provide distribution of electric services, comprises the Minnesota Municipal Power Agency (MMPA). MMPA began operations on July 1, 1995. MMPA purchases power that is purchased and distributed by the 12 municipalities that operate electric distribution systems. MMPA’s board of directors is comprised of one member from each participating entity. Except for minimum purchase requirements, no participant has any obligation, entitlement, or residual interest. The City’s purchases of power from MMPA for the year ended December 31, 2025, was $38,391,047. MMPA issues an annual financial report that may be obtained by writing MMPA, 220 S. 6th Street, Suite 1300, Minneapolis, MN 55402, by calling (612) 349-6868, or on the Internet at www.mmpa.org. Note 12 Defined Benefit Pension Plans Employees of the City participate in three defined benefit pension plans. Two of the plans are state-wide cost- sharing, multiple employer defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota (PERA): the General Employees Retirement fund and the Public Employees Police and Fire fund. The third is a single-employer defined benefit pension plan administered through the Chaska Fire Department Relief Association (CFDRA). The details of the City’s participation in each of these plans are presented later in these notes. The following table summarizes the impact of these plans on the City’s government-wide financial statements. PERA Pension Plans General Public Chaska Employees Employees Fire Department Total Retirement Fund Police & Fire Fund Total Relief Association All Plans Deferred Outflows $ 1,653,194 $ 5,547,126 $ 7,200,320 $ 483,909 $ 7,684,229 Net Pension Liability 5,434,516 3,793,857 9,228,373 1,165,384 10,393,757 Deferred Inflows 3,541,860 6,581,871 10,123,731 409,412 10,533,143 Pension Revenue (20,109) 63,633 43,524 262,312 305,836 Pension Expense 33,579 1,032,728 1,066,307 391,459 1,457,766 81 Page 148 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Note 13 Defined Benefit Pension Plans – State-wide A) Plan Description The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by PERA. These plan provisions are established and administered in accordance with Minnesota Statutes, chapters 353, 353D, 353E, 353G, and 356. Minnesota Statutes chapter 356 defines each plan’s financial reporting requirements. PERA’s defined benefit pension plans are tax qualified plans under Section 401(a) of the Internal Revenue Code. 1. General Employees Retirement Plan Membership in the General Plan includes employees of counties, cities, townships, schools in non-certified positions, and other governmental entities whose revenues are derived from taxation, fees, or assessments. Plan membership is required for any employee who is expected to earn more than $425 in a month, unless the employees meets exclusion criteria. 2. Public Employees Police and Fire Retirement Plan Membership in the Police & Fire Plan includes full-time, licensed police officers and firefighters who meet the membership criteria defined in Minnesota Statutes section 353.64 and who are not earning service credit in any other PERA retirement plan or local relief association for the same service. Employers can provide Police & Fire Plan coverage for part-time positions and certain other public safety positions by submitting a resolution adopted by the entity’s governing body. The resolution must state that the position meets plan requirements. B) Benefits Provided PERA provides retirement, disability, and death benefits. Benefit provisions are established by state statute and can only be modified by the state Legislature. Vested, terminated employees who are entitled to benefits, but are not receiving them yet, are bound by the provisions in effect at the time they last terminated their public service. When a member is “vested”, they have earned enough service credit to receive a lifetime monthly benefit after leaving public service and reaching an eligible retirement age. Members who retire at or over their Social Security full retirement age with at least one year of service qualify for a retirement benefit. 1. General Employees Plan Benefits General Employees Plan requires three years of service to vest. Benefits are based on a member’s highest average salary for any five successive years of allowable service, age, and years of credit at termination of service. Two methods are used to compute benefits for General Plan members. Members hired prior to July 1, 1989, receive the higher of the Step or Level formulas. Only the Level formula is used for members hired after June 30, 1989. Under the Step formula, General Plan members receive 1.2% of the highest average salary for each of the first 10 years of service and 1.7% for each additional year. Under the Level formula, General Plan members receive 1.7% of highest average salary for all years of service. For members hired prior to July 1, 1989 a full retirement benefit is available when age plus years of service equal 90 and normal retirement age is 65. Members can receive a reduced requirement benefit as early as age 55 if they have three or more years of service. Early retirement benefits are reduced by .25% for each month under age 65. Members with 30 or more years of service can retire at any age with a reduction of .25% for each month the member is younger than age 62. The Level formula allows General Plan members to receive a full retirement benefit at age 65 if they were first hired before July 1, 1989 or at age 66 if they were hired on or after July 1, 1989. Early retirement begins at age 55 with an actuarial reduction applied to the benefit. 82 Page 149 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Benefit increases are provided to benefit recipients each January. The postretirement increase is 50% of the cost-of-living adjustment (COLA) announced by the SSA, with a minimum increase of at least 1% and a maximum of 1.5%. The 2025 annual increase was 1.25%. Recipients that have been receiving the annuity or benefit for at least a full year as of the June 30 before the effective date of the increase will receive the full increase. Recipients receiving the annuity or benefit for at least one month but less than a full year as of the June 30 before the effective date of the increase will receive a reduced prorated increase. 2. Police and Fire Plan Benefits Benefits for the Police and Fire Plan members hired before July 1, 2010, are vested after three years of service. Members hired on or after July 1, 2010, are 50% vested after five years of service and 100% vested after ten years. After five years, vesting increases by 10% each full year of service until members are 100% vested after ten years. Police and Fire Plan members receive 3% of highest average salary for all years of service. Police and Fire Plan members receive a full retirement benefit when they are age 55 and vested, or when their age plus their years of service equals 90 or greater if they were first hired before July 1, 1989. Early retirement starts at age 50, and early retirement benefits are reduced by 0.417% each month members are younger than age 55. Benefit increases are provided to benefit recipients each January. The postretirement increase is fixed at 1%. Recipients that have been receiving the annuity or benefit for at least 36 months as of the June 30 before the effective date of the increase will receive the full increase. Recipients receiving the annuity or benefit for at least 25 months but less than 36 months as of the June 30 before the effective date of the increase will receive a reduced prorated increase. C) Contributions Minnesota Statutes Chapter 353, 353E, 353G, and 356 set the rates for employer and employee contributions. Contribution rates can only be modified by the state Legislature. 1. General Employees Fund Contributions General Plan members were required to contribute 6.50% of their annual covered salary in fiscal year 2025 and the City was required to contribute 7.50% for Coordinated Plan members. The City’s contributions to the General Employees Fund for the year ended December 31, 2025, were $1,159,029. The City’s contributions were equal to the required contributions as set by state statute. 2. Police and Fire Fund Contributions Police and Fire Plan members were required to contribute 11.80% of their annual covered salary in fiscal year 2025 and the City was required to contribute 17.70% for Police and Fire Plan members. The City’s contributions to the Police and Fire Fund for the year ended December 31, 2025, were $918,011. The City’s contributions were equal to the required contributions as set by state statute. D) Pension Costs 1. General Employees Fund Pension Costs At December 31, 2025, the City reported a liability of $5,434,516 for its proportionate share of the General Employees Fund’s net pension liability. The City’s net pension liability reflected a reduction due to the State of Minnesota’s contribution of $16 million. The State of Minnesota is considered a non-employer contributing entity and the state’s contribution meets the definition of a special funding situation. The State of Minnesota’s proportionate share of the net pension liability associated with the City totaled $131,098. 83 Page 150 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 City's proportionate share of the net pension liability$ 5,434,516 State of Minnesota's proportionate share of the net pension liability associated with the City 131,098 Total:$ 5,565,614 The net pension liability was measured as of June 30, 2025, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s proportionate share of the net pension liability was based on the City’s contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2024, through June 30, 2025, relative to the total employer contributions received from all of PERA’s participating employers. The City’s proportionate share was .1640% at the end of the measurement period and .1593% for the beginning of the period. For the year ended December 31, 2025, the City recognized pension expense of $33,579 for its proportionate share of the General Employees Plan’s pension expense. In addition, the City recognized a decrease of $20,109 in pension expense (and grant revenue) for its proportionate share of the State of Minnesota’s contribution of $16 million to the General Employees Fund. At December 31, 2025, the City reported its proportionate share of the General Employees Plan’s deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual economic experience$ 517,790 $ - Changes in actuarial assumptions 130,940 1,250,463 Net difference between projected and actual investment earnings - 2,162,446 Changes in proportion 402,531 128,951 Contributions paid to PERA subsequent to the measurement date 601,933 - Total:$ 1,653,194 $ 3,541,860 84 Page 151 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 The $601,933 reported as deferred outflows of resources related to pensions resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2026. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ended December 31 Pension Expense Amount 2026 $ (408,449) 2027 (1,019,238) 2028 (676,619) 2029 (386,293) Total: $ (2,490,599) 2. Police and Fire Fund Pension Costs At December 31, 2025, the City reported a liability of $3,793,857 for its proportionate share of the Police and Fire Fund’s net pension liability. The net pension liability was measured as of June 30, 2025, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s proportionate share of the net pension liability was based on the City’s contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2024, through June 30, 2025, relative to the total employer contributions received from all of PERA’s participating employers. The City’s proportionate share was .3238% at the end of the measurement period and .3332% for the beginning of the period. The State of Minnesota contributed $18 million to the Police and Fire Fund in the plan fiscal year ended June 30, 2025. The contribution consisted of $9 million in direct state aid that meets the definition of a special funding situation and $9 million is supplemental state aid that does not meet the definition of a special funding situation. The $9 million direct state aid was paid on October 1, 2024. The direct state aid payment will increase by $17.7 million which was paid on October 1, 2025. Thereafter, by October 1 of each year, the state will pay $26.7 million to the Police and Fire Fund until the fund is 110% funded for a minimum of three consecutive years (on an actuarial basis). The $9 million in supplemental state aid will continue until the fund and State Patrol Plan (administered by the Minnesota State Retirement System) are 100% funded for three consecutive years (on an actuarial basis). The State of Minnesota’s proportionate share of the net pension liability associated with the City totaled $131,514. City's proportionate share of the net pension liability $ 3,793,857 State of Minnesota's proportionate share of the net pension liability associated with the City 131,514 Total: $ 3,925,371 For the year ended December 31, 2025, the City recognized pension expense of $1,032,728 for its proportionate share of the Police and Fire Plan’s pension expense. The City recognized $63,633 as grant revenue and pension expense for its proportionate share of the State of Minnesota’s pension expense for the contribution of $9 million to the Police and Fire Fund special funding situation. 85 Page 152 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 The State of Minnesota is not included as a non-employer contributing entity in the Police and Fire Pension Plan pension allocation schedules for the $9 million in supplemental state aid because the contribution was not considered to meet the definition of a special funding situation. The City recognized $86,455 for the year ended December 31, 2025, as revenue and an offsetting reduction of net pension liability for its proportionate share of the State of Minnesota’s on-behalf contributions to the Police and Fire Fund. At December 31, 2025, the City reported its proportionate share of the Police and Fire Plan’s deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual economic experience$ 1,752,882 $ - Changes in actuarial assumptions 2,876,960 4,753,544 Net difference between projected and actual investment earnings - 1,693,251 Changes in proportion 408,698 135,076 Contributions paid to PERA subsequent to the measurement date 508,586 - Total:$ 5,547,126 $ 6,581,871 The $508,586 reported as deferred outflows of resources related to pensions resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2026. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Year Ended December 31 Pension Expense Amount 2026$ 996,115 2027 (743,869) 2028 (1,774,897) 2029 (93,000) 2030 72,320 Total:$ (1,543,331) 86 Page 153 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 E) Long-Term Expected Return on Investment The State Board of Investment, which manages the investments of PERA, prepares an analysis of the reasonableness on a regular basis on the long-term expected rate of return using a building-block method in which best-estimate ranges of expected future rates of return are developed for each major asset class. These ranges are combined to produce an expected long-term rate of return by weighting the expected future rates of return by the target asset allocation percentages. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table: Target Long-Term Expected Asset Class Allocation Real Rate of Return Domestic Equity 33.5% 5.10% International Equity 16.5% 5.30% Fixed Income 25.0% 0.75% Private Markets 25.0% 5.90% Total: 100.0% F) Actuarial Methods and Assumptions The total pension liability for each of the cost-sharing defined benefit plans was determined by an actuarial valuation as of June 30, 2025, using the entry-age normal actuarial cost method. The long-term rate of return on pension plan investments used to determine the total liability is 7%. The 7% assumption is based on a review of inflation and investments return assumptions from a number of national investment consulting firms. The review provided a range of investment return assumptions from a number of national investment consulting firms. The review provided a range of investment return rates considered reasonable by the actuary. An investment return of 7% is within that range.  Inflation is assumed to be 2.25% for the General Employees Plan and the Police and Fire Plan.  Benefit increases after retirement are assumed to be 1.50% for the General Employees Plan and 1.00% for the Police & Fire Plan. Salary growth assumptions in the General Employees Plan range in annual increments from 11.5% after one year of service to 3% after 27 years of service. In the Police and Fire Plan, salary growth assumptions range in annual increments from 10.75% after one year of service to 3% after 23 years of service. Mortality rates for the General Employees Plan are based on the Pub-2010 General Employee Mortality Table. Mortality rates for the Police and Fire Plan are based on the Pub-2010 Public Safety Employee Mortality tables. The tables are adjusted slightly to fit PERA’s experience. Actuarial assumptions for the General Employees Plan are reviewed every four years. The General Employees Plan was last reviewed in 2022. The assumption changes were adopted by the Board and became effective with the July 1, 2023, actuarial valuation. The Police and Fire Plan was reviewed in 2024. The assumption changes were adopted by the board and become effective with the July 1, 2025 actuarial valuation. 87 Page 154 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 The following changes in actuarial assumptions and plan provisions occurred in 2025: 1. General Employees Fund Changes in Actuarial Assumptions:  The combined service annuity loading factors increased from 15% to 19% for vested terminated members and from 3% to 44% for non-vested, terminated members.  The assumed post-retirement benefit increase changed from 1.25% to 1.5%. Changes in Plan Provisions:  The post-retirement benefit increase formula changed to 100% of the Social Security annual increase, between 1% and 1.75% , beginning January 1, 2026. If the funded ratio (on a market value of assets basis) is less than 85% for the last two consecutive annual valuations or is less than 80% in the most recent actuarial valuation, the maximum is reduced to 1.5%. Previously, the benefit increase was 50% of the Social Security annual increase, between 1% and 1.5%.  The 1% additional employer contribution is eliminated when the plan reaches 98% funded status (on an actuarial value of assets basis); this contribution was previously scheduled to stop when the plan reached 100% funded status. 2. Police and Fire Fund Changes in Actuarial Assumptions:  Assumed rates of salary increases were reduced slightly.  Assumed rates of retirement were adjusted, resulting in an overall increase in unreduced (full) retirements and an overall increase in reduced (early) retirements.  Assumed rates of withdrawal were modified; the new rates will increase predicted terminations, especially in the first few years of employment.  Assumed rates of disabled retirement were significantly increased, especially for ages over age 30.  Continued used of Pub-2010 Public Safety Mortality Table with rates adjusted to better fit observed experience.  Percent married assumption for female retirees lowered from 70% to 65%.  Minor changes were made to form of payment assumptions for retirees.  Minor changes were made to assumptions made with respect to missing participant data.  The combined service annuity load changed from 33% to 13% for vested, terminated members and from 2% to 38% for non-vested, terminated members. Changes in Plan Provisions:  The period of time needed for benefit recipients to receive their first benefit increase was reduced by one year (from 36 months to 24 months for a full increase).  The January 1, 2026 benefit increase changed from 1% to 3%; subsequent January 1 increases will be 1%.  The threshold to end the $9 million annual state aid contribution changed from the earlier of July 1, 2048 or 90% funded for both PERA Police & Fire and MSRS State Patrol for three consecutive years to 100% funded for both PERA Police & Fire and MSRS State Patrol for three consecutive years (on an actuarial value of assets basis).  The threshold to end the additional $9 million annual state aid contribution changed from the earlier of July 1, 2048 or 100% funded for a minimum of three consecutive years to 110% funded for a minimum of three consecutive years (on an actuarial value of assets basis). 88 Page 155 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025  An additional $17.7 million in direct state aid will be paid annually each October 1 beginning October 1, 2025 through June 30, 2048.  Joint and survivor actuarial equivalent factors were updated to reflect changes in assumptions. G) Discount Rate The discount rate used to measure the total pension liability in 2025 was 7%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members and employers will be made at rates set in Minnesota Statutes. Based on these assumptions, the fiduciary net position of the General Employees and Police and Fire Plans were projected to be available to make all projected future benefit payments of current plan members. The long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. H) Pension Liability Sensitivity The following presents the City’s proportionate share of the net pension liability for all plans it participates in, calculated using the discount rate disclosed in the preceding paragraph, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate: Sensitivity Analysis Net Pension Liability at Different Discount Rates General Employees Fund Police and Fire Fund 1% Lower 6.00%$ 13,199,587 6.00%$ 9,940,709 Current Discount Rate 7.00%$ 5,434,516 7.00%$ 3,793,857 1% Higher 8.00%$ (864,704) 8.00%$ (1,253,679) I) Pension Plan Fiduciary Net Position Detailed information about each pension plan’s fiduciary net position is available in a separately issued PERA financial report that includes financial statements and required supplementary information. That report may be obtained on the Internet at www.mnpera.org. Note 14 Defined Contribution Plan – PERA Two council members of the City are covered by the Defined Contribution Plan, a multiple-employer deferred compensation plan administered by PERA. The Defined Contribution Plan is a tax qualified plan under Section 401(a) of the Internal Revenue Code and all contributions by or on behalf of employees are tax deferred until time of withdrawal. Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative expenses. Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including the employee and employer contribution rates for those qualified personnel who elect to participate. An eligible elected official who decides to participate contributes 5.0% of salary which is matched by the elected official’s employer. For ambulance services personnel, employer contributions are determined by the employer and for salaried employees, contributions must 89 Page 156 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 be a fixed percentage of salary. Employer contributions for volunteer personnel may be a unit value for each call or period of alert duty. Employees who are paid for their services may elect to make member contributions in an amount not to exceed the employer share. Employer and employee contributions are combined and used to purchase shares in one or more of the seven accounts of the Minnesota Supplemental Investment Fund. For administering the plan, PERA receives 2.0% of employer contributions and twenty-five hundredths of one percent (0.25%) of the assets in each member’s account annually. Total contributions made by the City during fiscal year 2025 were: Amount Percentage of Covered Payroll Required Employee Employer Employee Employer Rate $710 $710 5.00% 5.00% 5.00% Note 15 Defined Benefit Pension Plans – Fire Relief Association A) General Information about the Pension Plan Plan Description - All members of the Chaska Fire Department (CFD) are covered by a defined benefit pension plan, Chaska Fire Department Relief Association Pension Plan (CFDRAPP), administered by the Chaska Fire Department Relief Association (CFDRA). CFDRAPP is a single-employer defined benefit pension plan. Minnesota Statutes, Chapter 69 grants the authority to the CFDRA Board to establish and amend benefit terms with consenting approval by the Chaska City Council. CFDRA issues a publicly available financial report that can be obtained by writing to City of Chaska, One City Hall Plaza, Chaska, MN 55318-1962 or by phone (952) 448-9200. Benefits Provided - The plan provides retirement and disability benefits to plan members and beneficiaries.  Monthly Service Pension: $3.400 per month of service. The maximum number of months is 360 months. The benefit is reduced 8% for each year of service less than 15 years. This benefit is available to members hired prior to November 4, 2013.  Lump Sum Service Pension: $9,304 per year of service (up to 25 years) plus a Supplemental Benefit of 10% of the lump sum distribution, but not more than $1,000. The benefit is reduced 8% for each year of service less than 15 years.  Deferred Service Pension: with termination prior to age 50 and at least 10 years of service, a deferred pension is payable at age 50 and reduced 8% for each year of service less than 15 years.  Survivor Benefits: If hired before November 14, 2013, spouse and children receive 100% of the member’s monthly pension for life or until marriage. The surviving spouse may elect the lump sum benefit, plus a Supplemental Benefit of 20% of the regular lump sum distribution, but not more than $2,000. If hired after November 4, 2013, the spouse, children, or estate will receive 100% of the lump sum benefit plus a Supplemental Survivor Benefit of 20% of the regular lump sum distribution, but not more than $2,000.  Disability Benefit: A disabled member will receive the amount of their monthly service pension based on credited service as of the date eligible. 90 Page 157 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Members covered by benefit terms - At December 31, 2023, pension plan membership consisted of the following as used to determine Net Pension Liability (Asset) as of December 31, 2025: Inactive Members Currently Receiving Benefits 41 Beneficiaries Currently Receiving Benefits 15 Inactive Members Entitled to But Not Yet Receiving Benefits 8 Active Members 43 Total members: 107 Contributions - Minnesota Statutes, Chapter 424 and 424A, authorize pension benefits for volunteer fire relief associations. The CFDRAPP is funded by fire state aid, investment earnings, and, if necessary, employer contributions as specified in Minnesota Statutes and voluntary City contributions. The State of Minnesota contributed $307,059 in fire state aid to the CFDRAPP on behalf of the CFD for the year ended December 31, 2025, which was recorded as revenue. Required City contributions are calculated annually based on statutory provisions. The City made all required contributions and additional voluntary contributions to the plan for the year ended December 31, 2024, totaling $265,987. The City’s contributions exceed the required contributions as set by State Statutes. Members of the CFD have no obligation to contribute to the plan. B) Net Pension Liability The CFDRAPP’s net pension liability was measured as of December 31, 2024, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of December 31, 2023. Actuarial Assumptions - The total pension liability was determined by an actuarial valuation as of December 31, 2023 using the entry age normal actuarial cost method and the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.50% Salary Increases Not applicable as plan members are paid on call volunteers Investment Rate of Return and Discount Rate 5.75% net of pension plan investment expense, including inflation 20-Year Municipal Bond Yield 3.77% Mortality rates were based on the following:  Healthy Pre-retirement - Pub-2010 Public Safety Employee mortality tables with projected mortality improvement scale MP-2021.  Healthy Post-retirement - Pub-2010 Healthy Retired Public Safety mortality tables with projected mortality improvement scale MP-2021. Male rates are adjusted by a factor of 0.98.  Disabled - Pub-2010 Public Safety Disabled Retiree mortality tables with projected mortality improvement scale MP-2021. Male rates are adjusted by a factor of 1.05. The demographic actuarial assumptions used in the December 31, 2023, valuation were based on the same assumptions used in the July 1, 2023, PERA Police and Fire actuarial valuation. The economic actuarial assumptions are reviewed annually as part of the fire relief’s annual valuation. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimates ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These asset class estimates are combined 91 Page 158 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 to produce the long-term expected rate of return by weighting the expected future real rates of return by the current asset allocation percentage (or target allocation, if available) and by adding expected inflation. All results are then rounded to the nearest quarter percentage point. Best-estimates of geometric real and nominal rates of return for each major asset class included in the pension plan’s asset allocation as of the measurement date are summarized in the following table: Target Long-Term Expected Asset Class Allocation Real Rate of Return Domestic Equity 35% 4.91% International Equity 20% 5.32% Fixed Income 10% 2.30% Real Estate and Alternatives 10% 3.79% Cash and Equivalents 25% 0.77% Total: 100% Discount Rate - The discount rate used to measure the total pension liability was 5.75%. The projected cash flows used to determine the discount rate assumed that future contributions will be equal to projected contribution amounts based on Minnesota statutory requirements. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefits payments to determine the total pension liability. C) Changes in the Net Pension Liability Total Plan Pension Fiduciary Net Pension Liability Net Position Liability Beginning Balance - January 1, 2025$ 8,681,188 $ 7,196,549 $ 1,484,639 Changes For The Year: Service Cost 185,176 - 185,176 Interest 490,141 - 490,141 Differences Between Expected and Actual Experience - - - Changes in Assumptions - - - Contribution - Employer - 452,235 (452,235) Net Investment Income - 609,822 (609,822) Benefit Payments, Including Member Contribution Refunds (684,329) (684,329) - Administrative Costs - (67,485) 67,485 Total Net Changes (9,012) 310,243 (319,255) Ending Balance - December 31, 2025 $ 8,672,176 $ 7,506,792 $ 1,165,384 92 Page 159 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Sensitivity of the Net Pension Liability to Changes in the Discount Rate - The following presents the net pension liability of the CFDRAPP, calculated using the discount rate of 5.75%, as well as what the CFDRAPP’s net pension liability would be if it were calculated using a discount rate 1 percentage point lower (4.75%) or 1 percentage point higher (6.75%) than the current discount rate: Net Pension Liability 1% Decrease in Discount Rate (4.75%) $ 1,985,015 Current Discount Rate (5.75%) 1,165,384 1% Increase in Discount Rate (6.75%) 469,173 Pension Plan Fiduciary Net Position - Detailed information about the CFDRAPP’s fiduciary net position is available in the separately issued CFDRA financial report. D) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2025, the CFDRAPP recognized pension expense of $390,459. At December 31, 2025, the CFDRAPP reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences Between Expected and Actual Liability $ - $ 92,350 Change in Actuarial Assumptions 108,799 317,062 Net Difference Between Projected and Actual Investment Earnings 109,123 - City Contribution Subsequent to the Measurement Date 265,987 - Total: $ 483,909 $ 409,412 Deferred outflows of resources totaling $265,987 related to pensions resulting from City contributions to the plan subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending December 31, 2026. Other amounts reported as deferred outflows and inflows of resources related to the plan will be recognized in pension expense as follows: Year Ended December 31 Pension Expense Amount 2026 $ 47,559 2027 48,530 2028 (224,860) 2029 (62,719) 2030 - Total: $ (191,490) 93 Page 160 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Note 16 Other Post-Employment Benefits (OPEB) Plan A) Plan Description The City’s defined benefit OPEB plan provides a single-employer defined benefit health care plan to eligible employees. The plan offers group health insurance benefits. Medical coverage is administered by Blue Cross Blue Shield. It is the City’s policy to periodically review its group health insurance plans and to obtain requests for proposals in order to provide the most favorable benefits and premiums for the City’s employees and retirees. No assets are accumulated in a trust. B) Benefits Provided The City is required by State Statute to allow retirees to continue participation in the City’s group health insurance plan if the individual terminates service with the City through service retirement or disability retirement. Retirees may obtain dependent coverage while the participating retiree is under age 65. Covered spouses may continue coverage after the retiree’s death. The surviving spouse of an active employee may continue coverage in the group health insurance plan after the employee’s death. Retirees are required to pay 100% of their premium cost for the City-sponsored group health insurance plan in which they participate. The premium is a blended rate determined on the entire active and retiree population. Since the projected claims costs for retirees exceed the blended premium paid by retirees, the retirees are receiving an implicit rate subsidy (benefit). The coverage levels are the same as those afforded to active employees. Upon a retiree reaching 65 years of age, Medicare becomes the primary insurer and the City’s plan becomes secondary. C) Contributions The required contributions are based on projected pay-as-you-go financing requirements. For the current year, the City’s required pay-as-you go finance benefits totaled $37,519. D) Members Membership in the plan consisted of the following as of the latest actuarial valuation: Inactive employees or beneficiaries currently receiving benefits 4 Active employees 176 Total employees and beneficiaries: 180 94 Page 161 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 E) Actuarial Methods and Assumptions The total OPEB liability was determined by an actuarial valuation as of January 1, 2024, using the entry age, level percentage of pay method. The following actuarial assumptions were applied to all periods included in the measurement, unless otherwise specified: Discount Rate 3.70% 20-year Municipal Bond Yield 3.70% Salary Increases Service graded table - Rates vary based on service and employee classification Inflation Rate 2.50% Medical Trend Rate 6.25% as of January 1, 2025 grading to 5.00% over 6 years and then to 4.00% over the next 48 years Mortality Assumption Pub-2010 Public Retirement Plans Headcount-Weighted Mortality Tables (General, Safety) with MP-2021 Generational Improvement Scale F) Changes in the Total OPEB Liability The City’s total OPEB liability of $1,048,893 was measured as of January 1, 2025, and was determined by an actuarial valuation as of January 1, 2024. Total OPEB Liability Beginning Balance - January 1, 2025 $ 958,246 Changes for the Year Service Cost 79,392 Interest 37,904 Benefit Payments (26,649) Net Changes 90,647 Ending Balance - December 31, 2025 $ 1,048,893 G) OPEB Liability Sensitivity The following presents the total OPEB Liability of the City as well as what the City’s total OPEB liability would be if it were calculated using a discount rate that is one percent lower and one percent higher than the current discount rate: 1% Decrease in 1% Increase in Discount Rate Discount Rate Discount Rate OPEB Discount Rate 2.70% 3.70% 4.70% Total OPEB Liability $1,140,374 $1,048,893 $964,004 95 Page 162 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 The following presents the total OPEB liability of the City as well as what the City’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are one percent lower or one percent higher than current healthcare cost trend rates: 1% Decrease in Healthcare 1% Increase in Healthcare Trend Rate Trend Rate Healthcare Trend Rate OPEB Healthcare Trend Rate 5.50% decreasing to 6.25% decreasing to 7.50% decreasing to 4.00% then 3.00% 5.00% then 4.00% 6.00% then 5.00% Total OPEB Liability $921,778 $1,048,893 $1,199,822 H) OPEB Expense and Related Deferred Outflows of Resources and Deferred Inflows of Resources For the current year ended, the City recognized OPEB expense of $12,224. As of year-end, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual economic experience$ 6,312 $ 252,295 Changes in actuarial assumptions - 219,539 Contributions subsequent to the measurement date 37,519 - Total: $ 43,831 $ 471,834 A total of $37,519 reported as deferred outflows of resources related to OPEB resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the total OPEB liability in the year ending December 31, 2026. Other amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ended December 31 OPEB Expense Amount 2026$ (105,072) 2027 (105,075) 2028 (107,678) 2029 (107,669) 2030 (20,017) Thereafter (20,011) Total: $ (465,522) 96 Page 163 of 436 Notes to the Financial Statements City of Chaska, Minnesota For the Year Ended December 31, 2025 Note 17 Accounting Changes and Error Corrections A) Change Within the Financial Reporting Entity During the fiscal year 2025, the City had a change in major fund classifications. In the Governmental Major funds, the GO Temporary State Aid Improvement Bond fund became a nonmajor fund in 2025 after the bonds were refunded the prior year. The effects of this change to or within the financial reporting entity are shown in column A of the table below. B) Correction of Error in Previously Issued Financial Statements During fiscal year 2024, the City recognized $54,212 as revenue that was unavailable to the Public Improvements Project fund. This resulted in an overstatement of revenue and fund balance and an understatement of unavailable revenue for the year ended December 31, 2024. A restatement of fund balance for $54,212 was required as an error correction. The effect of correcting that error is shown in column B of the table below. The following table provides further detail of the reporting units affected by adjustments to and restatements of beginning balances as of January 1, 2025: Reporting Units Affected by Adjustments to and Restatements of Beginning Balances Change Within 1/1/2025 the Financial As Previously Reporting Error 1/1/2025 Reported Entity (A) Correction (B) As Restated Governmental Funds Major Funds: GO Temporary State Aid Street Bonds 2022A $ 5,065 $ (5,065) $ - $ - Public Improvement Projects (13,134,089) - (54,212) (13,188,301) Nonmajor Funds 46,942,727 5,065 - 46,947,792 Total Governmental Funds $ 33,813,703 $ - $ (54,212) $ 33,759,491 Note 18 Subsequent Events On June 10, 2026, the Economic Development Authority of the City of Chaska sold $55,765,000 Lease Revenue Bond, Series 2026A. The true interest cost is 4.39% (coupons range from 4.00% to 5.00%). The final maturity date is February 1, 2056. The bond closing will be in July and proceeds of the sale of the Lease Revenue bonds will be used to construct the City’s new Municipal Services Building and renovate the City Hall plaza. 97 Page 164 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 PERA – General Employees Retirement Fund Schedule of City’s and Non- Employer Proportionate Share of Net Pension Liability Proportionate Share of the City’s Net Pension Proportionate Liability and City’s Share of the the City’s Proportionate Plan Fiduciary State of Share of the Share of the Net Position City’s City’s Minnesota’s State of Net Pension as a PERA Fiscal Proportion Proportionate Proportionate Minnesota’s Liability as a Percentage Year-End Date of the Net Share of the Share of the Share of the City’s Percentage of of the Total City Fiscal (Measurement Pension Net Pension Net Pension Net Pension Covered Covered Pension Year-End Date Date) Liability Liability Liability Liability Payroll Payroll Liability 12/31/2016 06/30/2016 0.13%$ 10,441,682 $ 136,394.00 $ 10,578,076 $ 7,962,313 131.14% 68.90% 12/31/2017 06/30/2017 0.13% 8,439,559 106,148 8,545,707 8,515,662 99.11% 75.90% 12/31/2018 06/30/2018 0.13% 7,350,557 241,206 7,591,763 8,829,904 83.25% 79.50% 12/31/2019 06/30/2019 0.13% 7,441,732 231,323 7,673,055 9,526,900 78.11% 80.20% 12/31/2020 06/30/2020 0.15% 8,885,267 273,865 9,159,132 10,567,372 84.08% 79.10% 12/31/2021 06/30/2021 0.15% 6,512,433 198,804 6,711,237 10,976,594 59.33% 87.00% 12/31/2022 06/30/2022 0.15% 11,895,889 348,744 12,244,633 11,255,867 105.69% 76.70% 12/31/2023 06/30/2023 0.16% 9,131,553 251,723 9,383,276 12,989,740 70.30% 83.10% 12/31/2024 06/30/2024 0.16% 5,887,828 152,247 6,040,075 13,479,786 43.68% 89.08% 12/31/2025 06/30/2025 0.16% 5,434,516 131,098 5,565,614 14,853,381 36.59% 90.78% PERA – General Employees Retirement Fund Schedule of City Contributions Contributions Contributions in Relation to as a Statutorily the Statutorily Contribution Percentage City Fiscal Required Required Deficiency Covered of Covered Year-End Date Contributions Contributions (Excess) Payroll Payroll 12/31/2016$ 622,514 $ 622,514 $ - $ 8,301,166 7.50% 12/31/2017 645,781 645,781 - 8,613,210 7.50% 12/31/2018 684,782 684,782 - 9,130,403 7.50% 12/31/2019 761,477 761,477 - 10,153,003 7.50% 12/31/2020 845,631 845,631 - 11,275,134 7.50% 12/31/2021 823,612 823,612 - 10,981,495 7.50% 12/31/2022 899,431 899,431 - 11,995,296 7.50% 12/31/2023 969,708 969,708 - 12,929,953 7.50% 12/31/2024 1,067,013 1,067,013 - 14,226,836 7.50% 12/31/2025 1,159,029 1,159,029 - 15,454,705 7.50% 98 Page 165 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 PERA – Public Employees Police and Fire Fund Schedule of City’s and Non- Employer Proportionate Share of Net Pension Liability Proportionate Share of the City’s Net Pension Proportionate Liability and City’s Share of the the City’s Proportionate Plan Fiduciary State of Share of the Share of the Net Position City’s City’s Minnesota’s State of Net Pension as a PERA Fiscal Proportion Proportionate Proportionate Minnesota’s Liability as a Percentage Year-End Date of the Net Share of the Share of the Share of the City’s Percentage of of the Total City Fiscal (Measurement Pension Net Pension Net Pension Net Pension Covered Covered Pension Year-End Date Date) Liability Liability Liability Liability Payroll Payroll Liability 12/31/2016 06/30/2016 0.25%$ 9,992,803 $ - $ 9,992,803 $ 2,397,786 416.75% 63.90% 12/31/2017 06/30/2017 0.26% 3,564,313 - 3,564,313 2,707,514 131.65% 85.40% 12/31/2018 06/30/2018 0.26% 2,788,387 - 2,788,387 2,761,686 100.97% 88.80% 12/31/2019 06/30/2019 0.28% 3,022,404 - 3,022,404 2,996,128 100.88% 89.30% 12/31/2020 06/30/2020 0.28% 3,702,563 87,251 3,789,814 3,174,551 116.63% 87.20% 12/31/2021 06/30/2021 0.28% 2,192,180 98,565 2,290,745 3,356,413 65.31% 93.70% 12/31/2022 06/30/2022 0.29% 12,684,929 554,268 13,239,197 3,541,637 358.17% 70.50% 12/31/2023 06/30/2023 0.32% 5,529,438 222,731 5,752,169 4,210,926 131.31% 86.50% 12/31/2024 06/30/2024 0.33% 4,383,801 167,109 4,550,910 4,614,153 95.01% 90.17% 12/31/2025 06/30/2025 0.33% 3,793,857 131,514 3,925,371 4,917,385 77.15% 91.78% PERA – Public Employees Police and Fire Fund Schedule of City Contributions Contributions Contributions in Relation to as a Statutorily the Statutorily Contribution Percentage City Fiscal Required Required Deficiency Covered of Covered Year-End Date Contributions Contributions (Excess) Payroll Payroll 12/31/2016 $ 421,074 $ 421,074 $ - $ 2,600,914 16.20% 12/31/2017 431,127 431,127 - 2,665,551 16.20% 12/31/2018 471,427 471,427 - 2,910,044 16.20% 12/31/2019 531,854 531,854 - 3,137,782 16.95% 12/31/2020 593,739 593,739 - 3,354,460 17.70% 12/31/2021 602,008 602,008 - 3,401,174 17.70% 12/31/2022 689,171 689,171 - 3,899,479 17.67% 12/31/2023 767,453 767,453 - 4,335,892 17.70% 12/31/2024 854,475 854,475 - 4,830,686 17.69% 12/31/2025 918,011 918,011 - 5,186,504 17.70% 99 Page 166 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 Chaska Fire Department Relief Association Pension Plan (CFDRAPP), Schedule of Changes in Net Pension Liability (Asset) and Related Ratios December 31, City Fiscal Year-end Date 2016 2017 2018 2019 (1) 2020 2021 2022 2023 2024 2025 Measurement Date 2016 2017 2018 2018 2019 2020 2021 2022 2023 2024 Total Pension Liability Service Cost$ 74,777 $ 76,833 $ 97,600 $ 97,600 $ 100,284 $ 129,712 $ 132,955 $ 174,457 $ 212,012 $ 185,176 Interest 318,368 307,707 323,454 323,454 326,559 349,372 349,928 370,992 456,272 490,141 Changes of Benefits Terms - 229,268 - - 642,398 - 917,120 1,645,932 - - Differences Between Expected & Actual Experience - 23,511 - - (58,684) - (106,649) - (111,249) - Changes of Assumptions - 68,838 - - 250,267 - 480,755 - (517,102) - Benefit Payments, Including Refunds of Member Contributions (451,119) (595,443) (354,522) (354,522) (393,593) (484,702) (460,621) (502,337) (544,339) (684,329) Net Change in Total Pension Liability (57,974) 110,714 66,532 66,532 867,231 (5,618) 1,313,488 1,689,044 (504,406) (9,012) Total Pension Liability – Beginning 5,202,177 5,144,203 5,254,917 5,254,917 5,321,449 6,188,680 6,183,062 7,496,550 9,185,594 8,681,188 Total Pension Liability - Ending (a) $ 5,144,203 $ 5,254,917 $ 5,321,449 $ 5,321,449 $ 6,188,680 $ 6,183,062 $ 7,496,550 $ 9,185,594 $ 8,681,188 $ 8,672,176 Plan Fiduciary Net Position Contributions - Employer$ 427,285 $ 443,793 $ 465,022 $ 465,022 $ 488,466 $ 531,985 $ 549,155 $ 347,654 $ 443,133 $ 452,235 Net Investment Income 408,073 819,964 (342,294) (342,294) 974,719 512,197 712,670 (921,285) 634,484 609,822 Other Additions - - - - - 289 4,454 - - - Benefit payments, Including Refunds of Member Contributions (451,119) (595,443) (354,522) (354,522) (393,593) (484,702) (460,621) (502,337) (544,339) (684,329) Administrative Expense (11,561) (10,295) (14,407) (14,407) (9,862) (52,987) (50,600) (74,816) (71,394) (67,485) Net Change in Plan Fiduciary Net Position 372,678 658,019 (246,201) (246,201) 1,059,730 506,782 755,058 (1,150,784) 461,884 310,243 Plan Fiduciary Net Position - Beginning 4,779,383 5,152,061 5,810,080 5,810,080 5,563,879 6,623,609 7,130,391 7,885,449 6,734,665 7,196,549 Plan Fiduciary Net Position - Ending (b) $ 5,152,061 $ 5,810,080 $ 5,563,879 $ 5,563,879 $ 6,623,609 $ 7,130,391 $ 7,885,449 $ 6,734,665 $ 7,196,549 $ 7,506,792 City’s Net Pension Liability (Asset) - Ending (a) - (b) $ (7,858) $ (555,163) $ (242,430) $ (242,430) $ (434,929) $ (947,329) $ (388,899) $ 2,450,929 $ 1,484,639 $ 1,165,384 Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 100.15% 110.56% 104.56% 104.56% 107.03% 115.32% 105.19% 73.32% 82.90% 86.56% Covered Payroll N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Net Pension Liability (Asset) as a Percentage of Covered Payroll N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A (1) The City made a change in accounting principle to utilize the look-back period as of the measurement date. This is an accepted practice and allows the City to complete its Annual Comprehensive Financial Report in a more timely manner. This change required the use of the same actuary study and pension report for the 2018 and 2019 fiscal years. 100 Page 167 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 Chaska Fire Department Relief Association Pension Plan (CFDRAPP), Schedule of City Contributions 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actuarially Determined Contribution(ADC) (1) $ 265,347 $ 265,347 $ 165,134 $ 165,134 $ 208,493 $ 208,493 $ 207,338 $ 371,785 $ 479,018 $ 479,018 Contributions in Relation to the ADC 427,285 436,793 465,022 488,466 531,985 549,155 347,654 433,133 452,235 576,862 Contribution Deficiency (Excess) $ (161,938) $ (171,446) $ (299,888) $ (323,332) $ (323,492) $ (340,662) $ (140,316) $ (61,348) $ 26,783 $ (97,844) Valuation Date: Actuarially determined contribution rates are calculated as of December 31, either two or three years prior to the end of the fiscal year in which contributions are reported. Methods and assumptions used to determine contribution rates: Actuarial Cost Method Entry Age Normal actuarial level dollar cost method Amortization Method Actuarial Losses - Amortize loss over 10 years per Minnesota Statutes 69.773, Subd 4. (d)(3)(i). Plan Changes - Amortize over 20 years per Minnesota Statutes 69.773, Subd 4. (d)(3)(v). Remaining Amortization Period 0 years as of December 31, 2025 Asset Valuation Method Fair Value Inflation 2.50% Salary Increases 0.00%, including inflation Investment Rate of Return 5.75% as per Minnesota State Statutes Chapter 356.215, Subdivision 8 Retirement Age The latest of age 50 or after 15 years of service Mortality Pub-2010 Public Safety Employee Mortality Table with projected mortality improvements based on scale MP-2021 Other Information: On November 4, 2013, benefit terms were modified to add a $6,000 per year of service lump sum benefit option for individuals who became members before November 4, 2013. Individuals that became members after November 4, 2013, are only entitled to a lump sum service pension. On May 5, 2014, benefit terms were modified to increase the monthly benefit from $1.975 to $2.085 per month of service and to increase the lump sum benefit from $6,000 to $6,255 per year of service effective as of June 1, 2014. On November 7, 2016, benefit terms were modified to increase the monthly benefit from $2.085 to $2.185 per month of service and to increase the lump sum benefit from $6,255 to $6,486 per year of service as of January 1, 2017. On October 15, 2018, benefit terms were modified to increase the monthly benefit from $2.185 to $2.4525 per month of service and to increase the lump sum benefit from $6,486 to $7,100 per year of service effective January 1, 2019. On August 2, 2021, benefit terms were modified to increase the monthly benefit from $2.4525 to $2.8025 per month of service and to increase the lump sum benefit from $7,100 to $7,901 per year of service effective September 1, 2021. On June 1, 2022, benefit terms were modified to increase the monthly benefit from $2.8025 to $3.400 per month of service and to increase the lump sum benefit from $7,901 to $9,304 per year of service effective as of June 1, 2022. Notes to Schedule 1 ADC amounts are equal to statutory requirements under Minnesota Statutes 424A.092 and 69.773. The CFDRA is comprised of paid on-call fire fighters paid through the City payroll. There is no covered payroll of the Fire Relief to report. 101 Page 168 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 Schedule of Changes in Total OPEB Liability and Related Ratios Fiscal Year Ended December 31, 2018 2019 2020 2021 2022 2023 2024 2025 Total OPEB Liability Service Cost$ 73,812 $ 76,026 $ 117,461 $ 121,278 $ 76,283 $ 78,572 $ 77,080 $ 79,392 Interest 39,586 42,360 46,644 45,450 47,764 20,728 22,213 37,904 Assumption Changes - - (4,415) - (253,574) - (122,202) - Differences Between Expected & Actual Experience - - 25,260 - (447,705) - (37,928) - Benefit Payments (41,413) (21,491) (38,657) (31,247) (52,783) (18,296) (28,852) (26,649) Net Change in Total OPEB Liability 71,985 96,895 146,293 135,481 (630,015) 81,004 (89,689) 90,647 Total OPEB Liability - Beginning of Year 1,146,292 1,218,277 1,315,172 1,461,465 1,596,946 966,931 1,047,935 958,246 Total OPEB Liability - End of Year$ 1,218,277 $ 1,315,172 $ 1,461,465 $ 1,596,946 $ 966,931 $ 1,047,935 $ 958,246 $ 1,048,893 Covered Employee Payroll$ 10,383,422 $ 10,694,925 $ 13,076,715 $ 13,501,708 $ 13,389,467 $ 13,791,151 $ 16,832,056 $ 17,337,018 Total OPEB Liability as a Percentage of Covered Employee Payroll 11.7% 12.3% 11.2% 11.8% 7.2% 7.6% 5.7% 6.1% Note 1: The City implemented GASB Statement No. 75 in fiscal year 2018. This schedule is intended to present 10-year trend information. Additional years will be displayed as they become available. Note 2: No assets are accumulated in a trust to pay related benefits. 102 Page 169 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 PERA – GENERAL EMPLOYEES RETIREMENT FUND 2025 Changes in Actuarial Assumptions:  The combined service annuity loading factors increased from 15% to 19% for vested terminated members and from 3% to 44% for non-vested, terminated members.  The assumed post-retirement benefit increase changed from 1.25% to 1.5%. 2025 Changes in Plan Provisions:  The post-retirement benefit increase formula changed to 100% of the Social Security annual increase, between 1% and 1.75% , beginning January 1, 2026. If the funded ratio (on a market value of assets basis) is less than 85% for the last two consecutive annual valuations or is less than 80% in the most recent actuarial valuation, the maximum is reduced to 1.5%. Previously, the benefit increase was 50% of the Social Security annual increase, between 1% and 1.5%.  The 1% additional employer contribution is eliminated when the plan reaches 98% funded status (on an actuarial value of assets basis); this contribution was previously scheduled to stop when the plan reached 100% funded status. 2024 Changes in Actuarial Assumptions:  Rates of merit and seniority were adjusted, resulting in slightly higher rates.  Assumed rates of retirement were adjusted as follows: increase the rate of assumed unreduced retirements, slight adjustments to Rule of 90 retirement rates, and slight adjustments to early retirement rates for Tier 1 and Tier 2 members.  Minor increase in assumed withdrawals for males and females.  Lower rates of disability.  Continued use of Pub-2010 general mortality table with slight rate adjustments as recommended in the most recent experience study.  Minor changes to form of payment assumptions for male and female retirees.  Minor changes to assumptions made with respect to missing participant data. 2024 Changes in Plan Provisions:  The workers’ compensation offset for disability benefits was eliminated. The actuarial equivalent factors updated to reflect the changes in assumptions. 2023 Changes in Actuarial Assumptions:  The investment return assumption and single discount rate were changed from 6.5% to 7.0%. 2023 Changes in Plan Provisions: • An additional one-time direct state aid contribution of $170.1 million will be contributed to the Plan on October 1, 2023.  The vesting period of those hired after June 30, 2010, was changed from five years of allowable service to three years of allowable service.  The benefit increase delay for early retirements on or after January 1, 2024, was eliminated.  A one-time, non-compounding benefit increase of 2.5% minus the actual 2024 adjustment will be payable in a lump sum for calendar year 2024 by March 31, 2024. 2022 Changes in Actuarial Assumptions: • The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021. 2021 Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020. 103 Page 170 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 2020 Changes in Actuarial Assumptions: • The price inflation assumption was decreased from 2.50% to 2.25%. • The payroll growth assumption was decreased from 3.25% to 3.00%. • Assumed salary increase rates were changed as recommended in the June 30, 2019, experience study. The net effect is assumed rates that average 0.25% less than previous rates. • Assumed rates of retirement were changed as recommended in the June 30, 2019, experience study. The changes result in more unreduced (normal) retirements and slightly fewer Rule of 90 and early retirements. • Assumed rates of termination were changed as recommended in the June 30, 2019, experience study. The new rates are based on service and are generally lower than the previous rates for years 2-5 and slightly higher thereafter. • Assumed rates of disability were changed as recommended in the June 30, 2019, experience study. The change results in fewer predicted disability retirements for males and females. • The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010 General Mortality table, with adjustments. The base mortality table for disabled annuitants was changed from the RP-2014 disabled annuitant mortality table to the Pub-2010 General/Teacher disabled annuitant mortality table, with adjustments. • The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019. • The assumed spouse age difference was changed from two years older for females to one year older. • The assumed number of married male new retirees electing the 100% Joint & Survivor option changed from 35% to 45%. The assumed number of married female new retirees electing the 100% Joint & Survivor option changed from 15% to 30%. The corresponding number of married new retirees electing the Life annuity option was adjusted accordingly. 2020 Changes in Plan Provisions: • Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020, through December 31, 2023, and 0.0% after. Augmentation was eliminated for privatizations occurring after June 30, 2020. 2019 Changes in Actuarial Assumptions: • The mortality projection scale was changed from MP-2017 to MP-2018. 2019 Changes in Plan Provisions: • The employer supplemental contribution was changed prospectively, decreasing from $31.0 million to $21.0 million per year. The state’s special funding contribution was changed prospectively, requiring $16.0 million due per year through 2031. 2018 Changes in Actuarial Assumptions: • The mortality projection scale was changed from MP-2015 to MP-2017. • The assumed benefit increase was changed from 1.00% per year through 2044, and 2.50% per year thereafter, to 1.25% per year. 2018 Changes in Plan Provisions: • The augmentation adjustment in early retirement factors is eliminated over a five-year period starting July 1, 2019, resulting in actuarial equivalence after June 30, 2024. • Interest credited on member contributions decreased from 4.00% to 3.00%, beginning July 1, 2018. • Deferred augmentation was changed to 0.00%, effective January 1, 2019. Augmentation that has already accrued for deferred members will still apply. • Contribution stabilizer provisions were repealed. • Annual increases were changed from 1% per year with a provision to increase to 2.50% upon attainment of 90% funding ratio to 50% of the Social Security Cost-of Living Adjustment, not less than 1% and not more than 1.50%, beginning January 1, 2019. 104 Page 171 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 • For retirements on or after January 1, 2024, the first benefit increase is delayed until the retiree reaches normal retirement age; does not apply to Rule of 90 retirees, disability benefit recipients, or survivors. • Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions. 2017 Changes in Actuarial Assumptions: • The Combined Service Annuity (CSA) loads were changed from 0.80% for active members and 60% for vested and nonvested deferred members. The revised CSA loads are now 0% for active member liability, 15% for vested deferred member liability, and 3.00% for nonvested deferred member liability. • The assumed post-retirement benefit increase rate was changed from 1.00% per year for all years, to 1.00% per year through 2044, and 2.50% per year thereafter. 2017 Changes in Plan Provisions: • The state’s contribution for the Minneapolis Employees Retirement Fund equals $16.0 million in 2017 and 2018, and $6.0 million thereafter. • The Employer Supplemental Contribution for the Minneapolis Employees Retirement fund changed from $21.0 million to $31.0 million in calendar years 2019 to 2031. The state’s contribution changed from $16.0 million to $6.0 million in calendar years 2019 to 2031. 2016 Changes in Actuarial Assumptions: • The assumed post-retirement benefit increase rate was changed from 1.00% per year through 2035, and 2.50% per year thereafter, to 1.00% per year for all years. • The assumed investment return was changed from 7.90% to 7.50%. The single discount rate was changed from 7.90% to 7.50%. • Other assumptions were changed pursuant to the experience study dated June 30, 2015. The assumed future salary increases, payroll growth, and inflation were decreased by 0.25%, to 3.25% for payroll growth, and 2.50% for inflation. PERA – PUBLIC EMPLOYEES POLICE AND FIRE FUND 2025 Changes in Actuarial Assumptions: • Assumed rates of salary increases were reduced slightly. • Assumed rates of retirement were adjusted, resulting in an overall increase in unreduced (full) retirements and an overall increase in reduced (early) retirements. • Assumed rates of withdrawal were modified; the new rates will increase predicted terminations, especially in the first few years of employment. • Assumed rates of disabled retirement were significantly increased, especially for ages over age 30. • Continued used of Pub-2010 Public Safety Mortality Table with rates adjusted to better fit observed experience. • Percent married assumption for female retirees lowered from 70% to 65%. • Minor changes were made to form of payment assumptions for retirees. • Minor changes were made to assumptions made with respect to missing participant data. • The combined service annuity load changed from 33% to 13% for vested, terminated members and from 2% to 38% for non-vested, terminated members. 2025 Changes in Plan Provisions: • The period of time needed for benefit recipients to receive their first benefit increase was reduced by one year (from 36 months to 24 months for a full increase). • The January 1, 2026 benefit increase changed from 1% to 3%; subsequent January 1 increases will be 1%. • The threshold to end the $9 million annual state aid contribution changed from the earlier of July 1, 2048 or 90% funded for both PERA Police & Fire and MSRS State Patrol for three consecutive years to 100% funded 105 Page 172 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 for both PERA Police & Fire and MSRS State Patrol for three consecutive years (on an actuarial value of assets basis). • The threshold to end the additional $9 million annual state aid contribution changed from the earlier of July 1, 20248 or 100% funded for a minimum of three consecutive years to 110% funded for a minimum of three consecutive years (on an actuarial value of assets basis). • An additional $17.7 million in direct state aid will be paid annually each October 1 beginning October 1, 2025 through June 30, 2048. • Join and survivor actuarial equivalent factors were updated to reflect changes in assumptions. 2024 Changes in Plan Provisions: • The State contribution of $9.0 million per year will continue until the earlier of 1) both the Police & Fire Plan and the State Patrol Retirement Fund attain 90 percent funded status for three consecutive years (on an actuarial value of assets basis) or 2) July 1, 2048. The contribution was previously due to expire after attaining a 90 percent funded status for one year. • The additional $9.0 million contribution will continue until the Police & Fire Plan is fully funded for a minimum of three consecutive years on an actuarial value of assets basis, or July 1, 2048, whichever is earlier. This contribution was previously due to expire upon attainment of fully funded status on an actuarial value of assets basis for one year (or July 1, 2048 if earlier). 2023 Changes in Actuarial Assumptions: • The investment return assumption was changed from 6.50% to 7.00%. • The single discount rate changed from 5.40% to 7.00%. 2023 Changes in Plan Provisions: • Additional one-time direct state aid contribution of $19.4 million will be contributed to the Plan on October 1, 2023. • Vesting requirement for new hires after June 30, 2014, was changed from a graded 20-year vesting schedule to a graded 10-year vesting schedule, with 50% vesting after five years, increasing incrementally to 100% after 10 years. • A one-time, non-compounding benefit increase of 3.00% will be payable in a lump sum for calendar year 2024 by March 31, 2024. • Psychological treatment is required effective July 1, 2023, prior to approval for a duty disability benefit for a psychological condition relating to the member’s occupation. • The total and permanent duty disability benefit was increased, effective July 1, 2023. 2022 Changes in Actuarial Assumptions: • The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021. • The single discount rate changed from 6.50% to 5.40%. 2021 Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The inflation assumption was changed from 2.50% to 2.25%. • The payroll growth assumption was changed from 3.25% to 3.00%. • The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010 Public Safety Mortality table. The mortality improvement scale was changed from MP-2019 to MP- 2020. • The base mortality table for disabled annuitants was changed from the RP-2014 healthy annuitant mortality table (with future mortality improvement according to Scale MP-2019) to the Pub-2010 Public Safety disabled annuitant mortality table (with future mortality improvement according to Scale MP-2020). 106 Page 173 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 • Assumed rates of salary increase were modified as recommended in the July 14, 2020, experience study. The overall impact is a decrease in gross salary increase rates. • Assumed rates of retirement were changed as recommended in the July 14, 2020, experience study. The changes result in slightly more unreduced retirements and fewer assumed early retirements. • Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates. The changes result in more assumed terminations. • Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. Overall, proposed rates result in more projected disabilities. • Assumed percent married for active female members was changed from 60% to 70%. Minor changes to form of payment assumptions were applied. 2020 Changes in Actuarial Assumptions: • The mortality projection scale was changed from MP-2018 to MP-2019. 2019 Changes in Actuarial Assumptions: • The mortality projection scale was changed from MP-2017 to MP-2018. 2018 Changes in Actuarial Assumptions: • The mortality projection scale was changed from MP-2016 to MP-2017. 2018 Changes in Plan Provisions: • Post-retirement benefit increases were changed to 1.00% for all years, with no trigger. • An end date of July 1, 2048, was added to the existing $9.0 million state contribution. • New annual state aid will equal $4.5 million in fiscal years 2019 and 2020, and $9.0 million thereafter, until the plan reaches 100% funding, July 1, 2048, if earlier. • Member contributions were changed from 10.80% to 11.30% of pay, effective January 1, 2019, and 11.80% of pay, effective January 1, 2020. • Employer contributions were changed from 16.20% to 16.95% of pay, effective January 1, 2019, and 17.70% of pay, effective January 1, 2020. • Interest credited on member contributions decreased from 4.00% to 3.00%, beginning July 1, 2018. • Deferred augmentation was changed to 0.00% percent, effective January 1, 2019. Augmentation that has already accrued for deferred members will still apply. • Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions. 2017 Changes in Actuarial Assumptions: • Assumed salary increases were changed as recommended in the June 30, 2016, experience study. The net effect is proposed rates that average 0.34% lower than the previous rates. • Assumed rates of retirement were changed, resulting in fewer retirements. • The Combined Service Annuity (CSA) load was 30.00% for vested and non-vested deferred members. The CSA has been changed to 33.00% for vested members and 2.00% for non-vested members. • The base mortality table for healthy annuitants was changed from the RP-2000 Fully Generational Table to the RP-2014 Fully Generational Table (with base year of 2006), with male rates adjusted by a factor of 0.96. The mortality improvement scale was changed from Scale AA to Scale MP-2016. The base mortality table for disabled annuitants was changed from RP-2000 Disabled Mortality Table to the mortality tables assumed for healthy retirees. • Assumed termination rates were decreased to 3.00% for the first three years of service. Rates beyond the select period of three years were adjusted, resulting in more expected terminations overall. • Assumed percentage of married female members was decreased from 65.00% to 60.00%. • Assumed age difference was changed from separate assumptions for male members (wives assumed to be three years younger) and female members (husbands assumed to be four years older) to the assumption that males are two years older than females. 107 Page 174 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 • The assumed percentage of female members electing joint and survivor annuities was increased. • The assumed annual benefit increase rate was changed from 1.00% for all years, to 1.00% per year through 2064, and 2.50% thereafter. • The single discount rate changed from 5.60% per annum to 7.50% per annum. 2016 Changes in Actuarial Assumptions: • The assumed annual benefit increase rate was changed from 1.00% per year through 2037, and 2.50% thereafter, to 1.00% per year for all future years. • The assumed investment return was changed from 7.90% to 7.50%. • The single discount rate changed from 7.90% to 5.60%. • The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll growth, and 2.50% for inflation. OTHER POST-EMPLOYMENT BENEFITS PLAN 2024 Changes in Actuarial Assumptions: • The health care trend rates were changed to better anticipate short-term and long-term medical increases. • The inflation rate was changed from 2.00% to 2.50%. • The discount rate was changed from 2.00% to 3.70% 2022 Changes in Actuarial Assumptions: • The health care trend rates were changed to better anticipate short-term and long-term medical increases. • The mortality tables were updated from the Pub-2010 Public Retirement Plans Headcount-Weighted Mortality Tables (General, Safety) with MP-2019 Generational Improvement Scale to the Pub-2010 Public Retirement Plans Headcount-Weighted Mortality Tables (General, Safety) with MP-2021 Generational Improvement Scale. • The salary increase rates were updated to reflect the latest experience study. • The retirement and withdrawal rates were updated to reflect the latest experience study. • The retiree plan participation percentage was reduced from 65% to 50%. • The percentage of married retirees electing post-employment spouse medical coverage was reduced from 60% for police and fire retirees and 40% for all other retirees to 30% for all. • The inflation rate was changed from 2.50% to 2.00%. • The discount rate was changed from 2.90% to 2.00%. • These changes decreased the liability $253,574. 2020 Changes in Actuarial Assumptions: • The medical trend rate was changed from 6.25% grading to 5.00% over 5 years to 6.50% grading to 5.00% over 6 years and then to 4.00% over the next 48 years. • The mortality tables were updated from the RP-2014 Mortality Tables (Blue Collar for Public Safety, White Collar for Others) with MP-2017 Generational Improvement Scale to the Pub-2010 Public Retirement Plans Headcount-Weighted Mortality Tables (General, Safety) with MP-2019 Generational Improvement Scale. • The salary increase rates were changed from a flat 3.00% per year for all employees to rates which vary by service and employee classification. • The discount rate was changed from 3.30% to 2.90%. 2019 Changes in Actuarial Assumptions: • The medical trend rate was changed from 6.50% grading to 5.00% over 6 years to 6.25% grading to 5.00% over 5 years. 2018 Changes in Actuarial Assumptions: • The health care trend rates were changed to better anticipate short-term and long-term medical increases. 108 Page 175 of 436 Required Supplementary Information City of Chaska, Minnesota For the Year Ended December 31, 2025 • The mortality tables were updated from RP-2014 White Collar Mortality Tables with MP-2015 Generational Improvement Scale (with Blue Collar adjustment for Police and Fire Personnel) to the RP-2014 While Collar Mortality Tables with MP-2017 Generation Improvement Scale (with Blue Collar adjustment for Police and Fire Personnel). • The retirement and withdrawal tables for all employees were updated. • The discount rate was changed from 3.50% to 3.30%. • The actuarial cost method was changed from project unit credit to entry age as prescribed by GASB 75. 109 Page 176 of 436 Chaska 110 Page 177 of 436 Combining and Individual Fund Statements and Schedules Nonmajor Governmental Funds City of Chaska, Minnesota For the Year Ended December 31, 2025 111 Page 178 of 436CITY OF CHASKA, MINNESOTA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS DECEMBER 31, 2025 TOTAL NONMAJOR SPECIAL DEBT CAPITAL GOVERNMENTAL REVENUE SERVICE PROJECT FUNDS ASSETS Cash And Investments $ 1,464,104 $ 10,067,769 $ 16,221,920 $ 27,753,793 Cash With Escrow Agent - 125,841 - 125,841 Receivables: Taxes 5,295 - 93,081 98,376 Special Assessments 59,019 7,182,665 674,531 7,916,215 Accounts 1,152 - 25,140 26,292 Interest 1,039 - 33,117 34,156 Notes 25,053 - - 25,053 Due From Other Funds - - 20,903,731 20,903,731 Due From Other Governments - - 51,167 51,167 Interfund Receivable - - 1,711,920 1,711,920 Leases Receivable 114,252 - 2,505,161 2,619,413 Advance To Other Funds - - 4,366,737 4,366,737 TOTAL ASSETS $ 1,669,914 $ 17,376,275 $ 46,586,505 $ 65,632,694 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES: Accounts Payable $ 15,812 $ 18,400 $ 370,410 $ 404,622 Deposits Payable 9,480 - 144,156 153,636 Due To Other Funds 673,303 - 2,695,137 3,368,440 Due To Other Governments - - 1,460,896 1,460,896 Interfund Payable - - 1,269,898 1,269,898 Advance From Other Funds - - 2,926,964 2,926,964 Unearned Revenue 20,178 3,273,418 53,788 3,347,384 TOTAL LIABILITIES 718,773 3,291,818 8,921,249 12,931,840 DEFERRED INFLOWS OF RESOURCES: Unavailable Revenue - Taxes 2,799 - 59,609 62,408 Unavailable Revenue - Special Assessments 38,515 3,893,245 672,933 4,604,693 Unavailable Revenue - Notes Receivable 25,053 - - 25,053 Lease Revenue For Subsequent Years 106,667 - 2,407,931 2,514,598 TOTAL DEFERRED INFLOWS OF RESOURCES 173,034 3,893,245 3,140,473 7,206,752 FUND BALANCES: Nonspendable 7,585 - 97,230 104,815 Restricted 1,120,632 10,191,212 8,570,075 19,881,919 Committed 332,079 - 3,950,101 4,282,180 Assigned 17,227 - 30,301,095 30,318,322 Unassigned (699,416) - (8,393,718) (9,093,134) TOTAL FUND BALANCES 778,107 10,191,212 34,524,783 45,494,102 TOTAL LIABILITIES, DEFERRED INFLOWS TOTAL OF RESOURCES LIABILITIES AND FUND BALANCES $ 1,669,914 $ 17,376,275 $ 46,586,505 $ 65,632,694 112 Page 179 of 436CITY OF CHASKA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 TOTAL NONMAJOR SPECIAL DEBT CAPITAL GOVERNMENTAL REVENUE SERVICE PROJECT FUNDS REVENUES Taxes: Property $ 237,085 $ 1,089,150 $ 3,922,789 $ 5,249,024 Tax Increment - - 2,793,249 2,793,249 Intergovernmental 528,041 - 2,153,859 2,681,900 Charges For Services 349,845 - 6,357,504 6,707,349 Fines And Forfeitures 500 - - 500 Special Assessments 47,730 532,422 251,230 831,382 Investment Earnings 35,549 197,781 1,269,731 1,503,061 Leases 32,000 - 115,798 147,798 Other Revenue 7,376 - 184,260 191,636 TOTAL REVENUES 1,238,126 1,819,353 17,048,420 20,105,899 EXPENDITURES CURRENT: General Government - 19,500 139,712 159,212 Economic Development 783,572 - 1,440,074 2,223,646 Public Safety 437,384 - 124,079 561,463 Public Works 14,022 - 6,538,091 6,552,113 Parks, Recreation And Arts - - 407,234 407,234 DEBT SERVICE: Principal - 4,554,000 - 4,554,000 Interest - 4,599,795 102,081 4,701,876 Issuance Costs And Fiscal Agent Fees - 161,185 - 161,185 CAPITAL OUTLAY 2,475 - 4,200,305 4,202,780 TOTAL EXPENDITURES 1,237,453 9,334,480 12,951,576 23,523,509 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 673 (7,515,127) 4,096,844 (3,417,610) OTHER FINANCING SOURCES (USES) Transfers In - 6,707,829 4,161,000 10,868,829 Transfers Out - - (8,499,915) (8,499,915) Refunding Bonds Issued - 6,125,000 - 6,125,000 Premium on Bonds Issued - 491,204 - 491,204 Payment to Refunding Bond Escrow Agent - (7,330,000) - (7,330,000) Lease Issuance - - 51,374 51,374 Subscription Issuance - - 205,093 205,093 Sale Of Capital Assets - - 52,335 52,335 TOTAL OTHER FINANCING SOURCES (USES) - 5,994,033 (4,030,113) 1,963,920 NET CHANGE IN FUND BALANCES 673 (1,521,094) 66,731 (1,453,690) FUND BALANCES, JANUARY 1, As Previously Reported 777,434 11,707,241 34,458,052 46,942,727 Adjustment - 5,065 - 5,065 FUND BALANCES, JANUARY 1, As Adjusted 777,434 11,712,306 34,458,052 46,947,792 FUND BALANCES, DECEMBER 31 $ 778,107 $ 10,191,212 $ 34,524,783 $ 45,494,102 113 Page 180 of 436 Chaska 114 Page 181 of 436 Nonmajor Special Revenue Funds City of Chaska, Minnesota For the Year Ended December 31, 2025 Nonmajor Special Revenue funds are used to account for specific revenue sources that are legally restricted or committed to expenditures for specified purposes. The City reports the following funds.  Mount Pleasant Maintenance & Care Fund: This fund is used to account for property tax levies and lot sales that are legally restricted or committed for the maintenance of the cemetery and principal amounts received and related interest income for the care of Mount Pleasant Cemetery.  Chaska EDA Fund: This fund is used to report administrative activities associated with the Chaska Economic Development Authority. The Authority is authorized to levy ad valorem taxes to provide funds for its operations.  Police Forfeitures and Evidence Fund: This fund is used to report activities related to DUI and drug forfeitures. DUI forfeitures are administered in accordance with State Statute 169A.63. This fund is also used to account for evidence in the form of cash deposits, which will either be forfeited or returned to owners.  Commercial Revolving Loan Fund: This fund is used to provide commercial grants and loans, and to account for the payment proceeds.  Local Affordable Housing Aid: This fund is used to report the receipt of semi-annual payments from the State of Minnesota for the portion of sales tax remitted to metro area cities for the purpose of supporting affordable housing.  Public Safety Aid Fund: This fund is used to report the receipt of one-time public safety aid distributed to cities across the State of Minnesota in 2023. These funds are required to be used for providing public safety. 115 Page 182 of 436CITY OF CHASKA, MINNESOTA COMBINING BALANCE SHEET NONMAJOR SPECIAL REVENUE FUNDS DECEMBER 31, 2025 MOUNT PLEASANT POLICE COMMERCIAL LOCAL PUBLIC MAINTENANCE CHASKA FORFEITURES REVOLVING AFFORDABLE SAFETY & CARE EDA AND EVIDENCE LOAN HOUSING AID AID TOTALS ASSETS Cash And Investments$ 291,474 $ - $ 19,189 $ 53,257 $ 476,857 $ 623,327 $ 1,464,104 Receivables: Taxes 116 5,179 - - - - 5,295 Special Assessments: Unremitted - 326 - - - - 326 Delinquent - 593 - - - - 593 Deferred: Certified To County - 37,922 - - - - 37,922 City Owned - 20,178 - - - - 20,178 Accounts 600 - - 552 - - 1,152 Interest 200 231 - - - 608 1,039 Notes - - - 25,053 - - 25,053 Leases Receivable - 114,252 - - - - 114,252 TOTAL ASSETS$ 292,390 $ 178,681 $ 19,189 $ 78,862 $ 476,857 $ 623,935 $ 1,669,914 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES: Accounts Payable$ - $ 15,812 $ - $ - $ - $ - $ 15,812 Deposits Payable - 2,200 7,280 - - - 9,480 Due To Other Funds 2,070 671,233 - - - - 673,303 Unearned Revenue - 20,178 - - - - 20,178 TOTAL LIABILITIES 2,070 709,423 7,280 - - - 718,773 DEFERRED INFLOWS OF RESOURCES: Unavailable Revenue - Taxes 75 2,724 - - - - 2,799 Unavailable Revenue - Special Assessments - 38,515 - - - - 38,515 Unavailable Revenue - Notes Receivable - - - 25,053 - - 25,053 Lease Revenue For Subsequent Years - 106,667 - - - - 106,667 TOTAL DEFERRED INFLOWS OF RESOURCES 75 147,906 - 25,053 - - 173,034 FUND BALANCES: Nonspendable - 7,585 - - - - 7,585 Restricted - 13,183 6,657 - 476,857 623,935 1,120,632 Committed 278,270 - - 53,809 - - 332,079 Assigned 11,975 - 5,252 - - - 17,227 Unassigned - (699,416) - - - - (699,416) TOTAL FUND BALANCES (DEFICITS) 290,245 (678,648) 11,909 53,809 476,857 623,935 778,107 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES$ 292,390 $ 178,681 $ 19,189 $ 78,862 $ 476,857 $ 623,935 $ 1,669,914 116 Page 183 of 436CITY OF CHASKA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR SPECIAL REVENUE FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 MOUNT PLEASANT POLICE COMMERCIAL LOCAL PUBLIC MAINTENANCE CHASKA FORFEITURES REVOLVING AFFORDABLE SAFETY & CARE EDA AND EVIDENCE LOAN HOUSING AID AID TOTALS REVENUES: Taxes: Property $ 5,993 $ 231,092 $ - $ - $ - $ - $ 237,085 Intergovernmental: State 1 30 - - 339,010 - 339,041 Regional - 189,000 - - - - 189,000 Charges For Services 4,500 345,345 - - - - 349,845 Fines And Forfeitures - - 500 - - - 500 Special Assessments - 47,730 - - - - 47,730 Investment Earnings 7,063 - 476 1,324 5,831 20,855 35,549 Leases - 32,000 - - - - 32,000 Other Revenues - 4,064 - 3,312 - - 7,376 TOTAL REVENUES 17,557 849,261 976 4,636 344,841 20,855 1,238,126 EXPENDITURES: Current: Economic Development - 779,587 - 3,985 - - 783,572 Public Safety - - 296 - - 437,088 437,384 Public Works 14,022 - - - - - 14,022 Capital Outlay - 2,475 - - - - 2,475 TOTAL EXPENDITURES 14,022 782,062 296 3,985 - 437,088 1,237,453 NET CHANGE IN FUND BALANCES 3,535 67,199 680 651 344,841 (416,233) 673 FUND BALANCES (DEFICITS), JANUARY 1 286,710 (745,847) 11,229 53,158 132,016 1,040,168 777,434 FUND BALANCES (DEFICITS), DECEMBER 31 $ 290,245 $ (678,648) $ 11,909 $ 53,809 $ 476,857 $ 623,935 $ 778,107 117 Page 184 of 436 Chaska 118 Page 185 of 436 Nonmajor Debt Service Funds City of Chaska, Minnesota For the Year Ended December 31, 2025 Nonmajor debt service funds are used to account for the accumulation of resources and for the payment of principal, interest, and related costs on long-term debt of governmental funds. The individual nonmajor debt service funds are presented to distinguish between the various bond issues. The City reports the following bond types.  Improvement Bond Funds: These funds service debt on the improvement bonds issued to finance construction of public improvements. Special assessment improvements are paid for completely or in part by property owners deemed to have benefited from such improvements.  Tax Increment Bond Funds: These funds service debt on the tax increment bonds issued to finance economic development and redevelopment projects.  Equipment Certificate Funds: These funds service debt on the general obligation equipment certificates issued to finance equipment purchases.  Revenue Bond Funds: These funds service debt on bonds that are supported by revenue pledged for repayment, such as specific fee revenue.  Tax Abatement Bond Funds: These funds service debt from the City’s housing improvement areas and tax abatement programs. 119 Page 186 of 436CITY OF CHASKA, MINNESOTA COMBINING BALANCE SHEET NONMAJOR DEBT SERVICE FUNDS DECEMBER 31, 2025 $9,000,000/ $460,000 $375,000 $2,430,000 $4,675,000 $3,330,000 $5,785,000 $1,085,000 $5,940,000 $9,570,000 $2,035,000 TAXABLE $995,000 $4,940,000 TAXABLE GO GO IMP GO X-OVER GO IMP GO IMP EDA LEASE GO IMP GO IMP TAXABLE GO GO X-OVER GO X-OVER STATE AID ADV REF BONDS BONDS ADV REF BONDS BONDS BONDS REVENUE BONDS BONDS BONDS BONDS REF BONDS REF BONDS STREET BONDS 2020D 2012A 2012B 2013A 2014A 2015B/2015D/2025B 2015B 2017B 2017C 2017D 2017E 2021A ASSETS Cash And Investments$ 292,058 $ 175,407 $ 295,666 $ 15,207 $ 232,393 $ 709,189 $ 479,660 $ 2,361,889 $ 985,030 $ 45,911 $ 102,175 $ 245,195 Cash With Escrow Agent - - - - - 124,440 - - - - - - Receivables: Special Assessments: Unremitted - - - - - - - 1,602 - - - - Delinquent - - - - - - 758 25,980 1,502 - - - Deferred: Certified To County - 23,091 - 824,361 42,863 - 116,104 335,696 357,957 - 12,039 - City Owned - 57,761 - 114,582 - - 245,420 - - - - - TOTAL ASSETS $ 292,058 $ 256,259 $ 295,666 $ 954,150 $ 275,256 $ 833,629 $ 841,942 $ 2,725,167 $ 1,344,489 $ 45,911 $ 114,214 $ 245,195 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES: Accounts Payable$ - $ - $ - $ - $ 3,750 $ 7,500 $ 3,750 $ - $ - $ 575 $ 575 $ - Unearned Revenue - 57,761 - 114,582 - - 245,420 - - - - - TOTAL LIABILITIES - 57,761 - 114,582 3,750 7,500 249,170 - - 575 575 - DEFERRED INFLOWS OF RESOUCES: Unavailable Revenue - Special Assessments - 23,091 - 824,361 42,863 - 116,862 361,676 359,459 - 12,039 - FUND BALANCES: Restricted 292,058 175,407 295,666 15,207 228,643 826,129 475,910 2,363,491 985,030 45,336 101,600 245,195 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES $ 292,058 $ 256,259 $ 295,666 $ 954,150 $ 275,256 $ 833,629 $ 841,942 $ 2,725,167 $ 1,344,489 $ 45,911 $ 114,214 $ 245,195 120 Page 187 of 436CITY OF CHASKA, MINNESOTA COMBINING BALANCE SHEET NONMAJOR DEBT SERVICE FUNDS DECEMBER 31, 2025 $5,680,000 $1,250,000 $2,600,000 $1,740,000 $6,285,000 $1,530,000 $1,725,000 GO TEMPORARY $10,065,000 $49,650,000 $11,300,000 $3,972,000 GO IMP TAXABLE GO TAXABLE GO GO IMP TAXABLE TAXABLE GO IMP STATE AID GO IMP EDA LEASE GO STATE AID LEASE-PURCH BONDS IMP BONDS TIF BONDS REF BONDS REVENUE BONDS REVENUE BONDS BONDS STREET BONDS BONDS REVENUE BONDS AND IMP BONDS AGREEMENT 2019B 2019D 2019D 2019E 2020A 2020B 2020C 2022A 2023A 2024A 2024B 2025A TOTALS ASSETS Cash And Investments $ 470,908 $ 246,473 $ 125,168 $ 255,312 $ 66,237 $ 20,083 $ 233,738 $ 5,194 $ 135,062 $ 1,943,972 $ 530,214 $ 95,628 $ 10,067,769 Cash With Escrow Agent - - - - 416 102 - - - 883 - - 125,841 Receivables: Special Assessments: Unremitted 10,137 - - - - - 430 - 3,833 - - - 16,002 Delinquent 758 162,708 - - - - 504 - - - - - 192,210 Deferred: Certified To County 725,003 608,694 - 377,269 - - 98,423 - 179,535 - - - 3,701,035 City Owned 259,181 - - - - - - - - - 2,596,474 - 3,273,418 TOTAL ASSETS $ 1,465,987 $ 1,017,875 $ 125,168 $ 632,581 $ 66,653 $ 20,185 $ 333,095 $ 5,194 $ 318,430 $ 1,944,855 $ 3,126,688 $ 95,628 $ 17,376,275 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES: Accounts Payable $ - $ 285 $ 340 $ 625 $ - $ - $ - $ - $ 500 $ - $ 500 $ - $ 18,400 Unearned Revenue 259,181 - - - - - - - - - 2,596,474 - 3,273,418 TOTAL LIABILITIES 259,181 285 340 625 - - - - 500 - 2,596,974 - 3,291,818 DEFERRED INFLOWS OF RESOUCES: Unavailable Revenue - Special Assessments 725,761 771,402 - 377,269 - - 98,927 - 179,535 - - - 3,893,245 FUND BALANCES: Restricted 481,045 246,188 124,828 254,687 66,653 20,185 234,168 5,194 138,395 1,944,855 529,714 95,628 10,191,212 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES $ 1,465,987 $ 1,017,875 $ 125,168 $ 632,581 $ 66,653 $ 20,185 $ 333,095 $ 5,194 $ 318,430 $ 1,944,855 $ 3,126,688 $ 95,628 $ 17,376,275 121 Page 188 of 436CITY OF CHASKA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR DEBT SERVICE FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 $9,000,000/ $460,000 $375,000 $2,430,000 $4,675,000 $3,330,000 $5,785,000 $1,085,000 $5,940,000 $9,570,000 $2,035,000 TAXABLE $995,000 $4,940,000 TAXABLE GO GO IMP GO X-OVER GO IMP GO IMP EDA LEASE GO IMP GO IMP TAXABLE GO GO X-OVER GO X-OVER STATE AID ADV REF BONDS BONDS ADV REF BONDS BONDS BONDS REVENUE BONDS BONDS BONDS BONDS REF BONDS REF BONDS STREET BONDS 2020D 2012A 2012B 2013A 2014A 2015B/2015D/2025B 2015B 2017B 2017C 2017D 2017E 2021A REVENUES: Taxes: Property $ - $ 85,000 $ 50,000 $ - $ 120,000 $ - $ 60,000 $ - $ - $ - $ - $ - Special Assessments - 14,673 1,877 20,136 22,620 - 26,116 71,633 117,487 - 4,504 - Investment Earnings 7,801 2,696 1,039 5,438 3,521 42,622 10,978 58,768 22,203 96 2,524 2,638 TOTAL REVENUES 7,801 102,369 52,916 25,574 146,141 42,622 97,094 130,401 139,690 96 7,028 2,638 EXPENDITURES: Current: General Government - - - - 3,750 7,500 3,750 - - - - - Debt Service: Principal 25,000 170,000 290,000 250,000 215,000 325,000 420,000 720,000 150,000 40,000 100,000 205,000 Interest 3,053 14,002 16,890 14,595 35,937 339,767 108,744 237,475 33,685 9,175 12,919 91,385 Issuance Costs And Fiscal Agent Fees 180 725 200 280 200 145,775 200 750 750 575 575 700 TOTAL EXPENDITURES 28,233 184,727 307,090 264,875 254,887 818,042 532,694 958,225 184,435 49,750 113,494 297,085 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (20,432) (82,358) (254,174) (239,301) (108,746) (775,420) (435,600) (827,824) (44,745) (49,654) (106,466) (294,447) OTHER FINANCING SOURCES (USES): Transfers In - - 240,000 - - 890,000 - 82,781 20,466 50,000 - 230,000 Refunding Bonds Issued - - - - - 6,125,000 - - - - - - Premium on Bonds Issued - - - - - 491,204 - - - - - - Payment to Refunded Bond Escrow Agent - - - - - (7,330,000) - - - - - - TOTAL OTHER FINANCING SOURCES (USES) - - 240,000 - - 176,204 - 82,781 20,466 50,000 - 230,000 NET CHANGE IN FUND BALANCES (20,432) (82,358) (14,174) (239,301) (108,746) (599,216) (435,600) (745,043) (24,279) 346 (106,466) (64,447) FUND BALANCES, JANUARY 1, As Previously Reported 312,490 257,765 309,840 254,508 337,389 1,425,345 911,510 3,108,534 1,009,309 44,990 208,066 309,642 Adjustment - - - - - - - - - - - - FUND BALANCES, JANUARY 1, As Adjusted 312,490 257,765 309,840 254,508 337,389 1,425,345 911,510 3,108,534 1,009,309 44,990 208,066 309,642 FUND BALANCES, DECEMBER 31 $ 292,058 $ 175,407 $ 295,666 $ 15,207 $ 228,643 $ 826,129 $ 475,910 $ 2,363,491 $ 985,030 $ 45,336 $ 101,600 $ 245,195 122 Page 189 of 436CITY OF CHASKA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR DEBT SERVICE FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 $5,680,000 $1,250,000 $2,600,000 $1,740,000 $6,285,000 $1,530,000 $1,725,000 GO TEMPORARY $10,065,000 $49,650,000 $11,300,000 $3,972,000 GO IMP TAXABLE GO TAXABLE GO GO IMP TAXABLE TAXABLE GO IMP STATE AID GO IMP EDA LEASE GO STATE AID LEASE-PURCH BONDS IMP BONDS TIF BONDS REF BONDS REVENUE BONDS REVENUE BONDS BONDS STREET BONDS BONDS REVENUE BONDS AND IMP BONDS AGREEMENT 2019B 2019D 2019D 2019E 2020A 2020B 2020C 2022A 2023A 2024A 2024B 2025A TOTALS REVENUES: Taxes: Property $ 230,000 $ - $ - $ 94,150 $ - $ - $ - $ - $ 200,000 $ - $ 250,000 $ - $ 1,089,150 Special Assessments 87,861 38,817 - 86,298 - - 19,201 - 21,199 - - - 532,422 Investment Earnings 7,214 5,575 482 3,609 1,336 190 5,734 129 2,110 9,733 1,142 203 197,781 TOTAL REVENUES 325,075 44,392 482 184,057 1,336 190 24,935 129 223,309 9,733 251,142 203 1,819,353 EXPENDITURES: Current: General Government 4,500 - - - - - - - - - - - 19,500 Debt Service: Principal 395,000 85,000 80,000 105,000 285,000 65,000 90,000 - 335,000 - - 204,000 4,554,000 Interest 153,844 25,373 71,820 39,775 146,239 40,412 48,900 - 460,263 2,267,239 320,728 107,575 4,599,795 Issuance Costs And Fiscal Agent Fees 800 352 473 825 2,100 2,200 325 - 700 1,800 700 - 161,185 TOTAL EXPENDITURES 554,144 110,725 152,293 145,600 433,339 107,612 139,225 - 795,963 2,269,039 321,428 311,575 9,334,480 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (229,069) (66,333) (151,811) 38,457 (432,003) (107,422) (114,290) 129 (572,654) (2,259,306) (70,286) (311,372) (7,515,127) OTHER FINANCING SOURCES (USES): Transfers In 48,605 - 149,500 - 425,000 105,000 - - 459,477 3,000,000 600,000 407,000 6,707,829 Refunding Bonds Issued - - - - - - - - - - - - 6,125,000 Premium on Bonds Issued - - - - - - - - - - - - 491,204 Payment to Refunded Bond Escrow Agent - - - - - - - - - - - - (7,330,000) TOTAL OTHER FINANCING SOURCES (USES) 48,605 - 149,500 - 425,000 105,000 - - 459,477 3,000,000 600,000 407,000 5,994,033 NET CHANGE IN FUND BALANCES (180,464) (66,333) (2,311) 38,457 (7,003) (2,422) (114,290) 129 (113,177) 740,694 529,714 95,628 (1,521,094) FUND BALANCES, JANUARY 1, As Previously Reported 661,509 312,521 127,139 216,230 73,656 22,607 348,458 - 251,572 1,204,161 - - 11,707,241 Adjustment - - - - - - - 5,065 - - - - 5,065 FUND BALANCES, JANUARY 1, As Adjusted 661,509 312,521 127,139 216,230 73,656 22,607 348,458 5,065 251,572 1,204,161 - - 11,712,306 FUND BALANCES, DECEMBER 31 $ 481,045 $ 246,188 $ 124,828 $ 254,687 $ 66,653 $ 20,185 $ 234,168 $ 5,194 $ 138,395 $ 1,944,855 $ 529,714 $ 95,628 $ 10,191,212 123 Page 190 of 436Chaska 124 Page 191 of 436 Nonmajor Capital Project Funds City of Chaska, Minnesota For the Year Ended December 31, 2025 Nonmajor Capital Projects funds are used to account for the acquisition and construction of major capital facilities other than those financed by proprietary funds.  Tax Increment Funds: These funds receive revenue from general property taxes in the form of tax increment. Revenues are used by the Chaska Economic Development Authority (EDA) to promote affordable housing and development by providing financing aids to developers.  Major Road Construction Fund: This fund collects Minnesota State Aid (MSA) revenue designated for road construction.  Permanent Improvement Revolving Funds: These funds are used to collect development fees charged for the purpose of construction of the City’s utility systems. Three separate funds are shown: the Water trunk fund, the Sewer trunk fund and the Storm Water trunk fund.  Fire Protection Systems Fund: This fund is used to account for receipts and expenditures for the fire protection systems.  Improvement Revolving Fund: This fund is used to collect special assessments for bonds that have matured and provide funding for projects.  Equipment Acquisition Fund: This fund is used to collect property tax levies appropriated by budget for capital equipment acquisition.  Park Development Fund: This fund is used to collect park dedication fees for construction of City parks.  Southwest Chaska Transportation Fund: This fund is used to account for fees charged to developers for the expansion of transportation projects in the southwest Chaska area.  Community Fund: This fund is used to account for resources to support current and future improvement projects.  Abatement Program Fund: This fund is used to account for the City and EDA’s Tax Abatement program.  Annual Street Replacement Fund: This fund is used for the City’s annual street reconstruction program.  Creek Road Phase II Improvement Fund: This fund is used to account for the Creek Road utility improvements and funding sources.  Minnesota River Bluffs Regional Trail Fund: This fund is used to account for receipts and expenditures related to extending the Minnesota River Bluffs Regional Trail into Chaska.  Engler Boulevard Fund: This fund is used to account for capital improvements and reconstruction of a section of Engler Boulevard. 125 Page 192 of 436CITY OF CHASKA, MINNESOTA COMBINING BALANCE SHEET NONMAJOR CAPITAL PROJECT FUNDS DECEMBER 31, 2025 PERMANENT PERMANENT PERMANENT MAJOR IMPROVEMENT IMPROVEMENT IMPROVEMENT FIRE TAX ROAD REVOLVING/ REVOLVING/ REVOLVING/ PROTECTION IMPROVEMENT INCREMENT CONSTRUCTION WATER SEWER STORM WATER SYSTEMS REVOLVING ASSETS Cash And Investments $ 6,789,129 $ 100,907 $ 1,279,509 $ 1,174,231 $ - $ 21,936 $ 1,482,967 Receivables: Taxes - - - - - - - Special Assessments: Unremitted - - 177 237 214 - 394 Delinquent - - - - - - 3 2,188 Deferred: Certified To County - - 2 3,468 2 3,664 1 3,096 1 69,515 7,827 Accounts 13,674 - - - - - - Interest - 715 5,412 4,625 - - 981 Due From Other Funds - - 8,068,861 5 ,812,000 - - - Due From Other Governments - - - - - - - Interfund Receivable - - - 1,152,957 - - 1 50,573 Leases Receivable - - - - - - - Advance To Other Funds - - - - - - 3 38,987 TOTAL ASSETS $ 6,802,803 $ 101,622 $ 9,377,427 $ 8,167,714 $ 13,310 $ 191,451 $ 2,013,917 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES: Accounts Payable $ 10,001 $ - $ 128 $ 127 $ 128 $ - $ - Deposits Payable 13,697 - - - - - - Due To Other Funds - - - - 345,570 - - Due To Other Governments - - - - - - - Interfund Payable 1 ,269,898 - - - - - - Advance From Other Funds 2 ,248,475 - - - - - - Unearned Revenue - - - - - - - TOTAL LIABILITIES 3 ,542,071 - 128 127 345,698 - - DEFERRED INFLOWS OF RESOURCES: Unavailable Revenue - Taxes - - - - - - - Unavailable Revenue - Special Assessments - - 2 3,468 2 3,664 1 3,096 1 69,515 40,015 Lease Revenue For Subsequent Years - - - - - - - TOTAL DEFERRED INFLOWS OF RESOURCES - - 2 3,468 2 3,664 1 3,096 1 69,515 40,015 FUND BALANCES: Nonspendable - - - - - - - Restricted 6,790,847 - - - - - - Committed - - - - - - - Assigned - 101,622 9 ,353,831 8 ,143,923 - 2 1,936 1 ,973,902 Unassigned (3,530,115) - - - (345,484) - - TOTAL FUND BALANCES (DEFICITS) 3 ,260,732 1 01,622 9 ,353,831 8 ,143,923 (345,484) 21,936 1 ,973,902 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES $ 6,802,803 $ 101,622 $ 9,377,427 $ 8,167,714 $ 13,310 $ 191,451 $ 2,013,917 126 Page 193 of 436 SOUTHWEST ANNUAL CREEK ROAD MINNESOTA EQUIPMENT PARK CHASKA COMMUNITY ABATEMENT STREET PHASE II RIVER BLUFFS ENGLER ACQUISITION DEVELOPMENT TRANSPORTATION FUND PROGRAM REPLACEMENT IMPROVEMENTS REGIONAL TRAIL BOULEVARD TOTALS $ 1,367,415 $ - $ 2,645,413 $ - $ 244,659 $ 1,077,394 $ 9,106 $ 29,254 $ - $ 16,221,920 82,506 - - - 1 0,575 - - - - 9 3,081 - - 576 - - - - - - - 1,598 - - - - - - - - - - 3 2,188 - - 168,087 5 1,076 - - 184,012 - - - 640,745 11,466 - - - - - - - - 2 5,140 18,787 536 1 ,155 - - 906 - - - 3 3,117 5 ,117,449 - - - - 1,905,421 - - - 20,903,731 - - 655 - - - - - 5 0,512 - 5 1,167 408,390 - - - - - - - - 1,711,920 2 ,505,161 - - - - - - - - 2,505,161 4 ,027,750 - - - - - - - - 4,366,737 $ 13,538,924 $ 169,854 $ 2,697,644 $ - $ 255,234 $ 3,167,733 $ 9,106 $ 79,766 $ - $ 46,586,505 $ 166,133 $ 15,592 $ - $ - $ 543 $ 103,013 $ 266 $ 74,479 $ - $ 370,410 - - 130,459 - - - - - - - 144,156 - - 220,215 - 2 23,931 - - - - 1,905,421 2 ,695,137 - - - - - - - - - 1,460,896 1 ,460,896 - - - - - - - - - - 1,269,898 - - - - - 678,489 - - - - 2,926,964 53,788 - - - - - - - - 5 3,788 219,921 3 66,266 - 2 23,931 6 79,032 1 03,013 266 7 4,479 3 ,366,317 8 ,921,249 53,038 - - - 6,571 - - - - 5 9,609 - - 168,087 5 1,076 - - 184,012 - - - 672,933 2 ,407,931 - - - - - - - - 2,407,931 2 ,460,969 1 68,087 5 1,076 - 6,571 1 84,012 - - - 3,140,473 97,230 - - - - - - - - 9 7,230 1 ,043,628 - - - 133,003 6 02,597 - - - 8,570,075 1 ,923,434 - - - - 2,012,540 8,840 5,287 - 3,950,101 7 ,793,742 - 2 ,646,568 - - 265,571 - - - 30,301,095 - - (364,499) - (223,931) (563,372) - - - (3,366,317) (8,393,718) 10,858,034 (364,499) 2 ,646,568 (223,931) (430,369) 2 ,880,708 8,840 5,287 (3,366,317) 34,524,783 $ 13,538,924 $ 169,854 $ 2,697,644 $ - $ 255,234 $ 3,167,733 $ 9,106 $ 79,766 $ - $ 46,586,505 127 Page 194 of 436CITY OF CHASKA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR CAPITAL PROJECT FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 PERMANENT PERMANENT PERMANENT MAJOR IMPROVEMENT IMPROVEMENT IMPROVEMENT FIRE TAX ROAD REVOLVING/ REVOLVING/ REVOLVING/ PROTECTION IMPROVEMENT INCREMENT CONSTRUCTION WATER SEWER STORM WATER SYSTEMS REVOLVING REVENUES: Taxes: General Property $ - $ - $ - $ - $ - $ - $ - Tax Increment 2,793,249 - - - - - - Intergovernmental: Federal - - - - - - - State - 1,477,791 - - 3,484 - - County - - - - - - - Charges For Services: Connection Charges - - 4,130,307 777,194 - - - Acreage Charges - - 3,171 4,256 10,402 - - Other Charges for Services - - - - - - - Special Assessments 24,467 - 6,339 9,903 4,674 41,518 8,302 Investment Earnings 133,287 24,250 191,478 248,465 - - 63,914 Leases - - - - - - - Other Revenues 8,621 - - - - - - TOTAL REVENUES 2,959,624 1,502,041 4,331,295 1,039,818 18,560 41,518 72,216 EXPENDITURES: Current: General Government - - - - - - - Economic Development 1,173,335 - - - - - - Public Safety - - - - - - - Public Works - - 27,238 27,238 27,238 - - Parks, Recreation And Arts - - - - - - - Debt Service: Interest 102,081 - - - - - - Capital Outlay: Land - - - - - - - Buildings And Structures - - - - - - - Furniture And Equipment - - - - - - - System Improvements: Streets - - - - - - - Other Improvements - - - - - - - Leased Equipment - - - - - - - Subscriptions - - - - - - - TOTAL EXPENDITURES 1,275,416 - 27,238 27,238 27,238 - - EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 1,684,208 1,502,041 4,304,057 1,012,580 (8,678) 41,518 72,216 OTHER FINANCING SOURCES (USES): Transfers In - - - - - - - Transfers Out (199,500) (1,494,577) (1,207,009) (105,000) (208,500) - - Lease Issuance - - - - - - - Subscription Issuance - - - - - - - Sale of Capital Assets - - - - - - - TOTAL OTHER FINANCING SOURCES (USES) (199,500) (1,494,577) (1,207,009) (105,000) (208,500) - - NET CHANGE IN FUND BALANCES 1,484,708 7,464 3,097,048 907,580 (217,178) 41,518 72,216 FUND BALANCES (DEFICITS), JANUARY 1 1,776,024 94,158 6,256,783 7,236,343 (128,306) (19,582) 1,901,686 FUND BALANCES (DEFICITS), DECEMBER 31 $ 3,260,732 $ 101,622 $ 9,353,831 $ 8,143,923 $ (345,484) $ 21,936 $ 1,973,902 128 Page 195 of 436 SOUTHWEST ANNUAL CREEK ROAD MINNESOTA EQUIPMENT PARK CHASKA COMMUNITY ABATEMENT STREET PHASE II RIVER BLUFFS ENGLER ACQUISITION DEVELOPMENT TRANSPORTATION FUND PROGRAM REPLACEMENT IMPROVEMENTS REGIONAL TRAIL BOULEVARD TOTALS $ 3,404,606 $ - $ - $ - $ 518,183 $ - $ - $ - $ - $ 3,922,789 - - - - - - - - - 2,793,249 - - - - - - - 259,381 - 259,381 490 - - - - - - - - 1,481,765 - 655 - - - 162,191 - 249,867 - 412,713 - - - - - - - - - 4,907,501 - 48,606 1,352,614 - - - - - - 1,419,049 30,954 - - - - - - - - 30,954 - 42,941 90,304 - - 22,782 - - - 251,230 396,635 16,801 41,177 1,471 4,737 74,770 - - 72,746 1,269,731 115,798 - - - - - - - - 115,798 78,757 85,000 - - 11,882 - - - - 184,260 4,027,240 194,003 1,484,095 1,471 534,802 259,743 - 509,248 72,746 17,048,420 139,712 - - - - - - - - 139,712 - - - - 266,739 - - - - 1,440,074 124,079 - - - - - - - - 124,079 - - - - - 121,019 19,018 - 6,316,340 6,538,091 - 211,487 - - - - - 195,747 - 407,234 - - - - - - - - - 102,081 - 476,804 - - - - - - - 476,804 120,280 - - - - - - - - 120,280 1,220,190 - - - - - - - - 1,220,190 - - - - - 85,513 - - - 85,513 2,662 705,307 - - - 884,185 - 295,060 5,312 1,892,526 51,726 - - - - - - - - 51,726 353,266 - - - - - - - - 353,266 2,011,915 1,393,598 - - 266,739 1,090,717 19,018 490,807 6,321,652 12,951,576 2,015,325 (1,199,595) 1,484,095 1,471 268,063 (830,974) (19,018) 18,441 (6,248,906) 4,096,844 76,000 400,000 - 2,275,000 - 995,000 65,000 350,000 - 4,161,000 (1,768,863) (775,000) (105,000) (2,616,000) (20,466) - - - - (8,499,915) 51,374 - - - - - - - - 51,374 205,093 - - - - - - - - 205,093 52,335 - - - - - - - - 52,335 (1,384,061) (375,000) (105,000) (341,000) (20,466) 995,000 65,000 350,000 - (4,030,113) 631,264 (1,574,595) 1,379,095 (339,529) 247,597 164,026 45,982 368,441 (6,248,906) 66,731 10,226,770 1,210,096 1,267,473 115,598 (677,966) 2,716,682 (37,142) (363,154) 2,882,589 34,458,052 $ 10,858,034 $ (364,499) $ 2,646,568 $ (223,931) $ (430,369) $ 2,880,708 $ 8,840 $ 5,287 $ (3,366,317) $ 34,524,783 129 Page 196 of 436CITY OF CHASKA, MINNESOTA COMBINING BALANCE SHEET CAPITAL PROJECT FUNDS - TAX INCREMENT DECEMBER 31, 2025 DIST # 12 DIST # 13 DIST #14 DIST #17 DIST #18 DIST #19 CLOVER NORTH DOWNTOWN CHASKA CHASKA CHASKA FIELDS MEADOWS REDEVELOPMENT PRESERVE BUILDING CENTER HEIGHTS ASSETS Cash And Investments $ 2,316,866 $ 749,619 $ 2,986 $ 210,482 $ 356,096 $ 308,267 Receivables: Accounts - - - 3,697 9,977 - TOTAL ASSETS $ 2,316,866 $ 749,619 $ 2,986 $ 214,179 $ 366,073 $ 308,267 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES LIABILITIES: Accounts Payable $ - $ - $ - $ 1,762 $ 149 $ - Deposits Payable - - - 3,697 - - Interfund Payable - - - - - - Advance From Other Funds - - 2,248,475 - - - TOTAL LIABILITIES - - 2,248,475 5,459 149 - FUND BALANCES: Restricted 2,316,866 749,619 - 208,720 365,924 308,267 Unassigned - - (2,245,489) - - - TOTAL FUND BALANCES (DEFICITS) 2,316,866 749,619 (2,245,489) 208,720 365,924 308,267 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES $ 2,316,866 $ 749,619 $ 2,986 $ 214,179 $ 366,073 $ 308,267 130 Page 197 of 436 DIST #24 DIST #20 DIST #21 DIST #22 DIST #23 CHASKA CREEK TEMPORARY DIST #25 BREWERY HOT SPOT ERNST HOUSE CITY SQUARE INDUSTRIAL TRANSFER EDCO PROJECT PROJECT PROJECT WEST PROJECT PROJECT AUTHORITY PROJECT TOTALS $ - $ - $ - $ - $ 327,974 $ 2,513,477 $ 3,362 $ 6,789,129 - - - - - - - 13,674 $ - $ - $ - $ - $ 327,974 $ 2,513,477 $ 3,362 $ 6,802,803 $ - $ - $ - $ - $ - $ - $ 8,090 $ 10,001 - - - - - - 10,000 13,697 42,045 74,896 120,250 1,032,707 - - - 1,269,898 - - - - - - - 2,248,475 42,045 74,896 120,250 1,032,707 - - 18,090 3,542,071 - - - - 327,974 2,513,477 - 6,790,847 (42,045) (74,896) (120,250) (1,032,707) - - (14,728) (3,530,115) (42,045) (74,896) (120,250) (1,032,707) 327,974 2,513,477 (14,728) 3,260,732 $ - $ - $ - $ - $ 327,974 $ 2,513,477 $ 3,362 $ 6,802,803 131 Page 198 of 436CITY OF CHASKA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECT FUNDS - TAX INCREMENT FOR THE YEAR ENDED DECEMBER 31, 2025 DIST # 12 DIST # 13 DIST #14 DIST #17 DIST #18 DIST #19 CLOVER NORTH DOWNTOWN CHASKA CHASKA CHASKA FIELDS MEADOWS REDEVELOPMENT PRESERVE BUILDING CENTER HEIGHTS REVENUES: Taxes: Tax Increment $ 1,161,313 $ 324,850 $ 172,381 $ 33,409 $ 156,407 $ 279,299 Special Assessments - - - - 24,467 - Investment Earnings 38,534 12,893 912 4,630 8,151 4,872 Other Revenues 8,621 - - - - - TOTAL REVENUES 1,208,468 337,743 173,293 38,039 189,025 284,171 EXPENDITURES: Current: Economic Development 238,557 3,432 750 13,453 599 280,091 Debt Service: Interest - - 102,081 - - - TOTAL EXPENDITURES 238,557 3,432 102,831 13,453 599 280,091 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 969,911 334,311 70,462 24,586 188,426 4,080 OTHER FINANCING SOURCES (USES): Transfers Out - - (50,000) - (105,000) - NET CHANGE IN FUND BALANCES 969,911 334,311 20,462 24,586 83,426 4,080 FUND BALANCES (DEFICITS), JANUARY 1 1,346,955 415,308 (2,265,951) 184,134 282,498 304,187 FUND BALANCES (DEFICITS), DECEMBER 31 $ 2,316,866 $ 749,619 $ (2,245,489) $ 208,720 $ 365,924 $ 308,267 132 Page 199 of 436 DIST #24 DIST #20 DIST #21 DIST #22 DIST #23 CHASKA CREEK TEMPORARY DIST #25 BREWERY HOT SPOT ERNST HOUSE CITY SQUARE INDUSTRIAL TRANSFER EDCO PROJECT PROJECT PROJECT WEST PROJECT PROJECT AUTHORITY PROJECT TOTALS $ 7,589 $ 40,564 $ - $ - $ 617,437 $ - $ - $ 2,793,249 - - - - - - - 24,467 - 239 - - 758 62,211 87 133,287 - - - - - - - 8,621 7,589 40,803 - - 618,195 62,211 87 2,959,624 2,549 7,478 8,907 79,788 522,916 - 14,815 1,173,335 - - - - - - - 102,081 2,549 7,478 8,907 79,788 522,916 - 14,815 1,275,416 5,040 33,325 (8,907) (79,788) 95,279 62,211 (14,728) 1,684,208 (19,500) (25,000) - - - - - (199,500) (14,460) 8,325 (8,907) (79,788) 95,279 62,211 (14,728) 1,484,708 (27,585) (83,221) (111,343) (952,919) 232,695 2,451,266 - 1,776,024 $ (42,045) $ (74,896) $ (120,250) $ (1,032,707) $ 327,974 $ 2,513,477 $ (14,728) $ 3,260,732 133 Page 200 of 436 Nonmajor Budgeted Special Revenue and Capital Project Funds City of Chaska, Minnesota For the Year Ended December 31, 2025 The City adopts budgets for the following nonmajor special revenue funds and nonmajor capital project fund:  Mount Pleasant Maintenance & Care Fund – Special Revenue  Chaska EDA Fund – Special Revenue  Local Affordable Housing Aid – Special Revenue  Equipment Acquisition Fund – Capital Project 134 Page 201 of 436CITY OF CHASKA, MINNESOTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL MOUNT PLEASANT MAINTENANCE & CARE SPECIAL REVENUE FUND FOR THE YEAR ENDED DECEMBER 31, 2025 VARIANCE WITH ORIGINAL FINAL BUDGET AND FINAL POSITIVE BUDGET ACTUAL (NEGATIVE) REVENUES: Taxes: Property $ 6,000 $ 5,993 $ (7) Intergovernmental: State - 1 1 Charges For Services 2,400 4,500 2,100 Investment Earnings 300 7,063 6,763 TOTAL REVENUES 8,700 17,557 8,857 EXPENDITURES: Current: Public Works: Other Services And Charges 13,500 14,022 (522) NET CHANGE IN FUND BALANCES (4,800) 3,535 8,335 FUND BALANCES, JANUARY 1 286,710 286,710 - FUND BALANCES, DECEMBER 31 $ 281,910 $ 290,245 $ 8,335 135 Page 202 of 436CITY OF CHASKA, MINNESOTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL CHASKA EDA SPECIAL REVENUE FUND FOR THE YEAR ENDED DECEMBER 31, 2025 VARIANCE WITH ORIGINAL FINAL BUDGET AND FINAL POSITIVE BUDGET ACTUAL (NEGATIVE) REVENUES: Taxes: Property $ 231,440 $ 231,092 $ (348) Intergovernmental: State - 30 30 Regional - 189,000 189,000 Charges For Services 345,345 345,345 - Special Assessments 40,000 47,730 7,730 Investment Earnings (Charges) (5,400) - 5,400 Leases 34,800 32,000 (2,800) Other: Payments - 4,064 4,064 TOTAL REVENUES 646,185 849,261 203,076 EXPENDITURES: Current: Economic Development: Other Services And Charges 624,145 779,587 (155,442) Capital Outlay - 2,475 (2,475) TOTAL EXPENDITURES 624,145 782,062 (157,917) EXCESS OF REVENUES OVER EXPENDITURES 22,040 67,199 45,159 NET CHANGE IN FUND BALANCES 22,040 67,199 45,159 FUND BALANCES (DEFICITS), JANUARY 1 (745,847) (745,847) - FUND BALANCES (DEFICITS), DECEMBER 31 $ (723,807) $ (678,648) $ 45,159 136 Page 203 of 436CITY OF CHASKA, MINNESOTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL LOCAL AFFORDABLE HOUSING AID SPECIAL REVENUE FUND FOR THE YEAR ENDED DECEMBER 31, 2025 VARIANCE WITH ORIGINAL FINAL BUDGET AND FINAL POSITIVE BUDGET ACTUAL (NEGATIVE) REVENUES: Intergovernmental: State $ 130,039 $ 339,010 $ 208,971 Investment Earnings - 5,831 5,831 TOTAL REVENUES 130,039 344,841 214,802 NET CHANGE IN FUND BALANCES 130,039 344,841 214,802 FUND BALANCES (DEFICITS), JANUARY 1 132,016 132,016 - FUND BALANCES (DEFICITS), DECEMBER 31 $ 262,055 $ 476,857 $ 214,802 137 Page 204 of 436CITY OF CHASKA, MINNESOTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL EQUIPMENT ACQUISITION CAPITAL PROJECT FUND FOR THE YEAR ENDED DECEMBER 31, 2025 VARIANCE WITH ORIGINAL FINAL BUDGET AND FINAL POSITIVE BUDGET ACTUAL (NEGATIVE) REVENUES: Taxes: Property $ 4,405,717 $ 3,404,606 $ (1,001,111) Intergovernmental: State: Market Value Credit - 490 490 Charges For Services 30,500 30,954 454 Investment Earnings - 396,635 396,635 Leases 150,500 115,798 (34,702) Other Revenue - 78,757 78,757 TOTAL REVENUES 4,586,717 4,027,240 (559,477) EXPENDITURES: Current: General Government 10,000 139,712 (129,712) Public Safety - 124,079 (124,079) Debt Service: Issuance Costs And Fiscal Agent Fees 257,000 - 257,000 Capital Outlay: Buildings And Structures - 120,280 (120,280) Furniture And Equipment: General Government 248,500 67,408 181,092 Public Safety 18,500 196,162 (177,662) Public Works 1,306,000 956,620 349,380 Parks, Recreation and Arts - - - Other Improvements - 2,662 (2,662) Leased Equipment: Public Safety - 51,726 (51,726) Subscriptions - 353,266 (353,266) TOTAL EXPENDITURES 1,840,000 2,011,915 (171,915) EXCESS OF REVENUES OVER EXPENDITURES 2,746,717 2,015,325 (731,392) OTHER FINANCING SOURCES (USES): Transfers In 76,000 76,000 - Transfers Out (4,125,100) (1,768,863) 2,356,237 Bonds Issued 1,310,000 - (1,310,000) Lease Issuance - 51,374 51,374 Subscription Issuance - 205,093 205,093 Sale of Capital Assets - 52,335 52,335 TOTAL OTHER FINANCING SOURCES (USES) (2,739,100) (1,384,061) 1,355,039 NET CHANGE IN FUND BALANCES 7,617 631,264 623,647 FUND BALANCES, JANUARY 1 10,226,770 10,226,770 - FUND BALANCES, DECEMBER 31 $ 10,234,387 $ 10,858,034 $ 623,647 138 Page 205 of 436 Nonmajor Enterprise Funds City of Chaska, Minnesota For the Year Ended December 31, 2025 Enterprise funds are used to account for operations that are financed and operated in a manner similar to a private business enterprise. It is the intent of the City Council that the costs of providing goods and services to the general public on a continuing basis be financed or recovered primarily through user charges. This type of fund is also used where the City Council has decided that periodic determination of net income is appropriate for accountability purposes. The City has the following nonmajor enterprise funds. • The Loop at Chaska Fund: This fund is used to account for the operation of the City’s 9-hole barrier-free public golf course. • Chaska Town Course Fund: This fund is used to account for the operation of the City’s 18-hole public golf course. 139 Page 206 of 436CITY OF CHASKA, MINNESOTA COMBINING STATEMENT OF NET POSITION NONMAJOR ENTERPRISE FUNDS DECEMBER 31, 2025 THE LOOP CHASKA AT TOWN CHASKA COURSE TOTALS ASSETS Current Assets: Cash And Investments $ 800 $ 392,867 $ 393,667 Receivables: Accounts Current - 42 42 Interest - 988 988 Due From Other Funds - 1,049,961 1,049,961 Inventories 3,235 53,186 56,421 Total Current Assets 4,035 1,497,044 1,501,079 Noncurrent Assets: Capital Assets: Construction In Progress - 103,468 103,468 Buildings 1,563,199 8,266,842 9,830,041 Other Improvements 4,039,535 1,133,069 5,172,604 Furniture And Equipment 140,761 3,305,437 3,446,198 Less: Accumulated Depreciation (304,408) (10,380,101) (10,684,509) Total Net Capital Assets 5,439,087 2,428,715 7,867,802 TOTAL ASSETS 5,443,122 3,925,759 9,368,881 DEFERRED OUTFLOWS OF RESOURCES Pension Plan Deferments 25,042 100,998 126,040 OPEB Plan Deferments 283 1,132 1,415 TOTAL DEFERRED OUTFLOWS OF RESOURCES 25,325 102,130 127,455 TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 5,468,447 $ 4,027,889 $ 9,496,336 LIABILITIES Current Liabilities: Accounts Payable $ 4,078 $ 15,261 $ 19,339 Salaries Payable 4,447 24,553 29,000 Deposits Payable 2,076 233,982 236,058 Compensated Absences 7,670 87,457 95,127 Accrued Interest Payable 8,744 - 8,744 Due To Other Funds 2,149,961 - 2,149,961 Due To Other Governments 280 5,709 5,989 Interfund Payable 6,570 271,868 278,438 Revenue Bonds Payable 145,000 - 145,000 Other Post Employment Benefits 244 968 1,212 Total Current Liabilities 2,329,070 639,798 2,968,868 Noncurrent Liabilities: Compensated Absences 7,179 57,000 64,179 Advance From Other Funds 38,170 1,341,309 1,379,479 Revenue Bonds Payable 2,879,000 - 2,879,000 Other Post Employment Benefits 6,530 26,130 32,660 Net Pension Liability 82,320 332,009 414,329 Total Noncurrent Liabilities 3,013,199 1,756,448 4,769,647 TOTAL LIABILITIES 5,342,269 2,396,246 7,738,515 DEFERRED INFLOWS OF RESOURCES Pension Plan Deferments 53,651 216,381 270,032 OPEB Plan Deferments 3,047 12,190 15,237 TOTAL DEFERRED INFLOWS OF RESOURCES 56,698 228,571 285,269 NET POSITION Net Investment In Capital Assets 2,415,087 2,410,226 4,825,313 Unrestricted (2,345,607) (1,007,154) (3,352,761) TOTAL NET POSITION 69,480 1,403,072 1,472,552 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION $ 5,468,447 $ 4,027,889 $ 9,496,336 140 Page 207 of 436CITY OF CHASKA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION NONMAJOR ENTERPRISE FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 THE LOOP CHASKA AT TOWN CHASKA COURSE TOTALS OPERATING REVENUES: Sales $ 470,060 $ 3,477,055 $ 3,947,115 OPERATING EXPENSES: Administration 559,767 2, 802,537 3, 362,304 Depreciation 200,244 361,404 561,648 TOTAL OPERATING EXPENSES 760,011 3, 163,941 3, 923,952 OPERATING INCOME (LOSS) (289,951) 313,114 23,163 NON-OPERATING REVENUES: Investment Earnings - 34,153 34,153 Gain on Sale Of Capital Assets - 22,223 22,223 TOTAL NON-OPERATING REVENUES - 56,376 56,376 NON-OPERATING EXPENSES: Interest 111,780 91,339 203,119 TOTAL NON-OPERATING EXPENSES 111,780 91,339 203,119 INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS (401,731) 278,151 (123,580) CAPITAL CONTRIBUTIONS 10,000 - 10,000 TRANSFERS IN (OUT) Transfers In 244,000 - 244,000 CHANGE IN NET POSITION (147,731) 278,151 130,420 NET POSITION, JANUARY 1 217,211 1, 124,921 1, 342,132 NET POSITION, DECEMBER 31 $ 69,480 $ 1,403,072 $ 1,472,552 141 Page 208 of 436CITY OF CHASKA, MINNESOTA COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS FOR THE YEAR ENDED DECEMBER 31, 2025 THE LOOP CHASKA AT TOWN CHASKA COURSE TOTALS CASH FLOWS FROM OPERATING ACTIVITIES: Receipts From Customers and Users $ 470,672 $ 3,505,823 $ 3,976,495 Payments to Suppliers (132,029) (1,308,657) (1,440,686) Payments to Employees (371,934) (1,584,671) (1,956,605) Net Cash Provided (Used) By Operating Activities (33,291) 612,495 579,204 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES: Due From Other Funds - 146,421 146,421 Due To Other Funds 53,579 - 53,579 Net Cash Provided By Non-Capital Financing Activities 53,579 146,421 200,000 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: Capital Contributions 10,000 - 10,000 Principal Paid On Bonds (140,000) - (140,000) Interest And Fiscal Charges (112,185) - (112,185) Proceeds From Sale Of Capital Assets - 22,223 22,223 Construction And Acquisition of Capital Assets (15,043) (429,505) (444,548) Transfers From Other Funds 244,000 - 244,000 Interfund Loan Payments To Other Funds (6,260) (256,331) (262,591) Interest Payments On Interfund Loans - (91,339) (91,339) Net Cash Provided (Used) By Capital And Related Financing Activities (19,488) (754,952) (774,440) CASH FLOWS FROM INVESTING ACTIVITIES: Interest On Investments - 35,612 35,612 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 800 39,576 40,376 CASH AND CASH EQUIVALENTS, January 1 - 353,291 353,291 CASH AND CASH EQUIVALENTS, December 31 $ 800 $ 392,867 $ 393,667 CASH AND CASH EQUIVALENTS: Cash And Investments $ 800 $ 392,867 $ 393,667 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITES: Operating Income (Loss) $ (289,951) $ 313,114 $ 23,163 Adjustments To Reconcile Operating Income (Loss) To Net Cash Provided By Operating Activities: Depreciation And Amortization Expense 200,244 361,404 561,648 (Increase) Decrease In Assets And Deferred Outflows: Accounts Receivable - 12,424 12,424 Inventory (2,357) (9,724) (12,081) Deferred Outflows (13,113) (6,364) (19,477) Increase (Decrease) In Liabilities And Deferred Inflows: Accounts Payable 1,375 4 1,379 Salaries Payable 355 2,259 2,614 Deposits Payable 612 16,344 16,956 Compensated Absences Payable 3,602 2,688 6,290 Net Pension Liability 35,474 (30,880) 4,594 Due To Other Governments 99 1,659 1,758 Other Post Employment Benefits 6,774 (3,847) 2,927 Deferred Inflows 23,595 (46,586) (22,991) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ (33,291) $ 612,495 $ 579,204 NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES: Payment of Capital Assets on Account $ - $ (18,489) $ (18,489) 142 Page 209 of 436Chaska 143 Page 210 of 436 Statistical Section (Unaudited) City of Chaska, Minnesota For the Year Ended December 31, 2025 This part of the City of Chaska’s Annual Comprehensive Financial Report represents detailed information as a context for understanding this year’s financial statements, note disclosures and supplementary information. This information has not been audited by the independent auditor. Content • Financial Trends: These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time. Table 1 – Net Position by Component Table 2 – Changes in Net Position Table 3 – Governmental Activities Tax Revenues by Source Table 4 – Fund Balances of Governmental Funds Table 5 – Changes in Fund Balances of Governmental Funds Table 6 – General Governmental Tax Revenues by Source • Revenue Capacity: These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax. Table 7 – Tax Capacity Value and Estimated Actual Value of Real and Personal Property Table 8 – Property Tax Rates – Direct and Overlapping Governments Table 9 – Principal Property Taxpayers Table 10 – Property Tax Levies and Collections • Debt Capacity: These schedules contain information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue debt in the future. Table 11 – Ratios of Outstanding Debt by Type Table 12 – Ratios of General Bonded Debt Outstanding to Estimated Actual Taxable Value Table 13 – Direct and Overlapping Governmental Activities Debt Table 14 – Legal Debt Margin Information Table 15 – Pledged Revenue Coverage • Demographic and Economic Information: These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activity takes place. Table 16 – Demographic and Economic Statistics Table 17 – Principal Employers 144 Page 211 of 436 Statistical Section (Unaudited) City of Chaska, Minnesota For the Year Ended December 31, 2025 • Operating Information: These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities that it performs. Table 18 – Full-Time Equivalent City Government Employees by Function/Program Table 19 – Operating Indicators by Function/Program Table 20 – Capital Asset Statistics by Function/Program • Sources: Unless otherwise noted, the information in these schedules derives from the Annual Comprehensive Financial Report for the relevant year(s). 145 Page 212 of 436CITY OF CHASKA, MINNESOTA NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (UNAUDITED) FISCAL YEAR 2016 2017 2018 (1) 2019 Governmental Activities Net Investment In Capital Assets $ 132,552,673 $ 137,122,192 $ 146,659,763 $ 143,383,394 Restricted 14,175,353 19,807,677 20,434,329 16,956,396 Unrestricted (640,332) (2,060,473) (11,503,698) (9,838,641) Total Governmental Activities Net Position: $ 146,087,694 $ 154,869,396 $ 155,590,394 $ 150,501,149 Business-Type Activities Net Investment In Capital Assets $ 31,821,470 $ 30,523,279 $ 33,206,537 $ 32,618,078 Restricted 5,609,821 17,986,742 16,111,606 16,407,157 Unrestricted 1,918,324 (7,433,427) (7,147,929) (8,973,291) Total Business-Type Activities Net Position: $ 39,349,615 $ 41,076,594 $ 42,170,214 $ 40,051,944 Primary Government Net Investment In Capital Assets $ 164,374,143 $ 167,645,471 $ 179,866,300 $ 176,001,472 Restricted 19,785,174 37,794,419 36,545,935 33,363,553 Unrestricted 1,277,992 (9,493,900) (18,651,627) (18,811,932) Total Primary Government Net Position: $ 185,437,309 $ 195,945,990 $ 197,760,608 $ 190,553,093 (1) The City implemented GASB Statement No. 75 in 2018. Net position for previous years have not been restated. (2) The City implemented GASB Statement No. 87 in 2022. Net position for previous years have not been restated. (3) The City implemented GASB Statement No. 96 in 2023. Net position for previous years have not been restated. (4) The City had a prior period restatement of Net Position for the transfer of infrastructure assets from Governmental Activities to Business-Type Activities and for adding the turbine asset. 146 Page 213 of 436 Table 1 FISCAL YEAR 2020 2021 2022 (2) 2023 (3) 2024 (4) 2025 $ 134,205,413 $ 141,167,187 $ 150,575,322 $ 157,564,759 $ 125,048,189 $ 135,733,388 16,683,713 19,532,032 18,560,127 19,906,018 20,757,570 21,925,710 (3,239,169) (4,703,055) (5,433,372) (7,483,389) (1,425,902) 5,131,609 $ 147,649,957 $ 155,996,164 $ 163,702,077 $ 169,987,388 $ 144,379,857 $ 162,790,707 $ 37,138,756 $ 40,160,983 $ 47,152,434 $ 55,338,956 $ 111,725,590 $ 117,189,181 16,866,244 16,714,615 15,356,458 15,341,574 15,438,696 14,795,795 (10,744,178) (4,074,040) (2,601,306) (3,271,529) 68,121 4,292,894 $ 43,260,822 $ 52,801,558 $ 59,907,586 $ 67,409,001 $ 127,232,407 $ 136,277,870 $ 171,344,169 $ 181,328,170 $ 197,727,756 $ 212,903,715 $ 236,773,779 $ 252,922,569 33,549,957 36,246,647 33,916,585 35,247,592 36,196,266 36,721,505 (13,983,347) (8,777,095) (8,034,678) (10,754,918) (1,357,781) 9,424,503 $ 190,910,779 $ 208,797,722 $ 223,609,663 $ 237,396,389 $ 271,612,264 $ 299,068,577 147 Page 214 of 436CITY OF CHASKA, MINNESOTA Table 2 CHANGES IN NET POSITION LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (UNAUDITED) FISCAL YEAR 2016 2017 2018 (1) 2019 2020 2021 2022 (4) 2023 (6) 2024 2025 EXPENSES Governmental Activities General Government$ 5,975,566 $ 6,603,240 $ 6,025,119 $ 6,466,463 $ 6,404,435 $ 6,308,239 $ 7,582,962 $ 7,828,871 $ 7,736,835 $ 8,339,226 Economic Development 1,078,389 2,005,808 4,352,049 1,682,326 1,353,256 1,184,162 1,863,279 2,488,535 1,810,824 2,226,410 Public Safety 6,878,111 6,063,781 6,189,888 6,805,386 8,940,448 7,542,110 11,018,862 13,449,171 12,260,433 13,446,421 Public Works 8,566,638 9,042,167 10,088,913 26,781,348 16,348,045 14,663,395 13,902,073 27,888,319 12,230,186 7,713,684 Parks, Recreation And Arts 1,067,514 1,286,155 1,526,003 1,636,562 1,622,431 1,761,967 4,005,037 4,110,717 6,045,540 4,997,167 Interest On Long-Term Debt 1,424,886 1,264,604 1,550,437 1,522,276 1,812,949 1,709,519 1,676,423 1,845,976 3,970,358 3,594,337 Total Governmental Activities Expenses: 24,991,104 26,265,755 29,732,409 44,894,361 36,481,564 33,169,392 40,048,636 57,611,589 44,054,176 40,317,245 Business-type Activities Electric 35,236,356 35,744,098 38,896,423 35,599,483 36,587,314 41,793,193 47,590,197 47,812,178 47,649,505 49,416,632 Water 2,859,401 2,883,350 3,015,694 3,391,370 3,680,044 3,605,735 3,601,725 3,711,226 4,595,273 5,166,762 Sewer 3,254,994 3,494,259 3,801,595 4,091,831 4,560,553 4,676,438 5,154,941 5,775,590 7,587,553 7,524,068 Chaska Community Center 4,419,881 4,536,723 4,752,021 4,716,992 4,822,493 4,381,300 4,934,083 4,977,486 4,915,842 5,118,267 The Loop at Chaska (7) 240,047 193,856 189,814 187,568 177,696 23,721 191,878 307,285 658,213 873,304 Chaska Town Course 2,433,909 2,512,410 2,452,056 2,505,095 2,485,892 2,765,627 3,065,247 2,803,226 3,506,545 3,250,575 Turbine Generator 1,057,383 1,019,671 1,016,539 1,023,865 921,659 867,361 832,886 788,095 1,705,658 1,686,592 Internet Service Provider (2) 168,783 184,840 159,357 - - - - - - - Storm Water 993,816 980,334 1,072,424 1,173,012 1,268,421 1,308,391 1,716,611 1,577,772 2,295,546 2,673,453 Chaska Curling Center 1,516,260 2,330,918 2,635,334 2,419,331 2,200,635 2,215,831 2,378,347 2,304,717 2,367,422 2,367,259 Total Business-type Activities Expenses: 52,180,830 53,880,459 57,991,257 55,108,547 56,704,707 61,637,597 69,465,915 70,057,575 75,281,557 78,076,912 Total Primary Government Expenses:$ 77,171,934 $ 80,146,214 $ 87,723,666 $ 100,002,908 $ 93,186,271 $ 94,806,989 $ 109,514,551 $ 127,669,164 $ 119,335,733 $ 118,394,157 PROGRAM REVENUES Governmental Activities Charges For Services General Government$ 3,381,482 $ 3,716,746 $ 4,235,869 $ 4,522,047 $ 4,775,856 $ 4,988,367 $ 5,560,975 $ 5,859,612 $ 6,178,686 $ 6,951,630 Economic Development 77,421 76,000 80,000 85,000 85,000 177,435 203,833 295,886 328,900 385,966 Public Safety 180,603 263,033 331,251 240,462 907,268 1,823,406 2,270,380 3,166,453 2,203,943 2,088,033 Public Works 2,516,820 1,882,531 2,178,832 1,794,876 1,877,244 2,927,311 6,447,527 7,135,358 1,961,555 5,109,567 Parks, Recreation And Arts 317,749 182,462 429,577 652,394 655,261 559,749 2,458,046 1,486,020 761,897 849,458 Operating Grants And Contributions 628,278 1,477,224 777,833 10,909,953 7,010,170 3,729,076 976,529 6,175,382 7,651,814 3,690,341 Capital Grants And Contributions 8,226,427 14,086,637 7,951,347 2,644,120 2,296,609 11,685,438 13,399,011 16,128,935 18,400,195 6,177,614 Total Governmental Activities Program Revenues: 15,328,780 21,684,633 15,984,709 20,848,852 17,607,408 25,890,782 31,316,301 40,247,646 37,486,990 25,252,609 Business-type Activities Charges for Services Electric 37,500,384 37,542,385 41,193,202 41,203,336 43,028,104 49,019,072 55,020,552 56,742,382 57,182,709 60,937,909 Water 2,714,932 2,768,225 2,861,416 2,921,859 3,372,280 4,004,847 4,319,046 5,194,001 5,074,005 5,558,208 Sewer 3,423,610 3,601,281 3,789,275 4,136,124 4,612,317 4,986,322 5,666,239 6,761,550 7,822,847 8,320,281 Chaska Community Center 2,735,432 3,163,971 3,085,972 3,264,746 1,830,242 2,163,808 2,791,020 3,183,967 3,291,001 3,736,474 The Loop at Chaska (5) 170,732 167,726 154,621 136,903 204,789 59 - - 396,264 470,060 Chaska Town Course 2,137,035 2,133,510 1,966,812 2,105,154 2,536,210 3,006,247 3,016,808 3,144,507 3,330,839 3,477,055 Turbine Generator 1,781,846 1,719,136 1,650,846 1,576,477 1,495,484 1,422,057 1,366,151 1,261,543 1,743,199 1,743,199 Internet Service Provider (2) 103,569 117,718 100,033 - - - - - - - Storm Water 969,248 1,097,344 1,581,812 1,688,118 1,756,180 2,131,730 1,954,589 1,775,622 2,243,432 2,368,731 Chaska Curling Center 1,173,795 1,221,472 1,299,997 1,240,291 641,658 915,179 1,403,440 1,181,353 1,133,427 1,196,226 Operating Grants And Contributions 100,379 1,626 99,052 142,669 41,351 145,088 66,775 13,796 - - Capital Grants And Contributions 647,918 704,759 198,433 678,369 881,172 4,712,247 1,523,889 1,316,894 11,194,164 2,250,926 Total Business-type Activities Program Revenues: 53,458,880 54,239,153 57,981,471 59,094,046 60,399,787 72,506,656 77,128,509 80,575,615 93,411,887 90,059,069 Total Primary Government Program Revenues:$ 68,787,660 $ 75,923,786 $ 73,966,180 $ 79,942,898 $ 78,007,195 $ 98,397,438 $ 108,444,810 $ 120,823,261 $ 130,898,877 $ 115,311,678 NET EXPENSE / REVENUE Governmental Activities$ (9,662,324) $ (4,581,122) $ (13,747,700) $ (24,045,509) $ (18,874,156) $ (7,278,610) $ (8,732,335) $ (17,363,943) $ (6,567,186) $ (15,064,636) Business-type Activities 1,278,050 358,694 (9,786) 3,985,499 3,695,080 10,869,059 7,662,594 10,518,040 18,130,330 11,982,157 Total Primary Government Net Expense:$ (8,384,274) $ (4,222,428) $ (13,757,486) $ (20,060,010) $ (15,179,076) $ 3,590,449 $ (1,069,741) $ (6,845,903) $ 11,563,144 $ (3,082,479) GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental Activities Taxes Property Taxes$ 8,189,403 $ 9,089,057 $ 10,129,998 $ 10,805,084 $ 11,731,744 $ 12,625,690 $ 14,033,350 $ 16,932,255 $ 20,618,682 $ 23,901,081 Franchise Taxes 4,224,548 4,300,526 4,576,985 752,914 763,101 768,243 770,755 783,615 772,621 778,189 Unrestricted Grants and Contributions 585,679 310,188 26,334 42,379 2,110,628 129,545 10,150 10,772 10,102 16,254 Investment Earnings 247,978 253,578 400,814 428,710 189,473 136,732 361,050 1,389,424 2,995,886 3,116,165 Other 510,860 416,642 366,702 277,822 428,225 475,224 510,567 803,970 505,989 907,986 Transfers (221,383) (1,007,167) (769,471) 6,649,355 4,927,249 4,081,951 3,921,201 4,876,696 4,883,852 4,755,811 Transfers - Capital Assets (3) - - - - (4,127,456) (2,592,568) (3,168,825) (1,147,478) (8,667,834) - Total Governmental Activities: 13,537,085 13,362,824 14,731,362 18,956,264 16,022,964 15,624,817 16,438,248 23,649,254 21,119,298 33,475,486 Business-type Activities Unrestricted Grants and Contributions - 41,184 211 283 165 689 616 645 563 367 Investment Earnings 241,753 260,708 362,111 407,297 134,799 57,955 110,438 641,539 730,733 776,949 Interest Revenue - - - - - - - - 1,092,702 1,019,578 Other 63,277 59,226 82,857 138,006 178,627 102,416 84,756 70,409 61,473 22,223 Transfers 221,383 1,007,167 769,471 (6,649,355) (4,927,249) (4,081,951) (3,921,201) (4,876,696) (4,883,852) (4,755,811) Transfers - Capital Assets (3) - - - - 4,127,456 2,592,568 3,168,825 1,147,478 8,667,834 - Total Business-type Activities: 526,413 1,368,285 1,214,650 (6,103,769) (486,202) (1,328,323) (556,566) (3,016,625) 5,669,453 (2,936,694) Total Primary Government:$ 14,063,498 $ 14,731,109 $ 15,946,012 $ 12,852,495 $ 15,536,762 $ 14,296,494 $ 15,881,682 $ 20,632,629 $ 26,788,751 $ 30,538,792 CHANGE IN NET POSITION Governmental Activities$ 3,874,761 $ 8,781,702 $ 983,662 $ (5,089,245) $ (2,851,192) $ 8,346,207 $ 7,705,913 $ 6,285,311 $ 14,552,112 $ 18,410,850 Business-type Activities 1,804,463 1,726,979 1,204,864 (2,118,270) 3,208,878 9,540,736 7,106,028 7,501,415 23,799,783 9,045,463 Total Primary Government:$ 5,679,224 $ 10,508,681 $ 2,188,526 $ (7,207,515) $ 357,686 $ 17,886,943 $ 14,811,941 $ 13,786,726 $ 38,351,895 $ 27,456,313 Change In Net Position is explained in the Management's Discussion & Analysis. (1) The City implemented GASB Statement No. 75 in 2018. Change in Net Position for previous years have not been restated. (2) The Internet Service Provider fund closed in 2018. (3) Starting in 2020, Transfers of Capital Assets will be broken out of total transfers. (4) The City implemented GASB Statement No. 87 in 2022. Change in Net Position for previous years have not been restated. (5) Par 30 golf course has been renamed The Loop at Chaska. (6) The City implemented GASB Statement No. 96 in 2023. Change in Net Position for previous years have not been restated. 148 Page 215 of 436CITY OF CHASKA, MINNESOTA Table 3 GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (UNAUDITED) PROPERTY TAXES FRANCHISE TAXES FISCAL YEAR LEVIED TAX INCREMENT ELECTRIC (1) CABLE GAS TOTAL TAXES 2016 $ 7,559,289 $ 630,114 $ 3,458,900 $ 304,017 $ 461,631 $ 12,413,951 2017 8,367,604 721,453 3,521,540 321,423 457,563 13,389,583 2018 9,091,373 1,038,625 3,820,670 306,860 449,455 14,706,983 2019 (1) 9,702,004 1,103,080 - 302,522 450,392 11,557,998 2020 10,546,479 1,185,265 - 300,269 462,832 12,494,845 2021 11,318,040 1,307,650 - 311,830 456,413 13,393,933 2022 12,716,108 1,317,242 - 307,061 463,694 14,804,105 2023 15,227,989 1,704,266 - 291,424 492,191 17,715,870 2024 18,088,136 2,530,546 - 261,294 511,327 21,391,303 2025 21,107,832 2,793,249 12,330 245,286 520,573 24,679,270 (1) Beginning in 2019, the City did not assess a franchise fee on the City-owned electric. 149 Page 216 of 436CITY OF CHASKA, MINNESOTA FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (UNAUDITED) FISCAL YEAR 2016 2017 2018 2019 General Fund Nonspendable $ - $ - $ - $ - Committed 924,378 908,494 1,010,606 1,133,435 Assigned - - - - Unassigned 1,615,179 1,103,421 1,078,348 777,426 Total General Fund: $ 2,539,557 $ 2,011,915 $ 2,088,954 $ 1,910,861 General Fund % Change -17.69% -20.78% 3.83% -8.53% All Other Governmental Funds Nonspendable $ - $ - $ - $ - Restricted 8,022,515 11,726,442 10,712,645 13,546,921 Committed 2,456,381 2,889,920 3,746,951 4,487,945 Assigned 6,646,255 8,571,632 8,011,826 8,511,304 Unassigned, Reported In: Special Revenue Funds (701,789) (793,665) (1,096,949) (1,008,180) Capital Project Funds (5,224,315) (5,637,984) (15,082,217) (8,565,055) Total All Other Governmental Funds: $ 11,199,047 $ 16,756,345 $ 6,292,256 $ 16,972,935 All Other Governmental Funds % Change -16.45% 49.62% -62.45% 169.74% Total Governmental Funds Nonspendable $ - $ - $ - $ - Restricted 8,022,515 11,726,442 10,712,645 13,546,921 Committed 3,380,759 3,798,414 4,757,557 5,621,380 Assigned 6,646,255 8,571,632 8,011,826 8,511,304 Unassigned (4,310,925) (5,328,228) (15,100,818) (8,795,809) Total Governmental Funds: $ 13,738,604 $ 18,768,260 $ 8,381,210 $ 18,883,796 Total Governmental Funds % Change -16.69% 36.61% -55.34% 125.31% 150 Page 217 of 436 Table 4 FISCAL YEAR 2020 2021 2022 2023 2024 2025 $ 53,268 $ 54,866 $ 119,345 $ 78,598 $ 233,032 $ 289,405 970,088 1,204,624 1,277,890 1,284,902 2,473,668 2,794,249 448,864 447,206 474,561 1,056,678 482,438 480,638 460,243 1,324,228 1,781,459 3,098,796 3,757,131 4,171,454 $ 1,932,463 $ 3,030,924 $ 3,653,255 $ 5,518,974 $ 6,946,269 $ 7,735,746 1.13% 56.84% 20.53% 51.07% 25.86% 11.37% $ - $ - $ 22,707 $ 53,909 $ 81,610 $ 104,815 13,411,432 12,986,899 17,462,282 23,718,674 66,538,095 31,245,895 5,353,884 3,489,302 1,622,817 2,997,955 3,226,647 4,282,180 9,235,585 10,039,314 15,330,498 20,964,249 22,987,457 30,318,322 (985,110) (1,002,310) (926,248) (1,218,006) (766,280) (699,416) (3,325,670) (7,012,273) (13,146,160) (14,193,428) (18,899,499) (27,060,604) $ 23,690,121 $ 18,500,932 $ 20,365,896 $ 32,323,353 $ 73,168,030 $ 38,191,192 39.58% -21.90% 10.08% 58.71% 126.36% -47.80% $ 53,268 $ 54,866 $ 142,052 $ 132,507 $ 314,642 $ 394,220 13,411,432 12,986,899 17,462,282 23,718,674 66,538,095 31,245,895 6,323,972 4,693,926 2,900,707 4,282,857 5,700,315 7,076,429 9,684,449 10,486,520 15,805,059 22,020,927 23,469,895 30,798,960 (3,850,537) (6,690,355) (12,290,949) (12,312,638) (15,908,648) (23,588,566) $ 25,622,584 $ 21,531,856 $ 24,019,151 $ 37,842,327 $ 80,114,299 $ 45,926,938 35.69% -15.97% 11.55% 57.55% 111.71% -42.67% 151 Page 218 of 436CITY OF CHASKA, MINNESOTA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (UNAUDITED) FISCAL YEAR 2016 2017 2018 2019 REVENUES Taxes$ 12,470,764 $ 13,420,767 $ 14,709,783 $ 11,550,747 Licenses and Permits 1,033,383 1,302,593 928,825 910,342 Intergovernmental 2,772,705 2,653,945 1,726,502 11,747,098 Charges for Services 5,316,461 5,717,156 6,220,296 6,299,265 Fines and Forfeitures 104,226 113,158 109,319 72,456 Special Assessments 2,121,412 2,835,792 2,350,349 2,535,593 Other Revenue 600,089 659,861 1,151,947 1,165,778 Total Revenue 24,419,040 26,703,272 27,197,021 34,281,279 EXPENDITURES General Government 5,228,459 5,630,604 5,696,448 5,986,973 Economic Development 1,070,364 1,919,188 3,183,480 1,590,071 Public Safety 5,270,617 5,738,341 6,193,049 6,498,679 Public Works 4,537,040 5,213,582 7,699,681 6,922,693 Parks, Recreation and Arts 828,065 1,140,929 1,062,569 1,052,775 Debt Service: Principal 3,013,768 3,061,302 2,901,859 3,323,855 Interest 1,429,478 1,380,700 1,618,919 1,718,079 Issuance Costs & Fiscal Agent Fees 4,725 250,271 11,850 319,028 Capital Outlay 5,633,034 9,808,124 8,295,131 20,187,457 Total Expenditures 27,015,550 34,143,041 36,662,986 47,599,610 Excess (Deficiency) of Revenues Over (Under) Expenditures (2,596,510) (7,439,769) (9,465,965) (13,318,331) OTHER FINANCING SOURCES (USES) Transfers In 6,242,220 4,624,645 4,297,144 17,758,206 Transfers Out (6,423,134) (5,617,190) (5,252,205) (10,082,386) Bonds Issued - 10,870,000 - 14,735,000 Proceeds of Refunding Bonds - 1,455,000 - 1,740,000 Premium on Bonds Issued - 1,125,229 - 1,015,807 Lease Issued (2) - - - 14,290 Payments to Refunded Bond Escrow Agent - - - (1,360,000) Debt Service-Principal - - - - Lease Proceeds - - - - Subscription Proceeds - - - - Sale of Capital Assets 25,856 11,741 33,976 - Total Other Financing Sources (Uses) (155,058) 12,469,425 (921,085) 23,820,917 NET CHANGE IN FUND BALANCES$ (2,751,568) $ 5,029,656 $ (10,387,050) $ 10,502,586 Expenditures for Capitalized Assets (1) $ 12,340,550 $ 16,094,547 $ 16,582,006 $ 6,758,755 Debt Service as a Percentage of Noncapital Expenditures 30.28% 24.61% 22.51% 12.35% (1) Expenditures for capitalized assets per the Reconciliation of The Statement of Revenues, Expenditures And Changes In Fund Balances of Governmental Funds to The Statement of Activities. (2) Lease Issued for Fire department capital equipment prior to GASB 87. 152 Page 219 of 436 Table 5 FISCAL YEAR 2020 2021 2022 2023 2024 2025 $ 12,501,723 $ 13,381,311 $ 14,818,067 $ 17,692,440 $ 21,334,736 $ 24,571,866 943,410 1,836,260 2,284,612 3,171,358 2,244,981 2,328,552 10,254,538 5,185,714 9,407,131 20,663,336 10,937,867 4,127,751 7,213,755 8,571,378 14,418,565 14,514,439 9,130,707 14,174,498 55,563 49,047 49,224 50,110 54,121 62,252 1,970,086 4,100,056 2,039,491 1,264,412 1,592,710 831,382 796,000 699,768 1,054,551 1,832,675 3,422,745 4,217,825 33,735,075 33,823,534 44,071,641 59,188,770 48,717,867 50,314,126 5,941,684 6,052,154 7,123,734 7,141,387 7,671,194 8,328,532 1,332,462 1,200,386 1,863,194 2,488,335 1,810,596 2,223,646 8,215,497 8,342,505 9,258,613 11,737,093 14,290,696 16,346,728 6,188,270 9,007,484 7,219,707 7,804,437 6,329,864 11,917,809 935,834 1,285,840 3,233,202 3,356,303 4,275,290 4,307,099 6,200,609 8,373,410 3,747,070 4,086,146 6,969,467 4,886,765 2,026,111 2,084,534 1,949,607 1,937,010 2,312,173 4,736,353 286,253 104,030 60,153 177,726 906,390 221,885 12,731,606 8,681,661 15,715,603 26,845,022 25,112,044 40,217,897 43,858,326 45,132,004 50,170,883 65,573,459 69,677,714 93,186,714 (10,123,251) (11,308,470) (6,099,242) (6,384,689) (20,959,847) (42,872,588) 14,860,764 10,351,559 13,146,149 17,264,798 20,261,630 21,626,794 (9,923,825) (6,240,450) (9,142,602) (12,359,487) (14,828,538) (16,454,361) 11,290,000 4,940,000 4,190,000 14,162,000 55,095,000 3,972,000 2,580,000 - - - 5,855,000 6,125,000 320,429 319,635 - 950,373 2,463,881 491,204 - - - - - - (2,280,000) (2,180,000) - - - - - - - - (5,855,000) (7,330,000) - - 360,990 164,756 107,802 51,374 - - - - 547,528 205,093 14,671 26,998 32,000 25,425 440,807 52,335 16,862,039 7,217,742 8,586,537 20,207,865 64,088,110 8,739,439 $ 6,738,788 $ (4,090,728) $ 2,487,295 $ 13,823,176 $ 43,128,263 $ (34,133,149) $ 9,230,118 $ 16,651,724 $ 17,848,607 $ 15,600,017 $ 39,980,117 $ 56,262,304 23.76% 36.72% 17.62% 12.05% 31.25% 26.06% 153 Page 220 of 436Chaska 154 Page 221 of 436CITY OF CHASKA, MINNESOTA Table 6 GENERAL GOVERNMENTAL TAX REVENUES BY SOURCE LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (UNAUDITED) PROPERTY TAXES FRANCHISE TAXES FISCAL YEAR LEVIED TAX INCREMENT ELECTRIC (1) CABLE GAS TOTAL TAXES 2016 $ 7,573,635 $ 672,581 $ 3,458,900 $ 304,017 $ 461,631 $ 12,470,764 2017 8,395,597 724,644 3,521,540 321,423 457,563 13,420,767 2018 9,091,839 1,040,959 3,820,670 306,860 449,455 14,709,783 2019 9,694,753 1,103,080 - 302,522 450,392 11,550,747 2020 10,553,357 1,185,265 - 300,269 462,832 12,501,723 2021 11,305,418 1,307,650 - 311,830 456,413 13,381,311 2022 12,730,070 1,317,242 - 307,061 463,694 14,818,067 2023 15,204,559 1,704,266 - 291,424 492,191 17,692,440 2024 18,031,569 2,530,546 261,294 511,327 21,334,736 2025 21,010,405 2,783,272 12,330 245,285 520,574 24,571,866 (1) Beginning in 2025 the City of Chaska established a Franchise Fee with MN Valley Electric 155 Page 222 of 436CITY OF CHASKA, MINNESOTA TAX CAPACITY VALUE AND ESTIMATED ACTUAL VALUE OF REAL AND PERSONAL PROPERTY LAST TEN FISCAL YEARS (UNAUDITED) REAL PROPERTY - TAX CAPACITY VALUEPERSONAL FISCAL DISPARITIES TAXES PROPERTY PAYABLE RESIDENTIAL COMMERCIAL OTHER REAL TAX CAPACITY YEAR PROPERTY PROPERTY PROPERTY VALUE CONTRIBUTION DISTRIBUTION 2016$ 20,127,637 $ 7,990,194 $ 340,891 $ 278,734 $ (3,014,532) $ 3,061,538 2017 20,776,485 8,161,059 356,694 375,132 (3,226,831) 3,313,011 2018 22,608,652 8,613,755 367,741 401,546 (3,096,739) 3,595,500 2019 24,058,344 9,060,705 395,846 428,354 (3,523,591) 3,946,302 2020 26,467,511 9,696,784 496,454 437,324 (3,698,495) 4,336,565 2021 27,243,413 10,004,871 527,544 511,600 (3,959,880) 4,521,556 2022 28,838,975 10,314,040 554,959 530,046 (4,068,054) 4,920,087 2023 36,530,698 11,667,392 702,432 599,048 (4,155,626) 4,605,652 2024 38,824,657 13,018,657 650,747 538,598 (4,825,436) 4,938,958 2025 41,144,640 13,907,405 743,100 625,532 (5,376,003) 5,743,703 Source: Carver County Auditor 156 Page 223 of 436 Table 7 CITY EDA ESTIMATED ADJ TAX CAPACITY TAX INCREMENT ADJUSTED TOTAL TOTAL ACTUAL VALUE AS A ADJUSTED TO TAX TAX CAPACITY DIRECT DIRECT MARKET VALUE PERCENTAGE OF CAPACITY VALUE VALUE TAX RATE TAX RATE REAL & PERSONAL ACTUAL VALUE $ (572,333) $ 28,212,129 26.118 1.519 $ 2,573,342,000 1.10% (658,411) 29,097,139 27.564 1.557 2,652,305,300 1.10% (973,689) 31,516,766 27.234 1.503 2,847,274,600 1.11% (1,052,097) 33,313,863 27.678 1.497 3,007,913,300 1.11% (1,209,027) 36,527,116 28.425 0.313 3,281,441,700 1.11% (1,215,297) 37,633,807 30.068 0.475 3,368,610,400 1.12% (1,355,539) 39,734,514 31.625 0.458 3,536,714,700 1.12% (1,850,631) 48,098,965 31.185 0.403 4,319,497,500 1.11% (2,581,627) 50,564,554 35.947 0.423 4,603,098,400 1.10% (2,848,771) 53,939,606 38.886 0.430 4,917,985,300 1.10% 157 Page 224 of 436CITY OF CHASKA, MINNESOTA Table 8 PROPERTY TAX RATES DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS (UNAUDITED) DIRECT RATES OVERLAPPING RATES (2) CITY COUNTY TOTAL TAXES ECONOMIC COMMUNITY INDEPENDENT DIRECT AND PAYABLE CITY URBAN DEVELOPMENT DEVELOPMENT SCHOOL SPECIAL OVERLAPPING YEAR OPERATING RURAL (1) AUTHORITY COUNTY AUTHORITY DISTRICT #112 DISTRICTS (3) RATES (1) 2016 26.118 18.283 1.519 38.880 1.701 39.245 3.614 111.077 2017 27.564 22.051 1.557 38.851 1.731 37.005 3.615 110.323 2018 27.234 24.511 1.503 37.436 1.640 33.837 3.347 104.997 2019 27.678 27.678 1.497 36.488 1.626 33.631 3.300 104.220 2020 28.425 28.425 0.313 35.179 1.598 33.006 3.061 101.584 2021 30.068 30.068 0.475 34.634 1.664 32.327 2.876 102.045 2022 31.625 31.625 0.458 34.170 1.635 31.220 2.753 101.861 2023 31.185 31.185 0.403 29.267 1.396 27.747 2.400 92.398 2024 35.947 35.947 0.423 30.106 1.449 28.660 2.757 99.343 2025 38.886 38.886 0.430 30.934 1.480 27.552 1.838 101.119 Source: Carver County Auditor (1) Total direct and overlapping rate excludes the City Rural rate. In 2005, as part of the annexation of Chaska Township, a rural rate of 50 percent of the City "urban" rate was established for ten years for the annexed properties. Starting in 2015, the rural rate increased 10 percent each year. Beginning in 2019, the annexed area is taxed at the City "urban" rate. (2) Overlapping rates are those of other governments that apply to property owners within the City. Not all overlapping rates apply to all property owners (e.g., the rates for special districts apply only to property owners whose property is located within the geographic boundaries of the special district.). (3) Special Districts include: Metropolitan Council, Regional Transit District, Lower Minnesota Watershed #1, Mosquito Control, and Carver County Rail Authority. TAX CAPACITY RATES FOR THE THREE LARGEST TAXING DISTRICTS City County School 120.0 100.0 80.0 60.0 40.0 20.0 0.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 158 Page 225 of 436CITY OF CHASKA, MINNESOTA Table 9 PRINCIPAL PROPERTY TAXPAYERS CURRENT YEAR AND NINE YEARS AGO (UNAUDITED) ASSESSED 2024 - PAYABLE 2025 ASSESSED 2015 - PAYABLE 2016 PERCENT OF PERCENT OF ESTIMATED ESTIMATED REAL PROPERTY ESTIMATED ESTIMATED REAL PROPERTY ACTUAL NET TAX ADJUSTED TAX ACTUAL NET TAX ADJUSTED TAX TAXPAYER VALUE (1) CAPACITY RANK CAPACITY VALUE VALUE CAPACITY RANK CAPACITY VALUE Aurora Investments LLC $ 72,910,900 $ 905,447 1 1.68% $ 18,075,200 $ 345,423 2 1.21% Chaska Industrial Owner 1 LLC 32,965,200 657,804 2 1.22% * * * * United Healthcare Service Inc 32,473,000 647,960 3 1.20% 22,841,000 455,320 1 1.60% Beckman Coulter Inc 29,190,900 580,818 4 1.08% * * * * Centerpoint Energy Minnegasco 24,136,900 481,988 5 0.89% 10,718,000 213,583 8 0.75% Flexential LLC 19,775,100 394,752 6 0.73% * * * * Chaska Heights Senior Living LLC 28,660,100 358,251 7 0.66% * * * * Arrow Hazeltine Shores LLC 27,600,000 345,001 8 0.64% * * * * SB Chaska Partners LLC 25,755,700 321,946 9 0.60% * * * * Northern Star Co 15,778,600 314,822 10 0.58% * * * * Hazeltine National Golf Club * * * * 16,268,100 289,014 3 1.02% Ameriprise Financial Inc. * * * * 14,719,600 263,471 4 0.93% Target Corp * * * * 12,515,700 249,564 5 0.88% Via West Inc * * * * 12,021,700 239,684 6 0.84% Aurora-Chaska Medical LLC * * * * 26,436,200 231,888 7 0.81% Northern Star Co. * * * * 9,162,000 182,490 9 0.64% TEL-FSI, Inc (2) * * * * 9,151,200 182,274 10 0.64% $ 309,246,400 $ 5,008,789 9.30% $ 151,908,700 $ 2,652,711 9.32% Source: Carver County Auditor (1) Assessed 2025 values are determined as of January 2, 2024 Ranked in order of Estimated Net Tax Capacity. (2) Formerly known as FSI International. * Denotes taxpayer was not a principal taxpayer for the year reported. 159 Page 226 of 436CITY OF CHASKA, MINNESOTA PROPERTY TAX LEVIES AND COLLECTIONS (1) LAST TEN FISCAL YEARS (UNAUDITED) LEVY FOR CALCULATION OF TAX RATE LEVY COUNTY TAXES CREDITS COUNTY ADJUSTMENT ADJUSTED PAYABLE CERTIFIED AND ADJUSTED AFTER RATE NET YEAR LEVY ADJUSTMENTS TAX LEVY CALCULATION TAX LEVY 2016 $ 7,728,287 $ (1,462) $ 7,726,825 $ (35,220) $ 7,691,605 2017 8,396,405 (1,611) 8,394,794 (20,108) 8,374,686 2018 9,057,344 (1,614) 9,055,730 21,726 9,077,456 2019 9,700,652 (1,655) 9,698,997 (28,286) 9,670,711 2020 10,516,131 (1,679) 10,514,452 47,705 10,562,157 2021 11,412,924 (1,632) 11,411,292 (26,381) 11,384,911 2022 12,672,429 (1,716) 12,670,713 12,408 12,683,121 2023 15,216,146 (1,864) 15,214,282 (22,374) 15,191,908 2024 18,154,194 (1,791) 18,152,403 7,260 18,159,663 2025 21,037,556 (2,280) 21,035,276 23,780 21,059,056 Source: Carver County Auditor (1) Collections do not include tax increment or mobile home. 160 Page 227 of 436 Table 10 COLLECTED WITHIN THE COLLECTIONS FISCAL YEAR OF THE LEVY AND ABATEMENTS TOTAL COLLECTIONS TO DATE PERCENTAGE IN SUBSEQUENT PERCENTAGE AMOUNT OF LEVY YEARS AMOUNT OF LEVY $ 7,649,215 99.45% $ 39,291 $ 7,688,506 99.96% 8,348,563 99.69% 26,121 8,374,684 100.00% 9,053,269 99.73% 24,093 9,077,362 100.00% 9,642,349 99.71% 28,362 9,670,711 100.00% 10,539,422 99.78% 22,438 10,561,860 100.00% 11,353,727 99.73% 30,451 11,384,178 99.99% 12,659,037 99.81% 21,898 12,680,935 99.98% 15,149,485 99.72% 35,281 15,184,766 99.95% 18,077,624 99.55% 33,094 18,110,718 99.73% 20,902,597 99.26% - 20,902,597 99.26% 161 Page 228 of 436CITY OF CHASKA, MINNESOTA RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS (UNAUDITED) GOVERNMENTAL ACTIVITIES GENERAL OTHER GENERAL GENERAL GENERAL GENERAL OBLIGATION GENERAL OBLIGATION OBLIGATION OBLIGATION OBLIGATION LEASE DEBT ISSUANCE FISCAL EQUIPMENT OBLIGATION TAX INCREMENT ABATEMENT IMPROVEMENT REVENUE REVENUE PURCHASE NOTES PREMIUMS/ YEAR CERTIFICATES BONDS (2) BONDS BONDS BONDS BONDS BONDS BONDS PAYABLE LEASES SUBSCRIPTIONS (DISCOUNTS) 2016$ 740,000 $ 1,835,000 $ 850,000 $ 405,000 $ 25,510,000 $ - $ 10,085,000 $ - $ 119,300 $ - $ - $ 1,783,175 2017 2,605,000 1,635,000 1,220,000 2,430,000 30,995,000 - 9,815,000 - 107,998 - - 2,785,053 2018 2,505,000 1,880,000 1,125,000 630,000 29,405,000 720,000 9,545,000 - 96,139 - - 2,587,041 2019 3,480,000 6,795,000 3,210,000 620,000 33,595,000 645,000 9,270,000 - 83,696 12,878 - 3,400,438 2020 3,185,000 6,440,000 3,100,000 610,000 32,310,000 570,000 16,805,000 - 70,652 10,313 - 3,428,009 2021 2,780,000 5,920,000 2,990,000 575,000 28,205,000 495,000 16,515,000 - - 7,555 - 3,345,308 2022 2,345,000 9,635,000 2,950,000 540,000 26,200,000 420,000 15,885,000 - - 333,398 (3) - 3,058,945 2023 10,700,000 13,217,000 2,880,000 500,000 25,375,000 335,000 15,240,000 - - 391,737 106,642 (4) 3,722,960 2024 10,340,000 13,200,000 2,765,000 465,000 25,385,000 260,000 64,230,000 - - 359,785 521,457 5,850,253 2025 9,705,000 12,995,000 2,645,000 430,000 22,790,000 175,000 62,350,000 3,768,000 - 233,093 549,132 4,632,073 Note: Details regarding the City's outstanding debt can be found in the Notes to the Financial Statements. (1) See the Schedule of Demographics and Economic Statistics for personal income and population data. (2) Governmental Activities Other General Obligation Bonds include both permanent and temporary GO State Aid Street Bonds. (3) City implemented GASB 87 for Leases in 2022. (4) City implemented GASB 96 for Subscriptions in 2023. 162 Page 229 of 436 Table 11 BUSINESS-TYPE ACTIVITIES TOTAL GENERAL TOTAL GOVERNMENTAL OBLIGATION LEASE FINANCED DEBT ISSUANCE BUSINESS-TYPE TOTAL PERCENTAGE ACTIVITIES REVENUE REVENUE PURCHASE PURCHASE PREMIUMS/ ACTIVITIES PRIMARY OF PERSONAL PER DEBT BONDS BONDS BONDS PAYABLE LEASES SUBSCRIPTIONS (DISCOUNTS) DEBT GOVERNMENT INCOME (1) CAPITA (1) $ 41,327,475 $ 15,745,000 $ 45,435,000 $ - $ - $ - $ - $ 3,289,591 $ 64,469,591 $ 105,797,066 6.10% 4,002 51,593,051 15,820,000 52,015,000 - - - - 3,572,665 71,407,665 123,000,716 6.67% 4,566 48,493,180 15,100,000 47,050,000 - 145,571 - - 3,305,892 65,601,463 114,094,643 5.80% 4,131 61,112,012 17,220,000 44,125,000 - 101,541 - - 3,169,083 64,615,624 125,727,636 6.15% 4,540 66,528,974 25,450,000 42,540,000 - 54,528 - - 4,058,492 72,103,020 138,631,994 6.55% 4,985 60,832,863 16,720,000 37,360,000 3,560,000 280,594 - - 3,575,299 61,495,893 122,328,756 5.44% 4,380 61,367,343 15,420,000 34,220,000 3,429,000 234,292 627,906 (3) - 3,216,727 57,147,925 118,515,268 4.83% 4,207 72,468,339 14,215,000 30,950,000 3,299,000 185,524 601,755 45,213 (4) 2,863,295 52,159,787 124,628,126 4.49% 4,191 123,376,495 12,965,000 27,540,000 3,164,000 134,159 15,136 41,005 1,883,167 45,742,467 169,118,962 5.90% 5,669 120,272,298 11,690,000 23,975,000 3,024,000 80,058 11,665 54,045 1,143,088 39,977,856 160,250,154 5.59% 5,372 163 Page 230 of 436CITY OF CHASKA, MINNESOTA Table 12 RATIOS OF GENERAL BONDED DEBT OUTSTANDING TO ESTIMATED ACTUAL TAXABLE VALUE LAST TEN FISCAL YEARS (UNAUDITED) PERCENTAGE OF GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITIES LESS AMOUNT ESTIMATED GENERAL DEBT ISSUANCE GENERAL DEBT ISSUANCE RESTRICTED NET GENERAL ACTUAL MARKET FISCAL OBLIGATION PREMIUMS/ OBLIGATION PREMIUMS/ TO DEBT OBLIGATION VALUE OF PER YEAR BONDS (1) (DISCOUNTS) BONDS (1) (DISCOUNTS) SERVICE (2) DEBT PROPERTY (3) CAPITA (4) 2016$ 29,340,000 $ 1,199,669 $ 15,745,000 $ 264,948 $ 5,897,191 $ 40,652,426 1.58%$ 1,538 2017 38,885,000 2,235,225 15,820,000 302,416 7,042,822 50,199,819 1.89% 1,863 2018 36,265,000 2,070,891 15,100,000 281,020 7,634,833 46,082,078 1.62% 1,668 2019 48,345,000 2,917,966 17,220,000 387,246 8,319,472 60,550,740 2.01% 2,192 2020 46,215,000 2,927,265 25,450,000 666,467 8,661,721 66,597,011 2.03% 2,395 2021 40,965,000 2,930,192 16,720,000 508,354 9,020,876 52,102,670 1.55% 1,865 2022 42,090,000 2,677,507 15,420,000 462,349 9,013,681 51,636,175 1.46% 1,833 2023 53,007,000 3,375,200 14,215,000 421,484 9,260,300 61,758,384 1.43% 2,077 2024 52,415,000 5,536,171 12,965,000 380,619 10,185,633 61,111,157 1.33% 2,049 2025 48,740,000 3,116,165 11,690,000 194,365 9,182,617 54,557,913 1.11% 1,829 Note: Details regarding the City's outstanding debt can be found in the Notes to the Financial Statements. (1) Includes all general obligation bonds, including general obligation equipment certificates, general obligation tax increment bonds, general obligation taxable abatement bonds, general obligation improvement bonds, general obligation state aid street bonds, and general obligation revenue bonds. (2) Amount restricted for repayment of general obligation bonds. (3) See the Schedule of Tax Capacity Value and Estimated Actual Market Value of Real and Personal Property for property value data. (4) Population data can be found in the Schedule of Demographic and Economic Statistics. 164 Page 231 of 436CITY OF CHASKA, MINNESOTA Table 13 DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT DECEMBER 31, 2025 (UNAUDITED) PERCENT AMOUNT OF DEBT OF DEBT DEBT APPLICABLE APPLICABLE OUTSTANDING TO CITY TO CITY DIRECT DEBT City of Chaska and Chaska EDA $ 116,504,298 (1) 100.00% $ 116,504,298 OVERLAPPING DEBT Carver County 11,061,069 22.24% 2,459,982 Carver County CDA 21,480,000 (2) - - Independent School District 112 199,303,000 37.65% 75,037,580 Metropolitan Council 1,564,245,118 85.00% 1,329,608,350 Total Overlapping Debt 1,796,089,187 1,407,105,912 Total Direct and Overlapping Debt $ 1,912,593,485 $ 1,523,610,210 Source: Carver County Auditor Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the portion of outstanding debt of those overlapping governments that is borne by the residents and businesses of the City of Chaska. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt of each overlapping government. (1) Excludes general obligation, lease purchase, and revenue bonds reported in the enterprise funds. Includes premium related to governmental activities general obligation bonds and notes payable. Includes GASB 87 lease liabilities and GASB 96 subscription liabilities related to governmental activities. (2) No percentage of the Carver County CDA bonds is applicable because the bonds will be repaid primarily from housing revenues. 165 Page 232 of 436CITY OF CHASKA, MINNESOTA LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (UNAUDITED) 2016 2017 2018 2019 Market Value $ 2,573,342,000 $ 2,652,305,300 $ 2,847,274,600 $ 3,007,913,300 Debt Limit - 3% of Market Value (A) 77,200,260 79,569,159 85,418,238 90,237,399 Amount of Debt Applicable to Debt Limit: GO Improvement Bonds and Equipment Certificates 3,180,000 4,765,000 4,385,000 5,070,000 Lease Obligations issued by the EDA 32,045,000 32,390,000 28,690,000 27,105,000 Installment Purchase Revenue Debt - - - - Lease Purchase Bonds - - - - Total Debt Applicable to Debt Limit 35,225,000 37,155,000 33,075,000 32,175,000 Legal Debt Margin $ 41,975,260 $ 42,414,159 $ 52,343,238 $ 58,062,399 Total Net Debt Applicable to the Limit as a Percentage of Debt Limit (B) 45.63% 46.70% 38.72% 35.66% Source: Carver County Auditor (Market Value) (A) Sec. 475.53 MN Statutes - Generally. Except as otherwise provided in sections 475.51 to 475.74, no municipality, except a school district or a city of the first class, shall incur or be subject to a net debt in excess of three percent of the taxable property in the municipality. (B) Sec. 475.51 MN Statutes - Definitions: Subdivision 4. "Net debt" means the amount remaining after deduction from its gross debt the aggregate of the principal of the following: (1) Obligations issued for improvements which are payable wholly or partly from the proceeds of special assessments levied upon property specially benefited thereby, including those which are general obligations of the municipality issuing them, if the municipality is entitled to reimbursement in whole or in part from the proceeds of the special assessments. (2) Warrants or orders having no definite or fixed maturity. (3) Obligations payable wholly from the income from revenue producing conveniences. (4) Obligations issued to create or maintain a permanent improvement revolving fund. (5) Obligations issued for the acquisition, and betterment of public waterworks systems, and public lighting, heating or power systems, and of any combination thereof or for any other public convenience from which a revenue is or may be derived. (6) Debt service loans and capital loans made to a school district under the provisions of sections 126C.68 and 126C.69. (7) Amount of all money and the face value of all securities held as a debt service fund for the extinguishment of obligations other than those deductible under this subdivision. (8) Obligations to repay loans made under section 216C.37. (9) Obligations to repay loans made from money received from litigation or settlement of alleged violations of federal petroleum pricing regulations. (10) Obligations issued to pay pension fund or other postemployment benefit liabilities under section 475.52, subdivision 6, or any charter authority. (11) Obligations issued to pay judgments against the municipality under section 475.52, subdivision 6, or any charter authority. (12) All other obligations which under the provisions of law authorizing their issuance are not to be included in computing the net debt of the municipality. 166 Page 233 of 436 Table 14 2020 2021 2022 2023 2024 2025 $ 3,281,441,700 $ 3,368,610,400 $ 3,536,714,700 $ 4,319,497,500 $ 4,603,098,400 $ 4,917,985,300 98,443,251 101,058,312 106,101,441 129,584,925 138,092,952 147,539,559 4,475,000 3,760,000 3,010,000 11,040,000 10,340,000 9,705,000 25,060,000 23,450,000 21,780,000 20,055,000 67,930,000 64,870,000 7,815,000.00 7,815,000 7,485,000 7,145,000 6,800,000 6,450,000 - 3,560,000 3,429,000 3,299,000 3,164,000 6,792,000 37,350,000 38,585,000 35,704,000 41,539,000 88,234,000 87,817,000 $ 61,093,251 $ 62,473,312 $ 70,397,441 $ 88,045,925 $ 49,858,952 $ 59,722,559 37.94% 38.18% 33.65% 32.06% 63.89% 59.52% 167 Page 234 of 436CITY OF CHASKA, MINNESOTA PLEDGED REVENUE COVERAGE LAST TEN FISCAL YEARS (UNAUDITED) NET AVAILABLE DEBT SERVICE REQUIREMENTS (4) FISCAL OPERATING OPERATING FOR DEBT YEAR REVENUE (2) EXPENSES (3) SERVICE PRINCIPAL INTEREST TOTAL COVERAGE DEBT SERVICE FUNDS - REVENUE BONDS: LAST TEN FISCAL YEARS 2016 $ 932 $ 1,600 $ (668) $ - $ 358,474 $ 358,474 (0.00) 2017 1,799 3,200 (1,401) 270,000 369,950 639,950 (0.00) 2018 2,563 3,200 (637) 270,000 364,550 634,550 (0.00) 2019 2,546 3,200 (654) 275,000 359,100 634,100 (0.00) 2020 1,080,081 (5) 9,400 1,070,681 280,000 470,271 750,271 1.43 2021 1,017,433 7,746 1,009,687 290,000 567,152 857,152 1.18 2022 746,625 7,626 738,999 630,000 541,050 1,171,050 0.63 2023 1,131,248 7,364 1,123,884 645,000 525,817 1,170,817 0.96 2024 1,261,987 25,125 1,236,862 660,000 509,477 1,169,477 1.06 2025 4,881,084 15,600 4,865,484 674,000 2,722,841 3,396,841 1.43 ELECTRIC ENTERPRISE FUND: LAST TEN FISCAL YEARS 2016 $ 37,703,918 $ 34,201,984 $ 3,501,934 $ 150,000 $ 83,870 $ 233,870 14.97 2017 37,751,011 34,381,108 3,369,903 145,000 80,870 225,870 14.92 2018 41,513,669 37,413,217 4,100,452 395,000 336,161 731,161 5.61 2019 41,565,560 34,058,548 7,507,012 420,000 309,145 729,145 10.30 2020 43,028,104 34,972,958 8,055,146 430,000 295,545 725,545 11.10 2021 49,019,072 39,995,030 9,024,042 425,000 (6) 291,138 716,138 12.60 2022 55,020,552 45,758,924 9,261,628 430,000 269,375 699,375 13.24 2023 56,742,382 45,918,487 10,823,895 450,000 252,175 702,175 15.41 2024 57,182,709 45,311,214 11,871,495 475,000 234,175 709,175 16.74 2025 60,937,909 47,503,457 13,434,452 485,000 215,175 700,175 19.19 WATER ENTERPRISE FUND: LAST TEN FISCAL YEARS 2016 $ 2,735,781 $ 1,760,515 $ 975,266 $ 425,000 $ 376,418 $ 801,418 1.22 2017 2,787,654 1,768,636 1,019,018 482,000 359,051 841,051 1.21 2018 2,908,068 1,860,948 1,047,120 529,000 361,505 890,505 1.18 2019 2,999,645 2,181,688 817,957 594,000 362,430 956,430 0.86 2020 3,372,280 2,353,522 1,018,758 625,000 381,098 1,006,098 1.01 2021 4,004,847 2,441,121 1,563,726 740,440 (7) 443,557 1,183,997 1.32 2022 4,319,046 2,577,302 1,741,744 918,035 150,150 1,068,185 1.63 2023 5,194,001 2,721,222 2,472,779 796,235 139,067 935,302 2.64 2024 5,074,005 2,589,307 2,484,698 822,608 131,495 954,103 2.60 2025 5,558,208 3,130,065 2,428,143 839,558 122,802 962,360 2.52 SEWER ENTERPRISE FUND: LAST TEN FISCAL YEARS 2016 $ 3,433,187 $ 3,110,423 $ 322,764 $ - $ 45,259 $ 45,259 7.13 2017 3,612,296 3,340,582 271,714 104,000 73,473 177,473 1.53 2018 3,809,359 3,610,519 198,840 116,000 73,973 189,973 1.05 2019 4,158,322 3,838,809 319,513 121,000 76,644 197,644 1.62 2020 4,612,317 4,300,056 312,261 125,000 99,796 224,796 1.39 2021 4,986,322 4,406,445 579,877 203,561 124,337 327,898 1.77 2022 5,666,239 4,849,788 816,451 239,365 120,226 359,591 2.27 2023 6,761,550 5,451,659 1,309,891 255,914 113,322 369,236 3.55 2024 7,822,847 5,994,400 1,828,447 265,766 105,315 371,081 4.93 2025 8,320,281 6,042,748 2,277,533 267,416 96,487 363,903 6.26 COMMUNITY CENTER ENTERPRISE FUND: LAST TEN FISCAL YEARS 2016 $ 2,737,031 $ 3,470,538 $ (733,507) $ 315,000 $ 217,870 $ 532,870 (1.38) 2017 3,165,224 3,570,939 (405,715) 325,000 204,528 529,528 (0.77) 2018 3,069,710 3,834,757 (765,047) 2,465,000 185,834 2,650,834 (0.29) 2019 3,215,817 3,786,406 (570,589) 330,000 160,795 490,795 (1.16) 2020 1,830,242 3,737,706 (1,907,464) 3,075,000 154,030 3,229,030 (0.59) 2021 2,163,808 3,455,882 (1,292,074) 295,000 171,186 466,186 (2.77) 2022 2,791,020 3,933,413 (1,142,393) 320,000 133,600 453,600 (2.52) 2023 3,183,967 3,953,489 (769,522) 335,000 119,400 454,400 (1.69) 2024 3,291,001 3,949,633 (658,632) 345,000 104,550 449,550 (1.47) 2025 3,736,474 4,378,409 (641,935) 375,000 91,000 466,000 (1.38) 168 Page 235 of 436 Table 15 NET AVAILABLE DEBT SERVICE REQUIREMENTS (4) FISCAL OPERATING OPERATING FOR DEBT YEAR REVENUE (2) EXPENSES (3) SERVICE PRINCIPAL INTEREST TOTAL COVERAGE THE LOOP AT CHASKA ENTERPRISE FUND: FIVE FISCAL YEARS 2021 (1) $ 59 (8) $ (43,856) (8) $ 43,915 $ - $ - $ - - 2022 - (8) 42,940 (42,940) 131,000 114,953 245,953 (0.17) 2023 - (8) 161,508 (161,508) 130,000 118,986 248,986 (0.65) 2024 396,264 529,302 (133,038) 135,000 114,475 249,475 (0.53) 2025 470,060 559,767 (89,707) 140,000 109,791 249,791 (0.36) TURBINE GENERATOR ENTERPRISE FUND: LAST TEN FISCAL YEARS 2016 $ 1,786,037 $ 304,332 $ 1,481,705 $ 1,070,000 $ 1,007,850 $ 2,077,850 0.71 2017 1,734,137 309,043 1,425,094 1,110,000 706,128 1,816,128 0.78 2018 1,712,581 342,286 1,370,295 1,140,000 931,750 2,071,750 0.66 2019 1,657,288 389,787 1,267,501 1,195,000 886,150 2,081,150 0.61 2020 1,495,484 320,756 1,174,728 1,220,000 862,250 2,082,250 0.56 2021 1,422,057 328,146 1,093,911 1,275,000 801,250 2,076,250 0.53 2022 1,366,151 331,016 1,035,135 1,340,000 737,500 2,077,500 0.50 2023 1,261,543 353,975 907,568 1,400,000 670,500 2,070,500 0.44 2024 1,743,199 370,976 1,372,223 1,475,000 600,500 2,075,500 0.66 2025 1,743,199 397,436 1,345,763 1,550,000 526,750 2,076,750 0.65 STORM WATER ENTERPRISE FUND: TEN FISCAL YEARS 2016 $ 969,639 $ 802,266 $ 167,373 $ - $ 29,770 $ 29,770 5.62 2017 1,099,143 752,510 346,633 74,000 59,766 133,766 2.59 2018 1,587,676 841,372 746,304 75,000 48,572 123,572 6.04 2019 1,714,251 911,156 803,095 80,000 47,076 127,076 6.32 2020 1,756,180 1,004,334 751,846 80,000 64,226 144,226 5.21 2021 2,131,730 1,014,679 1,117,051 115,999 82,028 198,027 5.64 2022 1,954,589 1,370,635 583,954 142,600 80,011 222,611 2.62 2023 1,775,622 1,197,495 578,127 152,851 75,727 228,578 2.53 2024 2,243,432 1,205,040 1,038,392 161,626 70,681 232,307 4.47 2025 2,368,731 1,421,827 946,904 168,026 64,992 233,018 4.06 CURLING CENTER ENTERPRISE FUND: TEN FISCAL YEARS 2016 $ 1,175,144 $ 925,311 $ 249,833 $ - $ 484,225 $ 484,225 0.52 2017 1,224,086 1,177,073 47,013 940,000 523,917 1,463,917 0.03 2018 1,223,657 1,497,227 (273,570) 965,000 514,389 1,479,389 (0.18) 2019 1,133,372 1,295,609 (162,237) 980,000 495,446 1,475,446 (0.11) 2020 641,658 1,105,354 (463,696) 1,000,000 472,636 1,472,636 (0.31) 2021 915,179 1,150,177 (234,998) 1,025,000 446,260 1,471,260 (0.16) 2022 1,403,440 1,342,839 60,601 1,050,000 416,850 1,466,850 0.04 2023 1,181,353 1,294,955 (113,602) 1,085,000 384,664 1,469,664 (0.08) 2024 1,133,427 1,394,313 (260,886) 1,115,000 349,501 1,464,501 (0.18) 2025 1,196,226 1,434,594 (238,368) 1,155,000 310,875 1,465,875 (0.16) Note: Bonds in the Electric, Water and Storm Water Enterprise funds are supported by charges for services; The Loop at Chaska, Turbine Generator, Community Center and Curling Center Enterprise funds are supported by specific fee revenue. Debt Service funds are supported by specific fee revenue. (1) First year shown is first year of issuance. (2) Includes interest revenue for Enterprise funds for years 2016 - 2019. For 2020 and future years, interest revenue is not included. (3) Does not include depreciation or transfers to other funds. (4) Includes principal and interest payment of revenue bonds only. (5) In 2020, Transfers were included to be consistent with Note 6 - Long Term Liabilities, Revenue Pledged (6) 2021 principal payment does not include $2,160,000 paid from refunding bond investments to refund the 2011 Electric Utility Revenue Bonds. (7) 2021 principal payment does not include $7,670,000 paid from refunding bond investments to refund the 2011 GO Water Revenue Bonds. (8) The Loop at Chaska (formerly known as Par 30 Golf Course) was closed for construction 2021 through 2023, resulting in minimal operating revenues. The negative operating expense is due to negative pension expense of $78,504 offsetting other operating expenses of $34,648. 169 Page 236 of 436CITY OF CHASKA, MINNESOTA Table 16 DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS (UNAUDITED) ESTIMATED NUMBER OF PERSONAL PER CAPITA K-12 SCHOOL FISCAL POPULATION HOUSEHOLDS INCOME INCOME MEDIAN ENROLLMENT UNEMPLOYMENT YEAR (1) (1) (2) (2) AGE (3) (4) RATE (5) 2016 26,439 9,823 $1,733,473,035 $65,565 36.2 5,700 3.30% 2017 26,941 10,012 1,845,323,795 68,495 36.1 5,662 2.90% 2018 27,622 10,136 1,967,459,816 71,228 36.0 5,561 2.50% 2019 27,692 10,228 2,043,254,220 73,785 36.2 5,725 2.80% 2020 27,810 (3) 10,438 (3) 2,117,369,970 76,137 36.2 5,769 5.20% 2021 27,931 10,508 2,250,177,222 80,562 36.2 5,700 (6) 2.90% 2022 28,170 10,660 2,453,466,150 87,095 37.4 5,687 1.90% 2023 29,739 11,109 2,772,923,838 93,242 37.2 5,628 2.30% 2024 29,830 11,292 2,867,080,620 96,114 37.6 5,625 2.70% 2025 29,830 (7) 11,292 (7) 2,867,080,620 (7) 96,114 (7) 38.8 (8) 5,661 3.40% (1) Source: Metropolitan Council annual estimate as of April 1st of the previous year. (2) Source: Minnesota State Demographer, using U.S. Department of Commerce, Bureau of Economic Analysis (BEA), Carver County personal income and per capita income (City personal income as a ratio of Carver County personal income). (3) Source: US Census Bureau, Chaska City, MN. (4) Source: Minnesota Department of Education for Independent School District #112, includes private school data for St. John's Lutheran, Guardian Angels Catholic, Southwest Christian High School, Jonathan Mont. and Step/Step Enrollment excludes K-12 District #112 buildings not located within the City. (5) Source: Minnesota Department of Employment and Economic Development Average Annual Unemployment Rate for Carver County (not seasonally adjusted). (Number of people estimated by place of residence). (6) Guardian Angels School permanently closed in 2020. Enrollment that year was 64 students. (7) 2025 data is not available at this time. Data is from 2024, and will be updated as it becomes available. (8) United States Census (source: 2022 American Community Survey 5-year estimates) 170 Page 237 of 436CITY OF CHASKA, MINNESOTA Table 17 PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO (UNAUDITED) 2025 2016 PERCENTAGE PERCENTAGE ESTIMATED OF TOTAL CITY ESTIMATED OF TOTAL CITY EMPLOYER EMPLOYEES RANK EMPLOYMENT (1) EMPLOYEES RANK EMPLOYMENT ISD #112/Eastern Carver County 1,388 1 10.21% 880 3 6.91% Lake Region Manufacturing Co., Inc. 740 2 5.44% 600 6 4.71% Carver County 700 3 5.15% 700 5 5.49% City of Chaska (2) 658 4 4.84% * * * Beckman-Coulter, Inc. 521 5 3.83% 900 2 7.06% Entegris, Inc. 507 6 3.73% 1,000 1 7.85% Old National Bank (3) 400 7 2.94% 560 7 * Apex International, MFG 400 8 2.94% 400 9 3.14% Import Specialties, Inc. 250 9 1.84% 325 10 2.55% TEL-FSI, Inc (4) 241 10 1.77% 850 4 6.67% The Bernard Group * * * 508 8 3.99% Total: 5,805 42.69% 6,723 48.37% Sources: Minnesota Department of Employment and Economic Development, Baker Tilly survey (1) Total City Employment based on the most recent Metropolitan Council estimate as of 2022. (2) Includes seasonal and part-time employees (excluding Election Judges) ` (3) Formerly known as Klein Financial, Inc (4) Formerly known as FSI International. * Denotes employer was not a principal employer for the year reported. 171 Page 238 of 436CITY OF CHASKA, MINNESOTA FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM LAST TEN FISCAL YEARS (UNAUDITED) FULL-TIME EQUIVALENT EMPLOYEES AS OF DECEMBER 31 2016 2017 2018 2019 FUNCTION/PROGRAM General Government (1) 31.2 29.7 32.2 32.2 Public Safety Police Department 31.9 31.5 32.7 35.1 Fire Department 11.1 12.3 14.1 16.1 Building Inspections (2) 0.0 0.0 0.0 0.0 Public Works 20.9 22.1 24.6 25.0 Parks, Recreation and Arts 7.2 7.0 7.7 9.4 Electric 17.6 17.4 16.0 17.2 Water 7.1 7.1 6.8 6.8 Sewer 6.9 7.1 6.9 6.8 Chaska Community Center 38.8 39.0 38.1 39.1 The Loop at Chaska (3) 2.7 2.6 2.4 2.5 Chaska Town Course 19.3 18.5 18.4 18.7 Storm Water 3.1 3.2 2.9 2.9 Chaska Curling/Event Center 6.0 8.6 9.2 9.6 Total 203.5 206.0 211.9 221.5 Source: City of Chaska Payroll. (1) Even numbered election years include election judges which increases General Government totals by 1 - 1.2 full-time equivalent employees. (2) Building Inspectors were previously included in General Government. (3) Par 30 golf course closed at the end of the 2020 season for reconstruction. The course was closed for construction 2021-2023. The golf course re-opened in 2024 as the Loop at Chaska. (4) Park maintenance was moved from the Public Works function to Parks, Recreation and Arts. 172 Page 239 of 436 Table 18 FULL-TIME EQUIVALENT EMPLOYEES AS OF DECEMBER 31 2020 2021 2022 2023 2024 2025 31.9 29.9 32.6 33.5 37.7 37.7 35.8 35.7 37.3 39.8 42.1 43.6 16.3 16.3 18.2 18.8 21.8 23.2 5.6 (2) 6.6 6.9 8.1 7.1 6.5 25.2 24.7 12.0 (4) 11.7 10.8 11.1 8.2 8.2 22.3 (4) 26.2 28.5 29.3 19.3 17.5 19.2 21.8 23.0 24.0 6.8 6.4 6.3 6.6 6.8 7.5 6.8 6.4 6.3 6.5 6.8 7.5 35.4 31.8 35.3 35.3 34.7 36.4 2.3 0.0 (3) 0.0 (3) 0.6 (3) 4.0 4.4 18.0 20.2 19.4 19.2 21.1 19.5 2.9 2.4 3.9 4.1 4.1 5.0 8.2 7.4 8.2 8.1 8.2 8.0 222.6 213.4 227.9 240.3 256.6 263.7 173 Page 240 of 436CITY OF CHASKA, MINNESOTA OPERATING INDICATORS BY FUNCTION/PROGRAM LAST TEN FISCAL YEARS (UNAUDITED) FISCAL YEAR 2016 2017 2018 2019 FUNCTION / PROGRAM Electric Number of Connections (Billed) 10,002 10,240 10,296 10,488 Purchased KWH Power Wholesale From MMPA 367,267,226 364,637,712 383,993,272 388,005,113 Total kWh Sales 355,853,340 354,994,175 371,631,841 374,349,964 Total kWh Received (5) - 1,267 29,118 38,945 Peak kW Demand 77,637 73,472 78,428 77,413 Water Number of Connections (Billed) 6,912 7,063 7,151 7,260 Total Water Pumped (Gallons) 1,040,547,000 1,071,455,000 1,037,845,000 1,030,142,000 Total Water Sold (Gallons) 1,016,915,000 1,029,698,000 981,943,000 986,551,000 Average Daily Usage (Gallons Per Day) 2,786,000 2,821,000 2,843,411 2,822,000 System Peak Day (Gallons Per Day) 7,047,000 6,554,000 6,579,000 5,939,000 Sewer (7) Number of Connections (Billed) 6,827 6,916 6,999 7,093 Total Gallons Treated (Gallons) 924,965,000 912,076,000 845,848,000 870,838,000 Storm Water Number of Utility Customers (Billed) 8,292 8,364 8,438 8,517 Golf Courses Town Course Rounds / Golfers 33,403 32,642 30,157 29,374 The Loop at Chaska (Par 30) Rounds / Golfers (6) 14,810 14,130 13,206 13,020 Par 30 Rounds / Foot Golf (4) 1,108 681 647 380 Public Safety / Building Inspections Department Building Permits And Market Value Commercial, Industrial And Public (1) Permits 38 45 49 34 Market Value$ 14,769,385 $ 69,759,098 $ 14,207,139 $ 6,587,100 Single Family Homes And Townhomes (2) Permits 134 103 78 114 Market Value$ 34,199,578 $ 24,339,375 $ 18,788,936 $ 31,901,390 Condos, Apartments And Multi-Family Homes (2) Permits 10 - 1 - Market Value$ 6,303,563 $ - $ 17,500,000 $ - Misc. Residential And Other Bldgs (3) Permits 1,234 678 570 636 Market Value $ 15,058,650 $ 11,310,594 $ 7,125,660 $ 7,365,467 Total Building Permits: 1,416 826 698 784 Total Market Value:$ 70,331,176 $ 105,409,067 $ 57,621,735 $ 45,853,957 Source: City Utility, Golf Courses and Building Departments. (1) Includes new construction and additions/alterations. (2) Includes new construction only. (3) Includes additions, alterations, garages, accessory structures, pools and commercial re-roofing. (4) Foot Golf was offered at Chaska Par 30 through the 2019 season. (5) In 2017 started tracking annual kWh Sales Received on a Gross basis rather than a Net basis. (6) Par 30 closed for construction at the end of the 2020 season. The course re-opened in 2024 as The Loop at Chaska. (7) Sewer Service through Metropolitan Council Environmental Services. 174 Page 241 of 436 ` ` Table 19 FISCAL YEAR 2020 2021 2022 2023 2024 2025 10,618 10,739 11,000 11,259 12,108 12,376 399,816,088 415,067,637 419,512,809 422,929,725 431,920,432 435,031,609 383,968,650 403,721,262 408,983,778 413,497,938 420,809,875 427,090,742 94,676 232,636 449,364 646,597 976,715 1,111,885 80,485 85,839 86,662 88,815 87,868 84,233 7,362 7,487 7,720 7,935 8,146 8,432 1,100,289,000 1,232,289,000 1,223,274,000 1,257,973,000 1,188,909,000 1,301,839,000 1,056,638,979 1,177,971,910 1,166,580,000 1,319,385,000 1,244,450,000 1,212,200,000 2,895,000 3,227,320 3,196,109 3,614,753 3,409,452 3,563,942 6,589,000 7,376,000 7,824,000 7,312,000 6,132,000 6,343,000 7,186 7,304 7,545 7,757 8,041 8,129 882,570,979 909,148,000 895,871,000 900,378,000 925,148,000 949,347,000 8,615 8,728 9,152 9,198 9,378 9,563 38,550 42,715 39,094 37,728 39,864 41,446 20,488 - - - 19,510 21,857 - - - - - - 47 44 344 226 196 159 $ 8,694,470 $ 22,041,285 $ 76,853,099 $ 93,306,229 $ 71,611,920 $ 79,789,835 113 226 177 206 175 107 $ 28,362,364 $ 74,768,560 $ 57,411,144 $ 75,389,667 $ 67,486,599 $ 46,100,825 - - 3 16 - - $ - $ - $ 25,407,216 $ 70,491,398 $ - $ - 917 1,363 2,063 2,389 2,490 2,464 $ 14,342,105 $ 23,491,778 $ 19,902,467 $ 18,234,096 $ 22,639,928 $ 23,919,867 1,077 1,633 2,587 2,837 2,861 2,730 $ 51,398,939 $ 120,301,623 $ 179,573,926 $ 257,421,390 $ 161,738,447 $ 149,810,527 175 Page 242 of 436CITY OF CHASKA, MINNESOTA CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM LAST TEN FISCAL YEARS (UNAUDITED) FISCAL YEAR 2016 2017 2018 2019 FUNCTION/PROGRAM Public Safety Police: Stations 1 1 1 1 Fire: Stations 1 1 1 1 Number of Fire Hydrants (Private) 422 494 517 518 Number of Fire Hydrants (Public) 1,393 1,393 1,431 1,450 Public Works Miles of Streets: City / Local 78.36 79.17 79.36 80.71 City MSA 20.94 20.94 20.79 20.79 Parks, Recreation and Arts Number of Parks 26 26 26 28 Acres of Parks 973 973 973 985 Miles of Trails 67 68 68 69 Golf Courses 2 2 2 2 Electric Number of Substations 3 (1) 3 4 4 Water Water Mains (Miles) 155 155 160 163 Number of Wells 6 6 6 6 Total Pumping Capacity (Gallons Per Day) 13,400,000 13,400,000 13,400,000 13,400,000 Filtration Capacity (Gallons Per Day) 12,600,000 12,600,000 12,600,000 12,600,000 Total Storage Capacity (Gallons) 4,800,000 4,800,000 4,800,000 4,800,000 Source: City Departments (1) Closed the Chaska Downtown Substation to convert it into a switching station. (2) Increase of Parks Acreage was caused by Land Dedication from Traditions (continuance of Savanna Oaks) (3) Storage Capacity dropped from 2022 to 2023 due to 1942 Hill Tower Reservoir being demolished (4) Park Acreage increased in 2025 due to Wagner Woods Park, which will be developed in 2026. (5) Decrease in Water Main Milage due to change in source from Stantec to Bolton & Menk. 176 Page 243 of 436 Table 20 FISCAL YEAR 2020 2021 2022 2023 2024 2025 1 1 1 1 1 1 1 1 1 1 1 1 521 526 525 541 544 559 1,504 1,521 1,531 1,577 1,618 1637 81.70 83.65 86.50 87.12 87.98 88.37 22.92 22.98 22.98 22.45 22.45 22.45 28 28 29 29 29 29 985 985 992 999 (2) 999 1002 (4) 70.5 70.5 71.0 71.5 72.0 72.3 2 2 2 2 2 2 4 4 4 4 4 4 169 172 174 180 185 171 (6) 6 6 6 6 6 6 13,400,000 13,400,000 13,400,000 13,400,000 13,400,000 13,400,000 12,600,000 12,600,000 12,600,000 12,600,000 12,600,000 12,600,000 4,800,000 4,800,000 4,800,000 4,500,000 (3) 4,500,000 4,500,000 177 Page 244 of 436Chaska 178 Page 245 of 436 CliftonLarsonAllen LLP  CLAconnect.com  INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS City Council City of Chaska Chaska, Minnesota We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of City of Chaska, as of and for the year ended December 31, 2025, and the related notes to the financial statements, which collectively comprise the City of Chaska’s basic financial statements, and have issued our report thereon dated June 30, 2026. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered City of Chaska’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of City of Chaska’s internal control. Accordingly, we do not express an opinion on the effectiveness of City of Chaska’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  Page 246 of 436 City Council City of Chaska Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether City of Chaska’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of This Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Chaska, Minnesota June 30, 2026 Page 247 of 436 CliftonLarsonAllen LLP  CLAconnect.com  INDEPENDENT AUDITORS’ REPORT ON MINNESOTA LEGAL COMPLIANCE Honorable Mayor and Members of the City Council City of Chaska Chaska, Minnesota We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Chaska as of and for the year ended December 31, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated June 30, 2026. In connection with our audit, nothing came to our attention that caused us to believe that the City of Chaska failed to comply with the provisions of the contracting – bid laws, depositories of public funds and public investments, conflicts of interest, public indebtedness, claims and disbursements, miscellaneous provisions, and tax increment financing sections of the Minnesota Legal Compliance Audit Guide for Cities, promulgated by the State Auditor pursuant to Minn. Stat. § 6.65, insofar as they relate to accounting matters. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had we performed additional procedures, other matters may have come to our attention regarding the City’s noncompliance with the above referenced provisions, insofar as they relate to accounting matters. The purpose of this report is solely to describe the scope of our testing of compliance and the results of that testing, and not to provide an opinion on compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Minneapolis, Minnesota June 30, 2026 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  Page 248 of 436 CliftonLarsonAllen LLP  CLAconnect.com  Honorable Mayor and Members of the City Council City of Chaska Chaska, Minnesota We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of City of Chaska as of and for the year ended December 31, 2025, and have issued our report thereon dated June 30, 2026. We have previously communicated to you information about our responsibilities under auditing standards generally accepted in the United States of America, Government Auditing Standards, and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), as well as certain information related to the planned scope and timing of our audit in our statement of work dated November 24, 2025. Professional standards also require that we communicate to you the following information related to our audit. Significant audit findings or issues Qualitative aspects of accounting practices Accounting policies Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by City of Chaska are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2025. We noted no transactions entered into by the entity during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. There were no accounting estimates affecting the financial statements which were particularly sensitive or required substantial judgments by management. Financial statement disclosures Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. The financial statement disclosures are neutral, consistent, and clear. Significant unusual transactions We identified no significant unusual transactions. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  Page 249 of 436 Honorable Mayor and Members of City Council City of Chaska Page 2 Difficulties encountered in performing the audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Uncorrected misstatements Professional standards require us to accumulate all misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management has determined that the effects of uncorrected misstatements are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. The following summarizes uncorrected misstatements of the financial statements:  Intergovernmental revenue of $115,763 was recognized in a prior period despite not meeting the availability criteria under modified accrual accounting. As a result, revenue was overstated in the prior period and is understated in 2025 when the resources became available. This results in an understatement of 2025 change in fund balance of $115,763.  Intergovernmental revenue of $487,600 was recognized in the previous year despite not meeting the availability criteria under modified accrual accounting. As a result, revenue was overstated in the prior period and is understated in 2025 when the resources became available. This results in an understatement of 2025 change in fund balance of $487,600. Uncorrected misstatements or the matters underlying uncorrected misstatements could potentially cause future-period financial statements to be materially misstated, even if management has concluded that the uncorrected misstatements are immaterial to the financial statements under audit. Corrected misstatements None of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole. Disagreements with management For purposes of this communication, a disagreement with management is a disagreement on a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors’ report. No such disagreements arose during our audit. Circumstances that affect the form and content of the auditors’ report As previously communicated to you, the report was modified to include an emphasis-of-matter paragraph to highlight the effect of the restatement to the beginning Public Improvement Project Fund’s fund balance. Management representations We have requested certain representations from management that are included in the management representation letter dated June 30, 2026. Page 250 of 436Honorable Mayor and Members of City Council City of Chaska Page 3 Management consultations with other independent accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the entity’s financial statements or a determination of the type of auditors’ opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Significant issues discussed with management prior to engagement We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to engagement as the entity’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our engagement. Required supplementary information With respect to the required supplementary information (RSI) accompanying the financial statements, we made certain inquiries of management about the methods of preparing the RSI, including whether the RSI has been measured and presented in accordance with prescribed guidelines, whether the methods of measurement and preparation have been changed from the prior period and the reasons for any such changes, and whether there were any significant assumptions or interpretations underlying the measurement or presentation of the RSI. We compared the RSI for consistency with management’s responses to the foregoing inquiries, the basic financial statements, and other knowledge obtained during the audit of the basic financial statements. Because these limited procedures do not provide sufficient evidence, we did not express an opinion or provide any assurance on the RSI. Supplementary information in relation to the financial statements as a whole With respect to the combining and individual nonmajor fund financial statements and budgetary comparison schedules (collectively, the supplementary information) accompanying the financial statements, on which we were engaged to report in relation to the financial statements as a whole, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period or the reasons for such changes, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We have issued our report thereon dated June 30, 2026. Other information included in annual reports Other information (financial or nonfinancial information other than the financial statements and our auditors’ report thereon) is being included in your annual report and is comprised of introductory and statistical sections. Our responsibility for other information included in your annual report does not extend beyond the financial information identified in our opinion on the financial statements. We have no responsibility for determining whether such other information is properly stated and do not have an obligation to perform any procedures to corroborate other information contained in your annual report. We are required by professional standards to read the other information included in your annual report and consider whether a material inconsistency exists between the other information and the financial Page 251 of 436 Honorable Mayor and Members of City Council City of Chaska Page 4 statements because the credibility of the financial statements and our auditors’ report thereon may be undermined by material inconsistencies between the audited financial statements and other information. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Our auditors’ report on the financial statements includes a separate section, “Other Information,” which states we do not express an opinion or any form of assurance on the other information included in the annual report. We did not identify any material inconsistencies between the other information and the audited financial statements * * * This communication is intended solely for the information and use of the City Council and management of City of Chaska and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Minneapolis, Minnesota June 30, 2026 Page 252 of 436 CITY OF CHASKA, MINNESOTA EXECUTIVE AUDIT SUMMARY YEAR ENDED DECEMBER 31, 2025 Page 253 of 436 AUDIT SUMMARY The following is a summary of our audit work, key conclusions, and other information that we consider important or that is required to be communicated to the City Council, administration, or those charged with governance of the City. OUR RESPONSIBILITY UNDER AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AND GOVERNMENT AUDITING STANDARDS We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of and for the year ended December 31, 2025, and the related notes to the financial statements. Professional standards require that we provide you with information about our responsibilities under auditing standards generally accepted in the United States of America and Government Auditing Standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information to you verbally, in our Governance Communication Letter, and in our audit engagement letter. Professional standards also require that we communicate the following information related to our audit. PLANNED SCOPE AND TIMING OF THE AUDIT We performed the audit according to the planned scope and timing previously discussed and coordinated in order to obtain sufficient audit evidence and complete an effective audit. AUDIT OPINION AND FINDINGS Based on our audit of the City's financial statements for the year ended December 31, 2025:  We issued an unmodified opinion on the City's basic financial statements.  We reported no deficiencies in the City's internal control over financial reporting that we considered to be a material weakness related to restatements.  We reported no deficiencies in the City's internal control over financial reporting that we considered to be a significant deficiency.  The results of our testing disclosed no instances of noncompliance required to be reported under Government Auditing Standards.  Our audit did not disclose any matters required to be reported in accordance with Minnesota Legal Compliance Audit Guide for Cities, promulgated by the State Auditor. (2) Page 255 of 436 GOVERNMENTAL FUNDS OVERVIEW This section of the report provides you with an overview of the financial trends and activities of the City’s governmental funds, which include the General, special revenue, debt service, and capital project funds. These funds are used to account for the basic services the City provides to all of its citizens, which are financed primarily with property taxes. The governmental fund information in the City’s financial statements focuses on budgetary compliance, and the sufficiency of each governmental fund’s current assets to finance its current liabilities. PROPERTY TAXES Minnesota cities rely heavily on local property tax levies to support governmental fund activities. The most recent comparative statewide averages available from the Office of the State Auditor are for fiscal year 2023. In 2023, local ad valorem property tax levies provided 44.1 percent of total governmental fund revenues for cities with populations over 2,500, and 35.2 percent for cities with populations under 2,500. The taxable net tax capacity of property in Minnesota cities increased approximately 8.3 percent for the 2023 levy year. The tax capacity values used for levying property taxes are based on assessed market values from the previous fiscal year. For example, tax capacity values for taxes levied in 2024 were based on assessed market values as of January 1, 2023. As a result, changes in tax capacity values may lag somewhat behind changes in the housing market and broader economy. According to data available from the Minnesota Department of Revenue, total property taxes levied by all Minnesota cities for taxes payable in 2025 increased 7.8 percent compared to the prior year, following a 7.7 percent increase for taxes payable in 2024. The City’s taxable market value increased 6.6 percent for taxes payable in 2024 and 6.8 percent for taxes payable in 2025. The following graph shows the City’s changes in taxable market value over the past 10 years plus 2024: Taxable Market Value 6,000,000,000 5,000,000,000 4,000,000,000 3,000,000,000 2,000,000,000 1,000,000,000 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Tax capacity is considered the actual base available for taxation. It is calculated by applying the state’s property classification system to each property’s market value. Each property classification, such as commercial or residential, has a different calculation and uses different rates. Consequently, a city’s total tax capacity will change at a different rate than its total market value, as tax capacity is affected by the proportion of the City’s tax base that is in each property classification from year-to-year, as well as legislative changes to tax rates and exemptions. The City’s tax capacity increased 6.7 percent and 5.1 percent for taxes payable in 2025 and 2024, respectively. (3) Page 256 of 436 The following graph shows the City’s change in tax capacities over the past 10 years: Ta x a b l e Ta x C a p a c i t y 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 The following table presents the average tax rates applied to city residents for each of the last three levy years: Rates Expressed as a Percentage of Net Tax Capacity City of Chaska 2023 2024 2025 Average tax rate City 31.2 35.9 38.9 County 29.3 30.1 30.9 School 27.7 28.7 27.6 Special taxing 4.5 4.51 4.6 Total 92.7 99.21 102 The total average tax rate was higher than the prior year with increases spread across each of the taxing authorities presented in the above table. Increases in property valuations contributed to the change in the average tax rate. (4) Page 257 of 436 GOVERNMENTAL FUND BALANCES The following table summarizes the changes in the fund balances of the City’s governmental funds during the year ended December 31, 2025, presented both by fund balance classification and by fund: Governmental Funds Change in Fund Balance Fund Balance as of December 31, 2025 2024* Change Fund balances of governmental funds Total by classification Nonspendable $ 394,220 $ 314,642 $ 79,578 Restricted 31,245,895 66,538,095 (35,292,200) Committed 7,076,429 5,700,315 1,376,114 Assigned 30,798,960 23,469,895 7,329,065 Unassigned (23,588,566) (15,962,860) (7,625,706) Total governmental funds $ 45,926,938 $ 80,060,087 $ (34,133,149) Total by fund General $ 7,735,746 $ 6,946,269 $ 789,477 GO Temporary State Aid Street Bonds 2022A - 5,065 (5,065) Public Facilities Capital Improvement 5,124,472 39,354,327 (34,229,855) Public Improvement Projects (12,427,382) (13,188,301) 760,919 Nonmajor funds Special Revenue 778,107 777,434 673 Debt Service 10,191,212 11,707,241 (1,516,029) Capital Project 34,524,783 34,458,052 66,731 Total governmental funds $ 45,926,938 $ 80,060,087 $ (34,133,149) * As Restated In total, the fund balances of the City’s governmental funds decreased $34,133,149 during the year ended December 31, 2025. The majority of the decrease in total governmental fund balances was attributable to a $35.3 million decrease in restricted fund balance. This decrease resulted from the spending down of unspent bond proceeds that were restricted at the end of 2024, with $35.3 million expended during 2025. The General Fund saw an increase in total fund balance of $789 thousand as a result of efforts to replenish the reserve in that fund. (5) Page 258 of 436 GOVERNMENTAL FUNDS REVENUE AND EXPENDITURES The following table presents the per capita revenue of the City’s governmental funds for the past three years, along with state-wide averages. We have included the most recent comparative state-wide averages available from the Office of the State Auditor to provide a benchmark for interpreting the City’s data. The amounts received from the typical major sources of governmental fund revenue will naturally vary between cities based on factors such as the City’s stage of development, location, size and density of its population, property values, services it provides, and other attributes. It will also differ from year-to-year due to the effect of inflation and changes in the City’s operation. Also, certain data on these tables may be classified differently than how they appear on the City’s financial statements in order to be more comparable to the state-wide information, particularly in separating capital expenditures from current expenditures. We have designed this section of our management report using per capita data in order to better identify unique or unusual trends and activities of your city. We intend for this type of comparative and trend information to complement, rather than duplicate, information in the Management’s Discussion and Analysis. An inherent difficulty in presenting per capita information is the accuracy of the population count, which for most years is based on estimates. Governmental Funds Revenue per Capita With State-Wide Averages by Population Class State-Wide City of Chaska Year December 31, 2023 2023 2024 2025 Population 10,000-20,000 20,000-100,000 29,739 29,830 30,165 Property taxes$ 589 $ 626 $ 512 $ 604 $ 697 Tax increments 39 47 57 85 92 Franchise and other taxes 77 68 27 26 26 Special assessments 37 50 43 54 28 Licenses and permits 46 56 107 75 77 Intergovernmental revenues 440 257 695 367 137 Charges for services 116 122 488 306 470 Other 114 98 63 117 142 Total revenue$ 1,458 $ 4,886 $ 1,992 $ 1,634 $ 1,669 The City received $50,314,127 of total revenue in its governmental funds in 2025, which was an increase of $1,596,260 (3.28 percent) from the prior year. The City has historically generated a significantly smaller portion of its governmental funds revenue from property taxes than the average Minnesota city. On a per capita basis, the $1,669 of 2025 revenue represents an increase of $35 from the previous year. Intergovernmental revenues decreased $230 per capita, due to less state and federal funding received for city street and utility projects. Charges for services increased $164 per capita, due to an increase in water trunk fees. Property tax revenues increased with the increased property tax levy approved by the City Council. (6) Page 259 of 436 The expenditures of governmental funds will also vary from state-wide averages and from year-to-year, based on the City’s circumstances. Expenditures are classified into three types as follows: Current – These are typically the general operating type expenditures occurring on an annual basis, and are primarily funded by general sources such as taxes and intergovernmental revenues. Capital Outlay – These expenditures do not occur on a consistent basis, more typically fluctuating significantly from year-to-year. Many of these expenditures are project-oriented, and are often funded by specific sources that have benefited from the expenditure, such as special assessment improvement projects. Debt Service – Although the expenditures for debt service may be relatively consistent over the term of the respective debt, the funding source is the important factor. Some debt may be repaid through specific sources such as special assessments or redevelopment funding, while other debt may be repaid with general property taxes. The City’s expenditures per capita of its governmental funds for the past three years, together with state-wide averages, are presented in the following table: Governmental Funds Expenditures per Capita With State-Wide Averages by Population Class State-Wide City of Chaska Year December 31, 2023 2023 2024 2025 Population 10,000-20,000 20,000-100,000 29,739 29,830 30,165 Current General government$ 149 $ 128 $ 241 $ 257 $ 276 Public safety 332 370 395 480 542 Public works 187 125 262 212 395 Parks and recreation 124 120 113 144 143 All other 107 96 83 61 74 Total current$ 899 $ 839 $ 1,094 $ 1,154 $ 1,430 Capital outlay and construction 479 404 903 841 1,333 Debt service Principal 131 90 137 233 162 Interest and fiscal 41 37 71 108 164 Total debt service 172 127 208 341 326 Total expenditures$ 1,550 $ 1,370 $ 2,205 $ 2,336 $ 3,089 Total expenditures in the City’s governmental funds for 2025 were $93,186,710, an increase of $23.5 million (33.74 percent) from the previous year, or $753 per capita. The increase was primarily due to public works, which was $183 per capita higher than the previous year, primarily due to an increase in expenditures for the public safety facility project as well as various road projects. (7) Page 260 of 436 GENERAL FUND The City’s General Fund accounts for the financial activity of the basic services provided to the community. The primary services included within this fund are the administration of the municipal operation, police and fire protection, building inspection, streets and highway maintenance, and parks and recreation. The graph below illustrates the change in the General Fund financial position over the last five years. We have also included a line representing annual revenues to reflect the change in the size of the General Fund operation over the same period. General Fund Financial Position Year Ended December 31, 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 - 2021 2022 2023 2024 2025 Fund Bal ance 3,030,924 3,653,255 5,518,974 6,946,269 7,735,746 Cash Balance (Net) 4,063,509 5,540,808 7,397,532 7,869,083 8,661,606 Revenue 16,948,557 18,781,511 22,524,295 25,039,823 28,036,369 The City’s General Fund cash and investments balance at December 31, 2025 was $8,661,606, an increase of $792,523. Total fund balance at December 31, 2025 was $7,735,746, an increase of $789,477 from the prior year. As the graph illustrates, the City has generally been able to maintain healthy cash and fund balance levels as the volume of financial activity has grown. This is an important factor because a government, like any organization, requires a certain amount of equity to operate. A healthy financial position allows the City to avoid volatility in tax rates; helps minimize the impact of state funding changes; allows for the adequate and consistent funding of services, repairs, and unexpected costs; and is a factor in determining the City’s bond rating and resulting interest costs. Maintaining an adequate fund balance has become increasingly important given the fluctuations in state funding for cities in recent years. The City’s General Fund’s unassigned fund balance at the end of the 2025 fiscal year represents approximately 14.91 percent of annual expenditures based on 2025 levels, compared to 13.58 percent at the end of the previous year. (8) Page 261 of 436 The following graph reflects the City’s General Fund revenue sources for 2025 compared to budget: General Fund Revenue Budget and Actual Ot her Charges for Services Int er go ver nm ent al Li c enses and Per mi ts Ta xe s $- $5,000,000 $10,000,000 $15,000,000 $20,000,000 Budget Ac t ual General Fund revenue for 2025 was $28,036,369 which was $1,056,922 (3.92 percent) more than budget. Licenses and permits revenue was over budget by $723,536 primarily due to higher than anticipated building activity and changes in the economy and housing. Charges for services revenue was greater than budgeted by $202,398 primarily due to increases in recreation program revenue and programs offered through Parks and Recreation. The total of all remaining other revenues was greater than the total of the budget of all remaining other revenues primarily due to investment earnings on general investments and favorable interest rates. The City budgets investment income conservatively due to economic unknowns. The following graph presents the City’s General Fund revenues by source for the last five years. The graph reflects the City’s reliance on property taxes and other local sources of revenue. General Fund Revenue by Source Year Ended December 31, 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 - Taxes Intergovernmental Other 2021 8,430,302 969,470 7,548,785 2022 9,238,259 737,306 8,805,946 2023 11,349,298 939,684 10,235,313 2024 14,031,254 1,088,320 9,920,249 2025 16,529,593 1,239,352 10,267,424 General Fund revenue for 2025 was $2,996,546 (12 percent) more than the previous year. Tax revenues increased $2,498,339, mainly due to an increased tax levy. Intergovernmental revenue increased $151,032, mainly due to increased state aid. (9) Page 262 of 436 The following graph illustrates the components of General Fund spending for 2025 compared to budget: General Fund Expenditures Budget and Actual Ot her Parks and Recreation Pub l ic Wor ks Pub l ic Saf et y General Government - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 Budget Ac t ual Total General Fund expenditures for 2025 were $27,979,125, which was $320,124 (1.16 percent) over the final budget. Public Safety expenditures were over budget by $721,114 (6.32%) due to an increase in payroll-related expenditures from the onboarding of additional employees. Parks and recreation was also over budget by $273,466 (7.54%), due to larger than expected maintenance and upkeep costs. The following graph presents the City’s General Fund expenditures by function for the last five years: General Fund Expenditures by Source Year Ended December 31, 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 - General Par ks and Public Safety Public Works Ot her Government Recreation 2021 6,008,264 8,278,764 4,280,942 1,039,661 3,419 2022 6,978,926 9,245,521 2,932,122 3,073,035 53,377 2023 7,079,127 10,142,417 2,850,198 3,251,755 221,478 2024 7,653,809 11,156,127 2,971,265 3,593,763 302,069 2025 8,088,822 12,138,908 3,484,288 3,899,865 367,242 Total General Fund expenditures for 2025 were $2,302,092 (9 percent) higher than the previous year, with the increases primarily occurring in public safety and public works. Public safety expenditures increased in payroll-related expenditures from the onboarding of additional employees. Public works expenditures increased due to increased street and building maintenance in the current year. (10) Page 263 of 436 ENTERPRISE FUNDS OVERVIEW The City maintains several enterprise funds to account for services the City provides that are financed primarily through fees charged to those utilizing the service. This section of the report provides you with an overview of the financial trends and activities of the City’s enterprise funds, which include the Electric, Water, Sewer, Community Center, Turbine Generator, Storm Water, Chaska Curling Center, the Loop at Chaska and the Town Course Golf Fund. ENTERPRISE FUNDS FINANCIAL POSITION The following table summarizes the changes in the financial position of the City’s enterprise funds during the years ended December 31, 2025 and 2024, presented both by classification and by fund: Enterprise Funds Change in Financial Position Net Position as of December 31, 2025 2024 Change Net position of enterprise funds Total by classification Net investment in capital assets $ 117,189,181 $ 111,725,590 $ 5,463,591 Restricted 14,795,795 15,438,696 (642,901) Unrestricted 4,137,830 (74,605) 4,212,435 Total enterprise funds $ 136,122,806 $ 127,089,681 $ 9,033,125 Total by fund Electric $ 48,077,353 $ 43,222,749 $ 4,854,604 Water 32,672,001 31,906,217 765,784 Sewer 26,598,768 25,763,354 835,414 Community Center (5,943,906) (6,114,709) 170,803 Turbine Generator 3,571,639 2,449,953 1,121,686 Storm Water 28,208,494 27,737,894 470,600 Chaska Curling Center 1,465,905 782,091 683,814 Nonmajor enterprise 1,472,552 1,342,132 130,420 Total enterprise funds $ 136,122,806 $ 127,089,681 $ 9,033,125 In total, the net position of the City’s enterprise funds increased by $9,033,125 during the year ended December 31, 2025. Overall, each enterprise fund experienced an increase in total net position compared to the prior year, apart from the Loop at Chaska Fund as noted later on. The increases were generally attributable to efforts to replenish reserve balances. (11) Page 264 of 436 ELECTRIC FUND The following graphs present five years of operating results for the Electric Fund: Electric Fund Year Ended December 31, 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 - 2021 2022 2023 2024 2025 Operating Revenue 49,019,072 55,020,552 56,742,382 57,182,709 60,937,909 Operating Expense 41,525,135 47,332,065 47,564,006 47,080,354 49,386,792 Operating Income (Loss) 7,493,937 7,688,487 9,178,376 10,102,355 11,551,117 The Electric Fund ended 2025 with a total net position of $48,077,353, an increase of $4,854,604 from the prior year. The Electric Fund’s net investment in capital assets was $24,716,016 at year-end. An additional $10,278,345 of net position was restricted for debt service at year-end, leaving $13,082,992 of unrestricted net position. Operating revenue in the Electric Fund increased from the prior year, up $3,755,200 (6.6 percent). Revenues were higher due to increases in both usage and rates in the current year. Operating expenses were $2,306,438 (4.9 percent) higher than last year due to higher rates for energy. During the current year, this utility operation also made transfers to other funds totaling $7,917,400. During the current year, the electric fund recognized capital contributions from developers. (12) Page 265 of 436 WATER FUND The following graph presents selected data for the City’s Water Fund for the last five years: Water Fund Year Ended December 31, 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 - 2021 2022 2023 2024 2025 Operating Revenue 4,004,847 4,319,046 5,194,001 5,074,005 5,558,208 Operating Expense 3,308,521 3,466,884 3,575,523 4,382,084 5,047,510 Operating Income (Loss) 696,326 852,162 1,618,478 691,921 510,698 The Water Fund ended 2025 with a total net position of $32,672,001, an increase of $765,784 from the prior year’s restated net position. The Water Fund’s net investment in capital assets was $30,695,646 at year-end, leaving $1,976,355 of unrestricted net position. Operating revenue in the Water Fund increased $484,203 (9.5 percent) from the prior year. Revenue increased due to an increase in residential consumption for 2025. Water Fund operating expenses for 2025 were $665,426 (15.2 percent) higher than the previous year, mainly due to increased production and distribution/collection costs. During the current year, the water fund recognized capital contributions from developers. (13) Page 266 of 436 SEWER FUND The following graph presents selected data for the City’s Sewer Fund for the last five years: Sewer Fund Year Ended December 31, 9,000,000 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 - 2021 2022 2023 2024 2025 Operating Revenue 4,986,322 5,666,239 6,761,550 7,822,847 8,320,281 Operating Expense 4,562,168 5,047,758 5,671,637 7,407,400 7,425,958 Operating Income (Loss) 424,154 618,481 1,089,913 415,447 894,323 The Sewer Fund ended 2025 with a total net position of $26,598,768, an improvement of $835,414 from the prior year. The Sewer Fund’s net investment in capital assets was $22,844,367 at year-end, leaving $3,754,401 of unrestricted net position. Operating revenue in the Sewer Fund increased $497,434 (6.4 percent) from the prior year, mainly due to an increase in the sewer rates in 2025. Sewer Fund operating expenses for 2025 increased $18,558 (0.3 percent) from the prior year, mainly due to an increase in fees paid to Metropolitan Council Environmental Services. During the current year, the sewer fund recognized capital contributions from developers. (14) Page 267 of 436 STORM WATER FUND The following graph presents selected data for the City’s Storm Water Fund for the last five years: Storm Fund Year Ended December 31, 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 - (500,000) 2021 2022 2023 2024 2025 Operating Revenue 2,131,730 1,954,589 1,775,622 2,243,432 2,368,731 Operating Expense 1,238,342 1,638,116 1,515,376 2,242,459 2,634,621 Operating Income (Loss) 893,388 316,473 260,246 973 (265,890) The Storm Water Fund ended 2025 with a total net position of $28,208,494, an increase of $470,600 from the prior year. The Storm Water Fund’s net investment in capital assets was $24,418,364 at year- end, leaving $3,790,130 in unrestricted net position. Operating revenue in the Storm Water Fund increased $125,299 (5.6 percent) from the prior year, which is due to increases in residential and industrial consumption. Storm Water Fund operating expenses for 2025 increased $392,162 (17.5 percent) from the prior year, mainly due to an increase in depreciation on the fund’s assets in 2025. During the current year, the Storm Water fund recognized capital contributions from developers. (15) Page 268 of 436 TURBINE GENERATOR FUND The following graph presents selected data for the City’s Turbine Generator for the last five years: Turbine Generator Fund Year Ended December 31, 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 - 2021 2022 2023 2024 2025 Operating Revenue 1,422,057 1,366,151 1,261,543 1,743,199 1,743,199 Operating Expense 328,146 358,233 381,192 1,369,692 1,396,149 Operating Income (Loss) 1,093,911 1,007,918 880,351 373,507 347,050 Change in Net Position 601,206 601,921 593,199 1,263,938 1,121,686 The Turbine Generator Fund ended 2025 with a total net position of $3,571,639, an increase of $1,121,686 from the prior year’s restated net position. The Turbine Generator Fund’s net investment in capital assets was a deficit of $2,436,215. An additional $3,045,235 of net position was restricted for debt service at year-end, leaving $2,962,619 in unrestricted net position. The City’s Turbine Generator Fund is used to account for the City’s agreement with the Minnesota Municipal Power Agency (MMPA) for the exclusive rights to the power generated by the turbine generator built by the City. The Turbine Generator Fund receives payments from the MMPA agreement sufficient to pay off the debt service on the turbine generator. Operating revenues increased $0 in 2025. This is due to the amortization of the deferred inflow related to the MMPA GASB 87 lease, which will be a consistent amount each year. Operating expenses in the Turbine Generator Fund increased $26,457 (1.9 percent) from the prior year, due to an increase in administration expenses in 2025. (16) Page 269 of 436 COMMUNITY CENTER FUND The following graph presents selected data for the City’s Community Center for the last five years: Communit y Center Fund Year Ended December 31, 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 - (1,000,000) (2,000,000) (3,000,000) 2021 2022 2023 2024 2025 Operating Revenue 2,163,808 2,791,020 3,183,967 3,291,001 3,736,474 Operating Expense 4,244,950 4,798,454 4,835,958 4,810,130 5,152,276 Operating Income (Loss) (2,081,142) (2,007,434) (1,651,991) (1,519,129) (1,415,802) Income (Loss) Excluding (1,292,074) (1,142,393) (769,522) (658,632) (641,935) Depr/Amrt The Community Center Fund net position increased $170,803 during 2025, going from a net position deficit of $6,114,709 on January 1 to a net position deficit of $5,943,906 on December 31. The Community Center Fund’s net investment in capital assets was $5,927,877 at year-end. An additional $240,934 of net position was restricted for debt service at year-end, leaving a deficit of $12,112,717 in unrestricted net position. Operating revenue in the Community Center Fund increased $445,473 (13.5 percent) from the prior year, due to increased memberships and rentals. Community Center Fund operating expenses increased $342,146 (7.1 percent) from the prior year, mainly due to an increase in administration expenses in 2025. The annual operating income (loss), excluding depreciation and amortization, is provided above, as rental rates set for this fund through the City’s budgetary process are not intended to recover the full cost of depreciation and amortization. As seen in the graph above, this fund has generated operating losses, excluding depreciation and amortization, each of the last five years. (17) Page 270 of 436 CURLING CENTER FUND The following graph presents selected data for the City’s Curling Center for the last five years: Curling Center Fund Year Ended December 31, 2,500,000 2,000,000 1,500,000 1,000,000 500,000 - (500,000) (1,000,000) (1,500,000) 2021 2022 2023 2024 2025 Operating Revenue 915,179 1,403,440 1,181,353 1,133,427 1,196,226 Operating Expense 1,778,764 1,971,787 1,927,855 2,029,109 2,069,582 Operating Income (Loss) (863,585) (568,347) (746,502) (895,682) (873,356) Income (Loss) Excluding (234,998) 60,601 (113,602) (260,886) (238,368) Depr/Amrt Change in Net Position 280,455 547,103 276,885 278,789 683,814 The Chaska Curling Center Fund ended 2025 with a total net position of $1,465,905, an improvement of $683,814 from the prior year. The Chaska Curling Center Fund’s net investment in capital assets was $6,197,813 at year-end. An additional $1,231,281 of net position was restricted for debt service at year-end, leaving a deficit of $5,963,189 in unrestricted net position. Operating revenue in the Chaska Curling Center Fund increased $62,799 (5.5 percent) and operating expenses increased $40,473 (2 percent), from the prior year. Revenues increased with an increase in lessons and membership. The increase in expenses was due to increased salary and repair expenses in the current year. (18) Page 271 of 436 GOLF COURSE FUNDS The following graphs present selected data for the City’s two golf course funds for the last five years: The Loop at Chaska Fund Year Ended December 31, 1,000,000 800,000 600,000 400,000 200,000 - (200,000) (400,000) 2021 2022 2023 2024 2025 Operating Revenue 59 - - 396,264 470,060 Operating Expense (39,916) 55,761 177,197 560,331 760,011 Operating Income (Loss) 39,975 (55,761) (177,197) (164,067) (289,951) Income (Loss) Excluding 43,915 (42,940) (161,508) (133,038) (89,707) Depr/Amrt The Loop at Chaska Fund ended 2025 with a total net position of $69,480. The unrestricted portion of net position was a deficit of $2,345,607 at year-end. Operating revenue increased $73,796 (18.6 percent) in 2025, and operating expenses decreased $199,680 (35.6 percent). The increase in revenue was due to the Loop at Chaska opening in 2024 for the first time in 3 years due to reconstruction. Therefore, 2025 was the first compete year since the reconstruction for revenues and depreciation expense. (19) Page 272 of 436 Town Course Golf Fund Year Ended December 31, 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 - (500,000) 2021 2022 2023 2024 2025 Operating Revenue 3,006,247 3,016,808 3,144,507 3,330,839 3,477,055 Operating Expense 2,736,282 3,032,510 2,904,608 3,438,085 3,163,941 Operating Income (Loss) 269,965 (15,702) 239,899 (107,246) 313,114 Income (Loss) Excluding 757,109 469,257 433,271 225,765 674,518 Depr/Amrt The Chaska Town Course Golf Fund ended 2025 with a total net position of $1,403,072. The unrestricted portion of net position was a deficit of $1,007,154 at year-end. The Chaska Town Course Golf Fund’s operating revenues increased $146,216 (4.4 percent) from the prior year, primarily due to an increase in rounds played, and operating expenses decreased $274,144 (8 percent) from the prior year due to lower merchandise-for-resale costs. . (20) Page 273 of 436 GOVERNMENT-WIDE FINANCIAL STATEMENTS In addition to fund-based information, the current reporting model for governmental entities also requires the inclusion of two government-wide financial statements designed to present a clear picture of the City as a single, unified entity. These government-wide financial statements provide information on the total cost of delivering services, including capital assets and long-term liabilities. STATEMENT OF NET POSITION The Statement of Net Position essentially tells you what your city owns and owes at a given point in time, the last day of the fiscal year. Theoretically, net position represents the resources the City has leftover to use for providing services after its debts are settled. However, those resources are not always in spendable form, or there may be restrictions on how some of those resources can be used. Therefore, net position is divided into three components: net investment in capital assets, restricted, and unrestricted. The following table presents the components of City’s net position as of December 31, 2025 and 2024, for governmental activities and business-type activities: As of December 31, 2025 2024 Change Net position Governmental activities Net investment in capital assets $ 135,733,388 $ 125,048,189 $ 10,685,199 Restricted 21,925,710 20,757,570 1,168,140 Unrestricted 5,131,609 (1,425,902) 6,557,511 Total governmental activities 162,790,707 144,379,857 18,410,850 Business -type activities Net investment in capital assets 117,189,181 111,725,590 5,463,591 Restricted 14,795,795 15,438,696 (642,901) Unrestricted 4,292,894 68,121 4,224,773 Total business-type activities 136,277,870 127,232,407 9,045,463 Total net position $ 299,068,577 $ 271,612,264 $ 27,456,313 The total net position of the City increased $27.5 million during the 2025 fiscal year. Of the increase, $18.4 million came from governmental activities and $9.1 million from business-type activities. One of the primary reasons for the increases in both the governmental and business-type activities was the increase in construction in progress related to construction on the public safety facility during 2025. (21) Page 274 of 436 STATEMENT OF ACTIVITIES The Statement of Activities tracks the City’s yearly revenues and expenses, as well as any other transactions that increase or reduce total net position. These amounts represent the full cost of providing services. The Statement of Activities provides a more comprehensive measure than just the amount of cash that changed hands, as reflected in the fund-based financial statements. This statement includes the cost of supplies used, depreciation of long-lived capital assets, and other accrual-based expenses. The following table presents the change in the net position of the City for the years ended December 31, 2025 and 2024: 2025 2024 Program Expenses Net Change Net Change Revenues Net (expense) revenue Governmental activities General government $ 8,339,226 $ 7,079,741 $ (1,259,485) $ (1,445,644) Economic development 2,226,410 998,665 $ (1,227,745) (1,220,825) Public safety 13,446,421 4,773,139 $ (8,673,282) (9,156,893) Public works 7,713,684 10,842,547 $ 3,128,863 10,343,676 Parks, recreation, and arts 4,997,167 1,558,517 $ (3,438,650) (1,117,142) Interest on long-term debt 3,594,337 - $ (3,594,337) (3,970,358) Business-type activities Electric $ 49,416,632 $ 61,847,794 $ 12,431,162 10,302,455 Water 5,166,762 5,766,404 $ 599,642 3,035,428 Sewer 7,524,068 8,693,768 $ 1,169,700 3,878,243 Community Center 5,118,267 3,736,474 $ (1,381,793) (1,624,841) The Loop at Chaska 873,304 480,060 $ (393,244) (70,699) Chaska Town Course 3,250,575 3,477,055 $ 226,480 (175,706) Turbine Generator 1,686,592 1,743,199 $ 56,607 37,541 Storm Water 2,673,453 3,118,089 $ 444,636 3,981,904 Chaska Curling Center 2,367,259 1,196,226 $ (1,171,033) (1,233,995) Total net (expense) revenue $ 118,394,157 $ 115,311,678 $ (3,082,479) $ 11,563,144 General revenues Property taxes 23,901,081 20,618,682 Franchise taxes 778,189 772,621 Grants and contributions not restricted to specific functions 16,621 10,665 Investment earnings 3,893,114 3,726,619 Other 1,949,787 1,660,164 Total general revenues 30,538,792 26,788,751 Change in net position $ 27,456,313 $ 38,351,895 One of the goals of this statement is to provide a side-by-side comparison to illustrate the difference in the way the City’s governmental and business-type operations are financed. The table clearly illustrates the dependence of the City’s governmental operations on general revenues such as property taxes and unrestricted grants, while its business-type activities are financed predominately through program revenues. The difference in 2024 and 2025 net change in public works is mainly due to decreased expenses related to work on road projects in 2025 as compared to the state and federal revenues received. The net difference in storm water is due to increased revenues in 2024 related to additional contributed capital as compared to 2025. (22) Page 275 of 436 ACCOUNTING AND AUDITING UPDATES GASB Statement No. 103 “Financial Reporting Model Improvements” – the primary objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. Areas impacted include the MD&A, Proprietary fund Statement of Revenues, Expenses, and Changes in Fund net Position, and Budgetary Comparison Information. This Statement is effective for fiscal periods beginning after June 15, 2025. GASB Statement No. 104 “Disclosure of Certain Capital Assets” – the primary objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. This Statement will clarify how capital assets are disclosed for capital assets held for sale and related pledged debt, leased assets, subscription assets, right-to-use PPP assets and other intangible assets. This Statement is effective for fiscal periods beginning after June 15, 2025. GASB Statement No. 105 “Subsequent Events” – the primary objective of this Statement is to improve the financial reporting requirements for subsequent events, thereby enhancing consistency in their application and better meeting the information needs of financial statement users. This Statement defines subsequent events, clarifies the period during which they should be evaluated, distinguishes between recognized and non-recognized subsequent events, and establishes related disclosure requirements. The Statement also requires governments to disclose the date through which subsequent events have been evaluated. This Statement is effective for fiscal years beginning after June 15, 2026. (23) Page 276 of 436 FINANCIAL STATEMENTS AND REQUIRED SUPPLEMENTARY INFORMATION CHASKA FIRE DEPARTMENT RELIEF ASSOCIATION CHASKA, MINNESOTA FOR THE YEAR ENDED DECEMBER 31, 2025 Page 277 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Table of Contents December 31, 2025 Page No. Introductory Section Organization 4 Financial Section Independent Auditor's Report 6 Basic Financial Statements Government-Wide/Fund Financial Statements Governmental Fund - General Fund Balance Sheet/Statement of Net Position 10 Statement of Governmental Fund – General Fund Revenues, Expenditures and Changes in Fund Balance/Statement of Activities 11 Fiduciary Fund - Special Pension Trust Fund Statement of Fiduciary Net Position 12 Statement of Changes in Fiduciary Net Position 13 Notes to the Financial Statements 14 Required Supplementary Information Schedule of Changes in the Association’s Net Pension Liability (Asset) and Related Ratios 26 Schedule of Contributions 27 Schedule of Investment Returns 29 Compliance Section Independent Auditor’s Report On Minnesota Legal Compliance 31 2 Page 278 of 436 INTRODUCTORY SECTION CHASKA FIRE DEPARTMENT RELIEF ASSOCIATION CHASKA, MINNESOTA YEAR ENDED DECEMBER 31, 2025 3 Page 279 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Organization December 31, 2025 Name Title Trustees Chris Pierce President Matt Stofferahn Vice President Sarah Helstrom Secretary Jeff Grinager Treasurer General Trustees Nate Lindall Trustee Jay Scwartz Trustee City Trustees Taylor Hubbard Mayor Noel Graczyk Administrative Services Director Stephen Kraus Fire Chief 4 Page 280 of 436 FINANCIAL SECTION CHASKA FIRE DEPARTMENT RELIEF ASSOCIATION CHASKA, MINNESOTA YEAR ENDED DECEMBER 31, 2025 5 Page 281 of 436 CliftonLarsonAllen LLP CLAconnect.com CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. 6 Page 282 of 4367 Page 283 of 4368 Page 284 of 436 BASIC FINANCIAL STATEMENTS CHASKA FIRE DEPARTMENT RELIEF ASSOCIATION CHASKA, MINNESOTA YEAR ENDED DECEMBER 31, 2025 9 Page 285 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Governmental Fund - General Fund Balance Sheet/ Statement of Net Position December 31, 2025 Assets Cash and cash equivalents $ 103,630 Liabilities Accounts payable $ 19 Fund Balance/Net Position Unrestricted/unassigned $ 103,611 10 Page 286 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Statement of Governmental Fund - General Fund Revenues, Expenditures and Changes in Fund Balance/Statement of Activities For the Year Ended December 31, 2025 Program Expenditures / Expenses General Government Fundraising expenses $ 33,267 Conventions and meetings 3,297 Member recognition 14,317 Equipment and supplies 8,572 Training 1,791 Advertising and promotion 345 Miscellaneous 1,926 Total Program Expenditures / Expenses 63,515 Program Revenues General Government Fundraising 68,046 Net Change in Fund Balance/Net Position 4,531 General Revenues Interest 842 Net Change in Fund Balance/Net Position 5,373 Fund Balance/Net Position January 1 98,238 Fund Balance/Net Position, December 31 $ 103,611 11 Page 287 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Statement of Fiduciary Net Position Fiduciary Fund - Special Pension Trust Fund December 31, 2025 Assets Cash and cash equivalents $ 497,370 Investments Domestic Stocks 4,196,306 International Stock 1,233,989 Fixed Income - Commodities 59,794 Government securities 2,280,444 Due from other governments 1,000 Total Assets 8,268,903 Liabilities Accounts payable $ 750 State withholding payable 2,193 Total Liabilities 2,943 Net Position Restricted for pension benefits $ 8,265,960 12 Page 288 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Statement of Changes in Fiduciary Net Position Fiduciary Fund - Special Pension Trust Fund For the Year Ended December 31, 2025 Additions Contributions State of Minnesota Fire State Aid $ 269,950 Fire Supplemental Aid 36,109 Supplemental benefit reimbursement 1,000 Total State of Minnesota 307,059 City of Chaska 265,987 Miscellaneous income 3,816 Total Contributions 576,862 Investment income Interest and dividends 239,087 Appreciation in fair value of investments 753,982 Less investment fees (61,415) Total Investment Income 931,654 Total Additions 1,508,516 Deductions Benefits Lump sum 143,000 Monthly service pension 529,814 Administrative expenses Salaries 12,750 Professional fees 61,848 Miscellaneous 1,936 Total Deductions 749,348 Net Increase in Net Position 759,168 Net Position Restricted for Pensions Beginning of Year 7,506,792 End of Year $ 8,265,960 13 Page 289 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 1: Plan Description A. Form of Government / Financial Reporting Entity Firefighters of the City of Chaska (the City) are members of the Chaska Fire Department Relief Association, (the Association). The Association was incorporated on March 3, 1891. The Association is the administrator of a single- employer defined benefit pension plan (the Plan) available to firefighters. The Plan operates under the provisions of Minnesota Laws 1965, chapter 446, as amended and Minnesota statute chapters 69 and 424. It is governed by a Board of Trustees, (the Board) made up of six members elected by the members of the Association for three year terms, and three members approved by the City Council of the City of Chaska, of which at least one is an elected member of the City Council. For financial reporting purposes, the Association's financial statements are not included with the City’s financial statements because the Association is not a component unit of the City. B. Membership Information As of December 31, 2025, membership data related to the Association was: Retirees and Beneficiaries Terminated Members/Beneficiaries Receiving Benefits 54 Terminated Members Entitled to Benefits but Not Yet Receiving Them 7 Active Plan Participants 48 Total 109 C. Pension Benefits Retirement Benefits: According to the by-laws of the Association and pursuant to Minnesota statutes 424 A.02, subdivisions 2 and 4, the Association pays to each member who has served as an active firefighter in the Chaska Fire Department (the Department) a service pension. Benefits provided at December 31, 2025, consisted of the following: (a) Individuals who become Members prior to November 4, 2013: (i) Monthly Service Pension: $2.8025 per month of service; effective June 1, 2022, the monthly service amount increased to $3.4000 per month of service. The maximum number of months is 360. The benefit is reduced 8% for each year of service less than 15. (ii) In lieu of monthly payments, a member may elect a lump sum service pension based on completed years of service up to 25 years. The current lump sum pension is based on $9,304 per year of service, plus a Supplemental Benefit of 10% of the lump sum distribution, but not more than $1,000. The benefit is reduced 8% for each year of service less than 15. (iii) Deferred Service Pension: Termination prior to age 50 with at least 10 years of service. The deferred pension is payable at age 50 and is reduced by 8% for each year of service less than 15. 14 Page 290 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 1: Plan Description (Continued) Retirement Benefits (iv) Survivor Benefits: If an active, deferred, or retired member dies, the following benefits are available: Spousal and Children’s Benefits: Surviving Spouse receives 100% of member’s monthly pension for life or until marriage. The surviving spouse may also elect a lump sum benefit as described above, plus a Supplemental Benefit of 20% of the regular lump sum distribution, but not more than $2,000. Surviving children receive 100% of member’s monthly pension payable immediately at death of an active or inactive member, payable until age 18. If the child is enrolled in college or technical school, the payments will continue until age 22. The maximum family benefit is 100% of the member’s accrued benefit. (b) Individuals who become Members after November 4, 2013: (i) The member is entitled to a lump sum service pension based on completed years of service up to 25 years. The current lump sum pension is based on $9,304 per year of service, plus a Supplemental Benefit of 10% of the regular lump sum distribution, but not more than $1,000. The benefit is reduced 8% for each year of service less than 15. (ii) Deferred Service Pension: Termination prior to age 50 with at least 10 years of service. The deferred pension is payable at age 50 and is reduced 8% for each year of service less than 15. (iii) Survivor Benefits: If an active, deferred, or retired member dies, the surviving spouse, children or estate will receive 100% of the member’s lump sum benefit plus a Supplemental Survivor Benefit in the amount of 20% of the total benefit paid, but not more than $2,000. (c) Disability Benefits: A disabled member will receive the amount of their monthly service pension or lump sum service pension based on credited service as of the date the member became eligible for a disability benefit. These benefit provisions are established and can be amended by the Association’s membership with approval by the Chaska City Council. Benefit provisions are within the limitations established by Minnesota State Statutes. Note 2: Summary of Significant Accounting Policies and Plan Asset Matters A. Entity-Wide Financial Statement Presentation The entity-wide financial statements (the Statement of Net Position and the Statement of Activities) display information about the financial activities of the Association, except for the Fiduciary Funds. Generally, the effect of any material interfund activity has been removed from the entity-wide financial statements. The Statement of Activities demonstrates the degree to which the direct expenses of a given function are offset by program revenues. Direct expenses are those that are clearly identifiable with specific functions or segment. Program revenues include charges to association members or others who use or directly benefit from goods, services, or privileges provided by a given function or segment, and grants or contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other internally directed revenues are reported instead of general revenues. The entity-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. 15 Page 291 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 2: Summary of Significant Accounting Policies and Plan Asset Matters (Continued) B. Description of Funds The resources of the Association are accounted for in two funds. Each fund is accounted for as an independent entity. Descriptions of the funds included in this report are: Major Governmental Fund: The General fund is a governmental fund which accounts for the resources not accounted for in other funds. It is used for the good and benefit of the Association as determined by Association bylaws. Its resources consist of fundraising proceeds, investment earnings and miscellaneous sources. Additionally, the Association reports the following fund type: The Fiduciary fund accounts for assets held by the Association in a trustee capacity for its members. The Special Pension Trust fund is a fiduciary fund for the accumulation of resources to be used for retirement, dependency and disability annuity payments of appropriate amounts at appropriate times in the future. Resources are contributed by the City at amounts determined by law (taxes) or voluntarily, and from the two-percent insurance premium tax and amortization aid from the State. C. Fund Basis of Accounting General Fund - The modified accrual basis of accounting and current financial resources measurement focus is followed for the General Fund of the Association. Under this method of accounting, revenues are recognized when received in cash, except for revenues of a material amount that have not been received at the normal time of receipt and revenues susceptible to accrual. Revenues considered susceptible to accrual are those revenues that are both measurable and available to finance the Association’s operations during the year. For this purpose, the Association considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Typically, the Association does not have revenues that are susceptible to accrual. Expenditures are reported when the related liability is incurred. Special Pension Trust Fund - The accrual basis of accounting and economic resources measurement focus are followed for the Special Pension Trust Fund of the Association. Under this method, additions (revenues) are recognized in the accounting period in which they are earned and become measurable. Deductions (expenses) are recognized in the period incurred, if measurable. Future pension costs are computed periodically in accordance with Minnesota State Statute requirements. Contributions from the City of Chaska, and from the State of Minnesota in the form of the two-percent insurance premium tax and amortization aid are recognized when due, provided that the contributor has made a formal commitment to provide the contribution. Typically, separate fund financial statements are provided for Governmental Funds. However, due to the simplicity of Association’s operations, the Governmental Fund financial statements have been combined with the entity-wide statements. Separate fund financial statements are provided for the Fiduciary Fund. Since, by definition, Fiduciary Fund assets are being held for the benefit of a third party and cannot be used for other activities or obligations of the Association, the Fiduciary Fund is excluded from the entity-wide statements. D. Net Position Classifications and Flow Assumptions In the entity-wide and fiduciary fund financial statements, net position represents the difference between assets, liabilities, and deferred inflows/outflows of financial resources, as applicable. Net position is displayed in three components: Net Investment in Capital Assets – Consists of capital assets, net of accumulated depreciation reduced by any outstanding debt attributable to acquire capital assets. 16 Page 292 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 2: Summary of Significant Accounting Policies and Plan Asset Matters (Continued) Restricted Net Position – Consists of net position restricted when there are limitations imposed on their use through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. Unrestricted Net Position – All other net position that do not meet the definition of “restricted” or “net investment in capital assets”. When both restricted and unrestricted resources are available for use, it is the Association’s policy to first use restricted resources. E. Fund Balance Classifications and Flow Assumptions In the fund financial statements, fund balance is divided into five classifications based primarily on the extent to which the Association is bound to observe constraints imposed upon the use of resources reported in the governmental funds. These classifications are defined as follows: Nonspendable - Amounts that cannot be spent because they are not in spendable form, such as prepaid items. Restricted - Amounts related to externally imposed constraints established by creditors, grantors or contributors; or constraints imposed by state statutory provisions. Committed - Amounts constrained for specific purposes that are internally imposed by formal action (resolution) of the Board of Directors (the Board), which is the Association’s highest level of decision-making authority. Committed amounts cannot be used for any other purpose unless the Board modifies or rescinds the commitment by resolution. Assigned - Amounts constrained for specific purposes that are internally imposed. In the General fund, assigned amounts represent intended uses established by the Board itself or by an official to which the governing body delegates the authority. Unassigned - The residual classification for the General fund. The Association considers restricted amounts to be spent first when both restricted and unrestricted fund balance is available. Additionally, the Association would first use committed, then assigned, and lastly unassigned amounts of fund balance when expenditures are made. F. Income Taxes The Association is a nonprofit organization described in Section 501(c) 4 of the Internal Revenue Code and is exempt from Federal and State income taxes. The Association has analyzed filing positions with the Internal Revenue Service and the State of Minnesota. The Association is subject to routine audits by these jurisdictions; however, the Association is currently not under any audits for any tax periods. The Association does not anticipate that any of its income tax filing positions would result in a material adverse effect on the Association’s financial condition, results of operations or cash flow. No liability has been recorded for uncertain tax positions. As allowed under accounting principles generally accepted in the United States of America, the Association would accrue, if applicable, income tax related interest and penalties in income tax expense in the Association’s statement of revenues, expenditures and changes in fund balances. During the year ended December 31, 2025, the Association did not recognize any interest or penalties. With few exceptions, the Association is no longer subject to tax examinations by tax authorities for years before 2022. 17 Page 293 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 2: Summary of Significant Accounting Policies and Plan Asset Matters (Continued) G. Investments Investments include negotiable certificates of deposits, and all other securities purchased. Investments are reported at fair value. The Association categorizes its fair value measurements within the fair value hierarchy established by accounting principles generally accepted in the United States of America. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs. Debt securities classified in Level 2 of the fair value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices. See Note 3 for the Association’s recurring fair value measurements as of the current year-end. H. Receivables When necessary, the Association utilizes an allowance for uncollectible accounts to value its receivables; however, the Association considers all current receivables to be collectible. I. Capital Assets All capital assets belong to the City of Chaska and are expensed at the time of purchase. The Association does not have any capital assets. J. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. K. Actuarial Liability The actuarial accrued pension liability has been calculated as of December 31, 2025, in accordance with GASB Statement No. 67. Actuarial liabilities are not recorded in the basic financial statements under accounting principles generally accepted in the United States of American. Instead, pension benefits payable to individual members are accrued in the Special Pension Trust Fund when due and payable upon retirement. L. Budget The Association is not required to, and does not, adopt a budget for its General Fund. 18 Page 294 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 3: Detailed Notes on Accounts Cash and Cash Equivalents The Association’s cash and cash equivalents are considered to be demand deposits and short-term investments with original maturities of three months or less from the date of acquisition. Custodial credit risk for deposits and investments is the risk that in the event of a bank failure, the Association’s deposits and investments may not be returned or the Association will not be able to recover collateral securities in the possession of an outside party. Minnesota statutes require that all Association deposits be protected by insurance, surety bond or collateral. The market value of collateral pledged must equal 110 percent of the deposits not covered by insurance or bonds. Authorized collateral in lieu of a corporate surety bond includes: • United States government Treasury bills, Treasury notes, Treasury bonds; • Issues of United States government agencies and instrumentalities as quoted by a recognized industry quotation service available to the government entity; • General obligation securities of any state or local government with taxing powers which are rated “A” or better by a national bond rating service, or revenue obligation securities of any state or local government with taxing powers which are rated “AA” or better by a national bond rating service; • General obligation securities of a local government with taxing powers may be pledged as collateral against funds deposited by that same local government entity; • Irrevocable standby letters of credit issued by Federal Home Loan Banks to a municipality accompanied by written evidence that the bank’s public debt is rated “AA” or better by Moody’s Investors Service, Inc., or Standard & Poor’s Corporation; and • Time deposits that are fully insured by any federal agency. The Association has no additional deposit policies addressing custodial credit risk. The Association has the following cash and cash equivalents as of December 31, 2025. Fund Book Bank Governmental $ 103,630 $ 122,379 Special Pension Trust $ 497,370 $ 497,730 19 Page 295 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 3: Detailed Notes on Accounts (Continued) Investments The Association has the following investments as of December 31, 2025. Credit Segmented Quality/ Time Fair Value Measurement Using Types of Investments Ratings (1) Distribution (2) Amount Level 1 Level 2 Level 3 Special Pension Trust Fund Pooled Investments at Amortized Costs Broker Money Market AAA N/A $ 497,370 $ - $ - $ - Non-Pooled Investments Domestic Stocks N/A N/A 4,196,305 4,196,305 - - International Stock N/A N/A 1,233,990 1,233,990 - - Fixed Income - Commodities N/A N/A 59,794 59,794 - - Government securities AAA 1 - 10 years 2,280,444 2,280,444 - - Total Non-Pooled Investments 7,770,533 7,770,533 - - Total Special Pension Trust Fund Investments $ 8,267,903 $ 7,770,533 $ - $ - (1) Ratings are provided by various credit rating agencies where applicable to indicate associated credit risk. (2) Interest rate risk is disclosed using the segmented time distribution method. N/A Indicates not applicable or available The Association invests funds of the Association in conformance with Minnesota State Statutes 356A.06. The investments of the Association are subject to the following risks: • Credit Risk. Is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Ratings are provided by various credit rating agencies and where applicable, indicate associated credit risk. Minnesota statutes, section 11A.24, contains a specific list of asset classes available for investment, including common stocks, bonds, short term securities, real estate, private equity, and resource funds. The Association’s investment policy does not address credit risk. • Custodial Credit Risk. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in the possession of an outside party. The Association’s investment policy does not address custodial credit risk but typically limits its exposure by purchasing insured or registered investments. • Concentration of Credit Risk. Is the risk of loss attributed to the magnitude of a government’s investment in a single issuer. There is no one issuer (other than U.S. Treasury securities, real estate investment trusts, mutual funds and external investment pools) that represents 5 percent or more of the total Association’s investments. • Interest Rate Risk. Is the risk that changes in interest rates will adversely affect the fair value of an investment. Minnesota statutes prescribe the maximum percentage of fund assets that may be invested in various asset classes and contain specific restrictions to ensure the quality of the investments. The Association’s investment strategy is to emphasize total return, that is, the aggregate return from capital appreciation and dividend and interest income. • Rate of return. For the year ended December 31, 2025, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 12.63 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. 20 Page 296 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 3: Detailed Notes on Accounts (Continued) Investment Policy. The pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the Association’s Board by a majority vote of its members. It is the policy of the Association’s Board to pursue an investment strategy that reduces risk through the prudent diversification of the portfolio across a broad selection of distinct asset classes. The pension plan’s investment policy discourages the use of cash equivalents, except for liquidity purposes, and aims to refrain from dramatically shifting asset class allocations over short time spans. Investment management of plan assets shall be in accordance with the following asset allocation guidelines: Target Asset Class Allocation Domestic Equity 35% International Equity 20% Fixed Income 10% Real Estate 10% Cash 25% Total 100% Note 4: Net Pension Liability The components of the net pension liability (asset) of the Association at December 31, 2025, were as follows: Total Pension Liability $ 8,340,663 Plan Fiduciary Net Position 8,265,960 Net Pension Liability (Asset) $ 74,703 Plan fiduciary net position as a percentage of the total pension liability 99.1% Actuarial assumptions. The total pension liability was determined by an actuarial valuation as of December 31, 2025, using the following actuarial assumptions, applied to all periods included in the measurement: Discount Rate 5.75% Salary Increase Rate N/A Inflation Rate (1) 2.50% Lump Sum Benefit Increase Rate (2) N/A 20-Year Municipal Bond Rate 4.08% (1) Per GASB 68 instructions, the inflation rate is used to allocate costs under the Entry Age Normal Level percent of payroll cost method for plans whose benefits are not pay-related. (2) GASB rules require that accrued liabilities be based on the terms of the plan in effect on the measurement date. Therefore, we have not reflected any future lump sum multiplier increases even though the Relief Association may have a history of regular benefit increases. Potential increases are contingent on future benefit agreements and statutory average available financing requirements. Any future increases will be reflected at the time they are approved. 21 Page 297 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 4: Net Pension Liability A variety of significant actuarial assumptions are used to determine the standardized measure of the accrued pension liability and these assumptions are summarized below: Actuarial Cost Method: The Entry Age Normal level percent of pay cost method. Under this method, the service cost for an individual participant is the level percentage of pay required to accumulate the funds needed to pay the participant’s projected benefits by their assumed retirement age, beginning on the date of entry and ending on last age before with an future benefits. The portion of the PVB allocated to past service is called the Actuarial Accrued Liability (AAL) or the Total Pension Liability (TPL). Amortization Method Investment Gains and Losses: Straight-line amortization over a closed 5-year period. Effects of Assumption Changes and Experience Gains and Losses: Straight-line amortization over a closed period equal to the average of the expected remaining service lives of all members (i.e., active employees and terminated/retired members) that are provided with pensions through the pension plan. Data Methods: The Relief Association provided census and financial information for the valuation, and we have relied on this data in preparing the results in this report. The data was reviewed for reasonableness and consistency, but we have not performed a complete audit. If any of the information is inaccurate or incomplete, then the results may be materially different, and the calculations may need to be revised. To the extent that census data was collected as of a date later than December 31, 2025, we have assumed that it is reasonably representative of the plan census on the valuation date and used it with only minor adjustments. Mortality: Rates used in the 2024 PERA of Minnesota Public Employees Police and & Fire Plan experience study. Healthy Pre-retirement: Pub-2010 Public Safety Employee mortality tables with projected mortality improvement scale MP-2021. Healthy Post-retirement: Pub-2010 Healthy Retired Public Safety Employee mortality tables with projected mortality improvement based on scale MP-2021. Male rates are adjusted by a factor of 1.10. Disabled: Pub-2010 Public Safety Disabled Retiree mortality tables with projected mortality improvement based on scale MP-2021. Male rates are adjusted by a factor of 1.17. Withdrawal: Service rates used in the 2024 Minnesota PERA Police & Fire Plan experience study. Disability: Age-related rates used in the 2024 PERA Minnesota Public Employees Police & Fire Plan experience study. All incidences are assumed to be duty-related. Discount Rate: Per GASB guidance, the single rate that produces the same present value of expected benefit payments as (1) the expected long-term rate of return on plan assets during the period when projected assets are sufficient to pay future retiree benefits, and (2) the 20-year municipal bond rate after assets are projected to be exhausted. Changes since prior valuation: • The disability, mortality and withdrawal assumptions were updated from the rates used in the July 1, 2023 Minnesota PERA Police & Fire Plan actuarial valuation to the rates used in the 2024 Minnesota Public Employees Police & Fire Plan experience study. 22 Page 298 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 4: Net Pension Liability (Continued) Investment Return GASB 67 requires the development of an assumption regarding the long-term expected rate of return on plan assets. The process utilized for this actuarial valuation is described below. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These asset class estimates are combined to produce the portfolio long-term expected rate of return by weighting the expected future real rates of return by the current asset allocation percentage (or target allocation, if available) and by adding expected inflation (2.50%). All results are then rounded to the nearest quarter percentage point. The best-estimates of expected future asset class returns were published in the 2025 Survey of Capital Market Assumptions produced by Horizon Actuarial Services. These expected returns, along with expected asset class standard deviations and correlation coefficients, are based on Horizon’s annual survey of investment advisory firms. The expected inflation assumption was developed based on an analysis of historical experience blended with forward-looking expectations available in market data. Best-estimates of geometric real and nominal rates of return for each major asset class included in the pension plan’s asset allocation as of the measurement date are summarized in the following table: Cash and Equivalents Allocation at Long-term Expected Long-term Expected Asset Class December 31 Real Rate of Return Nominal Rate of Return (1) Domestic Equity 35.00% 4.60% 7.10% International Equity 20.00% 4.95% 7.45% Fixed Income 10.00% 2.70% 5.20% Real Estate and Alternatives 10.00% 3.98% 6.48% Cash and Equivalents 25.00% 1.19% 3.69% Total (2) 100.00% 6.52% Reduced for assumed investment expense (3) -0.80% Net assumed investment return (weighted avg, rounded to 1/4%) 5.75% (1) Nominal rates of return are equal to real rates of return plus the assumed inflation rate. (2) Portfolio total expected return is weighted average of arithmetic asset class returns, with adjustment to reflect geometric averages. It is not equal to the weighted average of the asset class geometric returns shown above. (3) Assumed investment expenses include investment management fees. Sensitivity of the Net Pension Liability to Changes in the Discount Rate GASB 67 requires that the liability discount rate be the single rate that reflects the following: A. The long-term expected rate of return on pension plan investments that are expected to be used to finance the payment of benefits, to the extent that (1) the pension plan’s fiduciary net position is projected to be sufficient to make projected benefit payments and (2) pension plan assets are expected to be invested using a strategy to achieve that return, and B. A yield or index rate for 20-year, tax-exempt general obligation municipal bonds with an average rate of AA/Aa or higher (or equivalent quality on another rating scale), to the extent that the conditions in A. are not met. 23 Page 299 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Notes to the Financial Statements December 31, 2025 Note 4: Net Pension Liability (Continued) The projection of cash flows used to determine the discount rate assumed that future contributions will be equal to projected contribution amounts based on Minnesota statutory requirements. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefits of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. The following presents the net pension liability of the Association, calculated using the discount rate of 5.75 percent, as well as what the Association’s net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (4.75 percent) or 1 percentage point higher (6.75 percent) than the current rate: Total Plan Net Pension Fiduciary Pension Liability Net Position Liability/(Asset) 1% Decrease in Discount Rate (4.75%) $ 9,079,313 $ 8,265,960 $ 813,353 Current Discount Rate (5.75%) 8,340,663 8,265,960 74,703 1% Increase in Discount Rate (6.75%) 7,708,481 8,265,960 (557,479) Note 5: Contributions Required and Contributions Made The Association's funding policy provided for contributions from the State and the City in amounts sufficient to accumulate sufficient assets to pay benefits when due. The annual contribution is the sum of the normal cost, the State contribution payment and the provision for administrative expenses. The Department is comprised of volunteers; therefore, there are no payroll expenditures or covered payroll percentage calculations. Required contribution of $307,059 was made by the State of Minnesota (the State) including $1,000 in supplemental benefit reimbursements, in accordance with Minnesota statute requirements for the year ended December 31, 2025. There was a voluntary contribution by the City of Chaska (the City) of $265,987. Note 6: Risk Management The Association is exposed to various risks of loss related to theft of assets for which the Association carried commercial insurance policies. There were no significant reductions in insurance from the previous year or settlements in excess of insurance coverage for any part of the past three fiscal years. 24 Page 300 of 436 REQUIRED SUPPLEMENTARY INFORMATION CHASKA FIRE DEPARTMENT RELIEF ASSOCIATION CHASKA, MINNESOTA YEAR ENDED DECEMBER 31, 2025 25 Page 301 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Required Supplementary Information December 31, 2025 Schedule of Changes In the Association's Net Pension Liability (Asset) and Related Ratios Fiscal Year Ending December 31 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Pension Liability Service Cost $ 189,805 $ 185,176 $ 212,012 $ 174,457 $ 132,955 $ 129,712 $ 100,284 $ 97,600 $ 76,833 $ 74,777 Interest 490,221 490,141 456,272 370,992 349,928 349,372 326,559 323,454 307,707 318,368 Differences Between Expected and Actual Experience (161,486) - (111,249) - (106,649) - (58,684) - 23,511 - Changes of Assumptions (177,239) - (517,102) - 480,755 - 250,267 - 68,838 - Changes of Benefit Terms - - - 1,645,932 917,120 - 642,398 - 229,268 - Benefit Payments (672,814) (684,329) (544,339) (502,337) (460,621) (484,702) (393,593) (354,522) (595,443) (451,119) Net Change in Total Pension Liability (331,513) (9,012) (504,406) 1,689,044 1,313,488 (5,618) 867,231 66,532 110,714 (57,974) Total Pension Liability - Beginning (1) 8,672,176 8,681,188 9,185,594 7,496,550 6,183,062 6,188,680 5,321,449 5,254,917 5,144,203 5,202,177 Total Pension Liability - Ending $ 8,340,663 $ 8,672,176 $ 8,681,188 $ 9,185,594 $ 7,496,550 $ 6,183,062 $ 6,188,680 $ 5,321,449 $ 5,254,917 $ 5,144,203 Plan Fiduciary Net Position Contributions $ 573,046 $ 452,235 $ 443,133 $ 347,654 $ 549,155 $ 531,985 $ 488,466 $ 465,022 $ 443,793 $ 427,285 Net Investment Income 931,655 609,822 634,484 (921,285) 712,670 512,197 974,719 (342,294) 819,964 408,073 Other additions 3,816 - - - 4,454 289 - - - - Benefit Payments (672,814) (684,329) (544,339) (502,337) (460,621) (484,702) (393,593) (354,522) (595,443) (451,119) Administrative Expense (76,535) (67,485) (71,394) (74,816) (50,600) (52,987) (9,862) (14,407) (10,295) (11,561) Net Change in Plan Fiduciary Net Position 759,168 310,243 461,884 (1,150,784) 755,058 506,782 1,059,730 (246,201) 658,019 372,678 Plan Fiduciary Net Position - Beginning 7,506,792 7,196,549 6,734,665 7,885,449 7,130,391 6,623,609 5,563,879 5,810,080 5,152,061 4,779,383 Plan Fiduciary Net Position - Ending $ 8,265,960 $ 7,506,792 $ 7,196,549 $ 6,734,665 $ 7,885,449 $ 7,130,391 $ 6,623,609 $ 5,563,879 $ 5,810,080 $ 5,152,061 Net Pension Liability (Asset) - Ending $ 74,703 $ 1,165,384 $ 1,484,639 $ 2,450,929 $ (388,899) $ (947,329) $ (434,929) $ (242,430) $ (555,163) $ (7,858) Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 99.1% 86.6% 82.9% 73.3% 105.2% 115.3% 107.0% 104.6% 110.6% 100.2% 2025 Changes in Actuarial Assumptions and Plan Provisions The expected investment return and discount rate increased from 5.00% to 5.75% to reflect updated capital market assumptions. The mortality rates were updated from the rates used in the July 1, 2021 Minnesota PERA Police & Fire Plan. actuarial valuation to the rates used in the July 1, 2023 Minnesota PERA Police & Fire Plan actuarial valuation. Retirement rates have been updated to reflect full vesting after 15 years of service. The inflation assumption increased from 2.25% to 2.50%. 26 Page 302 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Required Supplementary Information (Continued) December 31, 2025 Schedule of Contributions Fiscal Year Ending December 31 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Actuarially Determined Contribution $ 479,018 $ 479,018 $ 371,785 $ 207,338 $ 208,493 $ 208,493 $ 165,134 $ 165,134 $ 265,347 $ 265,347 Contributions in Relation to the Actuarially Determined Contribution 576,862 452,235 443,133 347,654 549,155 531,985 488,466 465,022 436,793 427,285 Contribution Deficiency (Excess) $ (97,844) $ 26,783 $ (71,348) $ (140,316) $ (340,662) $ (323,492) $ (323,332) $ (299,888) $ (171,446) $ (161,938) Valuation Date: Actuarily determined contribution rates are calculated as of December 31, either two or three years prior to end of the fiscal year in which contributions are reported. Methods and assumptions used to determine contribution rates: Actuarial Cost Method Entry Age Normal actuarial level dollar cost method Amortization Method Actuarial Losses - Amortize loss over 10 years per Minnesota Statutes 69.773, Subd 4.(d)(3)(i) Plan Changes - Amortize over 20 years per Minnesota Statutes 69.773, Subd 4. (d)(3)(v). Remaining Amortization Period 0 years as of December 31, 2025 Asset Valuation Method Fair Value Inflation 2.50% Salary Increases 0%, including inflation Investment Rate of Return 5.0% as per Minnesota State Statutes Chapter 356.215, Subdivision 8 Retirement Age The latest of age 50 or after 15 years of service Mortality Pub-2010 Public Safety Employee Mortality Table with projected mortality improvements based on scale MP-2021. 27 Page 303 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Required Supplementary Information (Continued) December 31, 2025 Schedule of Contributions (Continued) Other Information: On November 4, 2013, benefit terms were modified to add a $6,000 per year of service lump sum benefit option for individuals who became members before November 4, 2013. Individuals that became members after November 4, 2013 are only entitled to a lump sum service pension. On May 5, 2014, benefit terms were modified to increase the monthly benefit from $1.975 to $2.085 per month of service and to increase the lump sum benefit from $6,000 to $6,255 per year of service effective as of June 1, 2014. On November 7, 2016, benefit terms were modified to increase the monthly benefit from $2.085 to $2.185 per month of service and to increase the lump sum benefit from $6,255 to $6,486 per year of service effective as of January 1, 2017. On October 15, 2018, benefit terms were modified to increase the monthly benefit from $2.185 to $2.4525 per month of service and to increase the lump sum benefit from $6,486 to $7,100 per year of service effective as of January 1, 2019. On August 2, 2021, benefit terms were modified to increase the monthly benefit from $2.4525 to $2.8025 per month of service and to increase the lump sum benefit from $7,100 to $7,901 per year of service effective as of September 1, 2021. Participants terminating after September 1, 2021, the fully vested service requirement was decreased from 20 years of service to 15 years of service. On June 1, 2022, benefit terms were modified to increase the monthly benefit from $2.8025 to $3.4000 per month of service and to increase the lump sum benefit from $7,901 to $9,304 per year of service effective as of June 1, 2022. 28 Page 304 of 436 Chaska Fire Department Relief Association Chaska, Minnesota Required Supplementary Information (Continued) December 31, 2025 Schedule of Investment Returns Fiscal Year Ending December 31 2025 2024 2023 2022 2021 2020 2018 2017 2016 2015 Annual Money-Weighted Rates of Return, Net of Investment Expense 12.63% 8.78% 9.67% -11.99% 10.06% 7.89% 17.65% -5.90% 16.30% 8.70% 29 Page 305 of 436 COMPLIANCE SECTION CHASKA FIRE DEPARTMENT RELIEF ASSOCIATION CHASKA, MINNESOTA YEAR ENDED DECEMBER 31, 2025 30 Page 306 of 436 CliftonLarsonAllen LLP CLAconnect.com CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. 31 Page 307 of 43632 Page 308 of 436 CliftonLarsonAllen LLP  CLAconnect.com  Board of Trustees and Management Chaska Fire Department Relief Association Chaska, Minnesota In planning and performing our audit of the financial statements of the governmental activities, the general fund, and the special pension trust fund of Chaska Fire Department Relief Association as of and for the year ended December 31, 2025, in accordance with auditing standards generally accepted in the United States of America, we considered the entity’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we do not express an opinion on the effectiveness of the entity’s internal control. Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and, therefore, material weaknesses or significant deficiencies may exist that were not identified. In addition, because of inherent limitations in internal control, including the possibility of management override of controls, misstatements due to fraud or error may occur and not be detected by such controls. However, as discussed below, we identified certain deficiencies in internal control that we consider to be material weaknesses. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. Material weaknesses We consider the following deficiencies in the entity’s internal control to be material weaknesses.  Controls Over General Fund Revenue Revenues of the general fund did not have adequate documentation of review and approval and support due to lack of controls over revenue. The most difficult control areas are donations and fundraising revenues for the mail in donations, ticket raffle fundraiser, and the bucket raffle fundraiser. The absence of effective controls over these revenue streams increases the risk that revenues may not be completely or accurately recorded in the accounting records. As a result, there is an increased potential that funds generated through fundraising activities may not be properly accounted for or deposited timely into the Fire Relief General Fund due to the risk of misappropriation, errors in cash handling or counting, and the lack of reconciliations between amounts raised and amounts received. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  Page 309 of 436 Boart of Trustees and Management Chaska Fire Department Relief Association Page 2  Segregation of Duties A fundamental concept in a good system of internal control is the segregation of duties. The basic premise is that no one individual should have access to both physical assets and the related accounting records or to all phases of a transaction. While Abdo Financial Services aids in some of these processes, there is nothing in place to keep the treasurer from performing all accounting functions for any single or multiple transactions. The effect of these items is an increase in the potential for errors or omissions to occur and not be detected in the normal course of business. This condition is inherent in many small governmental or business entities. The Association already has in place some controls to help mitigate the lack of segregation of duties such as: approving the treasurer’s report at meetings, requiring adequate documentation for all checks written, and having someone else available to help with reconciling activities. These are important internal controls in a small organization and the Association’s board and members need to continue these oversight practices. We also understand that the Association requires two signatures on all checks written (both the General Fund and the Pension Trust Fund). This is another way to help mitigate risks associated with the lack of segregation of duties. We encourage the Association to segregate its accounting functions to the greatest extent possible and financially feasible. The status of these matters will be evaluated during our next audit engagement. Many of these observations and recommendations have already been communicated to management and other responsible personnel in the prior year and they have implemented additional controls for part of the year; however, controls were not present during the full year under audit. We remain available to further discuss these matters, perform additional procedures as requested, or assist with the development and implementation of corrective actions. * * * This communication is intended solely for the information and use of management, the board of trustees, and others within the entity, and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Minneapolis, Minnesota May 26, 2026 Page 310 of 436 CliftonLarsonAllen LLP  CLAconnect.com  Board of Trustees Chaska Fire Department Relief Association Chaska, Minnesota We have audited the financial statements of the governmental activities, the general fund, and the special pension trust fund of Chaska Fire Department Relief Association as of and for the year ended December 31, 2025, and have issued our report thereon dated May 26, 2026. We have previously communicated to you information about our responsibilities under auditing standards generally accepted in the United States of America, as well as certain information related to the planned scope and timing of our audit in our audit engagement agreement dated October 20, 2025. Professional standards also require that we communicate to you the following information related to our audit. Significant audit findings or issues Qualitative aspects of accounting practices Accounting policies Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by Chaska Fire Department Relief Association are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2025. We noted no transactions entered into by the entity during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimate affecting the financial statements was:  Management’s estimate of the total pension liability is based on actuarial estimates. We evaluated the key factors and assumptions used to develop the total pension liability in determining that it is reasonable in relation to the financial statements taken as a whole. Financial statement disclosures Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. There were no particularly sensitive financial statement disclosures. The financial statement disclosures are neutral, consistent, and clear. Significant unusual transactions We identified no significant unusual transactions. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  Page 311 of 436 Board of Trustees Chaska Fire Department Relief Association Page 2 Difficulties encountered in performing the audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Uncorrected misstatements Professional standards require us to accumulate all misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management did not identify and we did not notify them of any uncorrected financial statement misstatements. Corrected misstatements None of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole. Disagreements with management For purposes of this communication, a disagreement with management is a disagreement on a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors’ report. No such disagreements arose during our audit Management representations We have requested certain representations from management that are included in the attached management representation letter dated May 26, 2026. Management consultations with other independent accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the entity’s financial statements or a determination of the type of auditors’ opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Significant issues discussed with management prior to engagement We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to engagement as the entity’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our engagement. Page 312 of 436 Board of Trustees Chaska Fire Department Relief Association Page 3 Significant findings or issues that were discussed, or the subject of correspondence, with management We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year. We have provided a separate letter to you dated May 26, 2026, communicating internal control related matters identified during the audit. Other audit findings or issues The following describes findings or issues arising during the audit that are, in our professional judgment, significant and relevant to your oversight of the financial reporting process:  During the audit we identified the following significant risk of material misstatement that has not previously been communicated to you: o Segregation of Duties . Segregation of Duties. Due to the small number of employees and management, internal control processes may lack sufficient segregation of duties and there is a risk of one member having access and control to too many processes. We have provided a separate communication to you dated May 26, 2026, communicating internal control related matters identified during the audit. Required supplementary information With respect to the required supplementary information (RSI) accompanying the financial statements, we made certain inquiries of management about the methods of preparing the RSI, including whether the RSI has been measured and presented in accordance with prescribed guidelines, whether the methods of measurement and preparation have been changed from the prior period and the reasons for any such changes, and whether there were any significant assumptions or interpretations underlying the measurement or presentation of the RSI. We compared the RSI for consistency with management’s responses to the foregoing inquiries, the basic financial statements, and other knowledge obtained during the audit of the basic financial statements. Because these limited procedures do not provide sufficient evidence, we did not express an opinion or provide any assurance on the RSI. Other information included in annual reports Other information (financial or nonfinancial information other than the financial statements and our auditors’ report thereon) is being included in your annual report and is comprised of the introductory section. Our responsibility for other information included in your annual report does not extend beyond the financial information identified in our opinion on the financial statements. We have no responsibility for determining whether such other information is properly stated and do not have an obligation to perform any procedures to corroborate other information contained in your annual report. We are required by professional standards to read the other information included in your annual report and consider whether a material inconsistency exists between the other information and the financial statements because the credibility of the financial statements and our auditors’ report thereon may be undermined by material inconsistencies between the audited financial statements and other information. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Our auditors’ report on the financial statements includes a separate section, “Other Information,” which states we do not express an opinion or any form of Page 313 of 436Board of Trustees Chaska Fire Department Relief Association Page 4 assurance on the other information included in the annual report. We did not identify any material inconsistencies between the other information and the audited financial statements. * * * This communication is intended solely for the information and use of the Chaska Fire Department Relief Association and management of Chaska Fire Department Relief Association and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Minneapolis, Minnesota May 26, 2026 Page 314 of 436 CliftonLarsonAllen LLP  CLAconnect.com  CHASKA FIRE DEPARTMENT RELIEF ASSOCIATION INDEPENDENT AUDITOR’S REPORT MINNESOTA LEGAL COMPLIANCE Independent Auditor’s Report Board of Trustees Chaska Fire Department Relief Association Chaska, Minnesota We have audited, in accordance with auditing standards generally accepted in the United States of America, the financial statements of the governmental activities, the general fund, and the special pension trust fund of the Chaska Fire Department Relief Association (the Association), as of and for the year ended December 31, 2025 and the related notes to the financial statements, which collectively comprise the Association’s basic financial statements, and have issued our report thereon dated May 26, 2026. In connection with our audit, we noted that the Chaska Fire Department Relief Association failed to comply with provisions of the relief associations section of the Minnesota Legal Compliance Audit Guide for Relief Associations, promulgated by the State Auditor pursuant to Minn. Stat. § 6.65, insofar as they relate to compliance with Minn. Stat. § 356A.06. Specifically, the Association did not file the required Certification of Statement of Economic Interest form by the January 15 annual filing deadline, as described in the schedule of findings and recommendations as item 2025-001. Also, in connection with our audit, nothing came to our attention that caused us to believe that the Association failed to comply with the provisions of the depositories of public funds and public investments section of the Minnesota Legal Compliance Audit Guide for Relief Associations, insofar as they relate to accounting matters. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had we performed additional procedures, other matters may have come to our attention regarding the Association’s noncompliance with the above-referenced provisions, insofar as they relate to accounting matters. The Association’s response to the finding identified in our audit is described in the schedule of findings and recommendations as item 2025-001. The Association’s response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. This report is intended solely for the information and use of those charged with governance and management of the Association and the State Auditor and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Minneapolis, Minnesota May 26, 2026 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  Page 320 of 436 Chaska Fire Department Relief Association SCHEDULE OF FINDINGS AND RECOMMENDATIONS YEAR ENDED DECEMBER 31, 2025 MINNESOTA LEGAL COMPLIANCE 2025-001: Certification of Statement of Economic Interest Criteria: Minnesota Statute § 356A.06 requires that officers of a volunteer firefighter relief association file a Certification of Statement of Economic Interest annually with the State Auditor by January 15. Condition: During the audit, we noted that the Chaska Fire Department Relief Association did not file the certificate by January 15th. Effect: The Chaska Fire Department Relief Association is not in compliance with the Minnesota Statute § 356A.06. Cause: The Chaska Fire Department Relief Association did not file a certificate until after the due date due change in officers. Recommendation: We recommend the Association ensures the treasurer files the certification of statement of economic interest prior to January 15th. Management Response: Management of the Chaska Fire Department Relief Association will ensure they are in compliance with this statute moving forward. Page 321 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL 7/20/2026 Subject: Vista Ridge – Concept Plan Applicant: Paul Reiland – Johnson Reiland Homes Location: The site encompasses four parcels: 1. Outlot A, Carlson Bluffs; 2. Outlot H, Ensconced Woods 3. Adjacent, unaddressed parcel east of Carlson Bluffs; and 4. 3700 Chaska Blvd Case No.: P.C. No. 2026-12 Synopsis: The applicant is requesting approval of a concept plan for a 27-lot residential development on 30 acres (Carlson Property). Prepared by: Ashley Cauley Staff Recommendation: Motion to adopt Resolution No. 2026-65 Introduction and Background The site is located in Southwest Chaska. The following information and Figure 1 (right) summarizes the surrounding area and recent development activity:  Rivertown Heights and Rivertown Heights 2nd Addition (90 total lots): Development Subdivisions were approved in 2022 Site and 2023, respectively. Click to see project page.  Founders Ridge/ Founders Ridge 2nd Addition (53-lots): The subdivisions were approved in 2013 and 2015. Right-of-way connections were provided to the east, west, and south for future developments. Figure 1: Site Context Page 322 of 436 Ensconced Woods (29-lots): Approved in 2022. Click to see project page. Outlot H was retained by Linda Carlson for future development and is Outlot H (2.9 acres) included within the current development site (see Fig. 2)  Highpoint Vistas/ Highpoint Vistas 2nd Addition (162-lots): Approved in 2025 and 2026. Click to see project page.  Holasek/ Pulte Development: A concept plan was approved for 207 housing units, consisting of a Figure 2: Ensconced Woods plat mix of townhomes, detached single-dwelling units, and twin homes, in early 2026. Click to see project page.  SW Chaska Park: Property is owned by the City, and planning is underway for the community park. Click to see park page.  District 112 property: Land owned by District 112 for a future elementary school.  Carlson Bluffs (14 lots): Approved in 2024. Click to see project page. Approximately five acres of Carlson Bluffs was platted as Outlot A and reserved for future development. The submitted ghost plat illustrated a concept for 27 lots on Outlot A and the adjacent 16-acre property. The ghost plat was dependent on the development of the 3730 Chaska Blvd (Lano property). Staff generally found the ghost plat conceptually reasonable but noted that further review of natural features (trees, slopes, etc.) would be necessary to determine whether a through street connection would be feasible rather than the illustrated cul-de- sacs. (See Figs. 3 and 4). Figure 3: Carlson Bluffs plat Figure 3: Carlson Bluffs - Ghost Plat for development site Page 323 of 436 Neighborhood Meeting The applicant invited all properties within 500-feet of the site to a neighborhood meeting on 6/18/2026. Four people attended the meeting and generally supported the project. Existing Conditions The site includes four properties and is roughly 30 acres in size. Three properties are currently owned by Linda Carlson, and the fourth property is the former Schram Haus Brewery site at 3700 Chaska Blvd. Outlot H, Ensconced Woods (2.9 acres) 3700 Chaska Blvd (4.3 acres) Outlot A, Carlson Bluffs (6.3 acres) Unaddressed parcel, PID 300085900 (16.9 acres) Figure 4: Site Context The property has significant topography with several wooded steep slope1 areas:  The highest point is in the northwest corner of the site, dropping roughly 100 feet to the lowest point in the southeast corner.  Areas of steep slopes generally border the perimeter of the property (See areas highlighted in green in Fig. 5). The former Schram Haus Brewery property Figure 5: Existing Conditions (3700 Chaska Blvd) contains the only 1 By code, wooded steep slopes are defined as wooded areas with slopes of 18 percent or greater. Page 324 of 436building and access to Chaska Blvd (CSAH 61) to the site. No redevelopment is proposed for this property, but it is part of the development site to provide access. The Little Rapids Fur Post Historical Marker is located on the northwestern side of Chaska Blvd, immediately south of 3700 Chaska Blvd (former Schram Haus Brewery). The site is a 3700 Chaska historic roadside wayside rest constructed in Blvd (former Schram Haus 1938 by the Minnesota Department of Property) Highways (now the Minnesota Department of Transportation (MnDOT), as part of a 2,100- foot roadside development project along the Historical historic US Highway 212 route. Following an Marker site extensive maintenance project in 2009, the site was listed on the National Registry of Historic Places in 2010. Figure 6: Historical Marker location Figure 7: Historical Marker Photos Concept Plan A land-use proposal comprises many details. These details are reviewed by members of the city’s economic development, engineering, fire, utilities, planning, and public works departments and divisions. The details are then aggregated, and any potential issues are identified for resolution should the project move forward. The analysis and recommendations outlined in the following sections of this report are based on the collaborative efforts of this larger staff review team. Page 325 of 436The concept plan contemplates the regrading of the site for the construction of a new roadway, 27 detached, single-dwelling units, and supporting site improvements.  Project Goals The applicant has identified the following goals for the project: 1. Sense of community and small-town values by providing residents with convenient access to local parks, trails, recreational facilities, and community events, supporting an active and high-quality of life. Figure 8: Concept Plan 2. Well-planned and orderly development by connecting to existing residential development in a logical and contiguous manner that is consistent with the surrounding development pattern. 3. Commitment to excellence by a developer who has Site brought high-quality residential development projects within the city.  Land Use: Comprehensive Plan: The 2040 Comprehensive Plan guides the site as Low Density Residential (yellow), Open Space Preservation (green), and High Density Residential (brown). Figure 9: 2040 Comprehensive Plan  Areas guided for Low Density Residential allow a density of 2 to 5 dwelling units per net acre, including local access streets.  Areas guided for High Density Residential allow a Site density of 12 to 40 dwelling units per net acre, including local access streets. Zoning: The site includes property that is zoned: 2 1. Unaddressed parcel: O, Open Development ; Figure 10: Zoning Map 2 By City Code Sec. 15.12.190, the intent of the O – Open Development district is to provide a “holding zone” for land which is currently served by trunk sanitary sewer facilities but which has not yet been developed for urban use. The bulk of undeveloped land which the City’s urban service area is zoned O-Open Development. As various urban developments are proposed, the “O” District will be rezoned to the appropriate zoning district. Page 326 of 436 2. Outlot H, Ensconced Woods: PRD-81, Planned Residential Development No. 81; 3. Outlot A, Carlson Bluffs: PRD-87, Planned Residential Development No. 87; and 4. 3700 Chaska Blvd (former Shram Haus Brewery site): I2, Restricted Industrial District Land Use Issue Identification and Staff Analysis:  Comprehensive Plan: The site includes roughly 18 net acres, including the new right-of- way area. The development would have a calculated density of 1.5 dwelling units per net acre. This is below the comprehensive plan's minimum density guidance3. The proposed calculated density for 27 homes is 1.5 homes per net acre, including local streets. This is below the comprehensive plan’s requirement. Staff did not include or calculate density for the former Schram Haus property (3700 Chaska Blvd), as it is only being used for access and no development is proposed under this proposal.  Zoning: The properties currently zoned O, Open Development, PRD-81, and PRD-87 would likely be rezoned to a new PRD, Planned Residential Development. This would provide a unified zoning designation for the development. Staff does not anticipate rezoning the future Schram Haus Brewery property (3700 Chaska Blvd), as no redevelopment is proposed for that site as part of this application.  Site Design The site would be 5 ft walkway regraded to construct the new homes, road Soaring Eagle access, utilities, and Parkway stormwater facilities. The following is intended to summarize the site design-related items Soaring Eagle Court and staff’s findings: Lot Configurations: Future road Newly created lot connection sizes would range Figure 11: Proposed new road and walkway from roughly 13,500 sq. ft. to 116,700 sq. ft. Lot widths would range from roughly 70 feet to 405 feet. A detailed lot dimension summary can be found in the Supporting Information section of this report. Road Access: Access to the proposed lots would be provided by Soaring Eagle Parkway and Soaring Eagle Court. Soaring Eagle Parkway is planned as a future connection that will ultimately connect 3 The former Schram Haus Brewery property was not included in the density calculation as it’s being included for access only. Page 327 of 436Percheron Blvd and Chaska Blvd. Until that connection is completed, the proposed roadway would terminate within the development and include a temporary turnaround to accommodate emergency and service vehicles. Trails and Sidewalks: A 5-foot “walkway” along the north side of Soaring Eagle Parkway and the east side of Soaring Eagle Court, providing pedestrian connectivity throughout the development and to future trail connection. Tree removal: A tree inventory has not yet been submitted. However, the site is known to be heavily wooded and contains a dense Southern Mesic Maple-Basswood Forest (see Fig. 13). A tree inventory and preservation plan will be required to identify significant trees, evaluate proposed tree removal, and ensure compliance with city Figure 12: Viewshed Exhibit – tree cover ordinances. Grading: Per the applicant’s narrative, the site will be Wooded mass-graded to prepare for steep slope impacts the construction of the proposed roadway and residential building pads. Grading onto At this time, the applicant Lano has submitted only a property conceptual grading plan contemplating grading for Figure 13: Conceptual grading plan the construction of Soaring Eagle Parkway (the proposed east-west connection). A comprehensive grading plan for the entire site has not yet been provided for staff review. The conceptual grading plan indicates that construction of Soaring Eagle Parkway may require impacts within wooded steep-slope areas and grading extending onto the adjacent property at 3730 Chaska Blvd (Lano property). Page 328 of 436 Stormwater basin Utilities and stormwater: Watermain Public utilities are not Sanitary sewer currently available to the site. The applicant proposes extending sanitary sewer and water service to the site by directional boring under Chaska Blvd to connect to the existing utilities to the Figure 14: Conceptual Utility Plan east. The proposal also includes extending a watermain through the adjacent property at 3730 Chaska Blvd (Lano Property) to create a looped watermain system4. A stormwater management plan has not been submitted. A possible location for a stormwater facility has been identified on the plans. However, a detailed stormwater management plan and grading plan is required to ensure compliance with City and watershed requirements. Wetland and Waterways No wetlands were identified on site. Stream 2 However, two waterways were delineated within the northern Stream 1 portion of the site/ along the northern property line: 1. Stream 1 flows from southwest to northeast before discharging into Stream 2. No flowing water was observed during the Oct. 2025 field investigation. 2. Stream 2 flows west to northeast and contained flowing water during the Oct. 2025 field investigation. Figure 15: Delineated waterways Both waterways are subject to applicable stream buffer requirements. Based on the site’s topography and available 4 Looping watermains provides many benefits, including: (1) improved water quality by reducing stagnant water; (2) enhanced fire protection through increased reliability and flow capacity; (3) greater system redundancy by allowing sections of the watermain to be isolated for maintenance and repairs without interrupting service to the entire area; and (4) more consistent water pressure throughout the service area. Page 329 of 436exhibits, staff anticipates that much, if not all, of the required buffer areas will overlap with the wooded steep slope protection areas. Regardless, the waterways and their associated buffer boundaries must be accurately delineated and shown on future grading and site plans. Site Design Issue Identification and Staff Analysis:  Lot configurations: As currently proposed, properties extend into the 30-foot no mow/ no grade setback three wooded steep-slope areas identified on the site (shown in green in Fig. 17). Staff’s standard recommendation is to locate rear property lines at 30-foot no mow/ no grade setback from the wooded steep slope. This approach places the Figure 17: Vista Ridge – Concept Plan conservation area outside of private ownership, providing the highest level of protection for the wooded steep slopes and reducing the potential for easement encroachment. A similar situation occurred with the adjacent Carlson Bluffs development, 30-foot no mow/ also developed by Johnson – Reiland no grade setback Homes. The original concept plan encroachments included rear yards extended into the wooded steep slopes. As a condition of approval, the rear lot lines were adjusted to generally follow the no grade/ no mow setback for most lots. Two encroachment areas were ultimately approved with the Preliminary Figure 18: Carlson Bluffs - Preliminary Plat and Final Plats (as shown in Fig. 18, right). Conservation and platted easements were required to identify and protect those conservation areas. To remain consistent with the City’s standard practice, staff recommends revising the lot lines to follow the no-mow/no-grade setback. Additional justification and supporting information would be needed to support encroachments. Staff has also included conditions of approval requiring additional information for: Page 330 of 436 1. The impacts of the proposed access arrangement through the former Schram Haus brewery property (3700 Chaska Blvd), including any resulting modifications to lot configuration, necessary right-of- way easements, and Clarification areas property lines. 2. The northern boundary. Based on the submitted plans, Outlot H, Ensconced Woods, does not appear to be depicted consistently across all exhibits or the Ensconced Woods plat. This Figure 19: Clarification areas should be clarified and depicted correctly (Fig. 19).  Street Design: The SW Chaska Plan contemplated three conceptual development alternatives, each of which included a local connector roadway with an accompanying trail, between Big Woods Blvd and Chaska Blvd (see Fig. 20): Figure 20: SW Chaska Plan – Explored Alternatives The preferred growth and development plan ultimately planned for this future roadway slightly south of the development site, primarily on the adjacent property on the adjacent property at 3730 Chaska Blvd (Lano Property). The roadway would intersect Chaska Blvd near the existing Edgehill Road/Chaska Blvd intersection before continuing east toward 1st Street W and Downtown Chaska. This critical alignment connecting SW Chaska and the future SW Chaska Park to downtown Chaska is also reflected in the 2040 Comprehensive Plan. Page 331 of 436 Development Development area area Proposed road alignment Figure 21: SW Chaska Plan - Preferred Growth and Development Figure 22: 2040 Comprehensive Plan - Land Use Map In 2018, Carver County completed the “CSAH 61/TH41 Improvements Project” study, which establishes long-term access and roadway improvements along Chaska Blvd (CSAH 61) between Engler Blvd (CSAH 10) Access 1: and County Road 11 to Edgehill Rd the west. Access 2: The corridor plan 3700 Chaska Blvd identifies two future full access points near the development site (see Fig. 23): Figure 23: Carver County CSAH 61/TH41 Corridor Plan 1. Access 1 - Edgehill Road: This access is intended to serve the future connecter roadway; 2. Access 2 - 3700 Chaska Blvd (former Schram Haus Brewery property): This access is intended to support future development. The plan also identifies the need for turn lanes at both intersections to improve safety. In 2025, staff completed the Percheron Boulevard Extension – Alternative Route Concepts study to evaluate potential roadway connections between Percheron to Chaska Boulevard. The study recognized that any future connection has two major challenges: (1) soil concerns associated with the gravel mining on the 3730 Chaska Blvd (Lano property); and (2) the area's significant topography and likely steep slope impacts. Three alternative alignments were evaluated (Fig. 24 on following page): 1. Alternative 3 was quickly eliminated due to soil and feasibility concerns associated with the gravel pit, as well as conflicts with the County Road 40 intersection to the west. Page 332 of 436 2. Alternative 1 generally aligns with the 2040 Comprehensive Plan alignment but likely results in the greatest amount of steep slope impacts. 3. Alternative 2 has the least amount of soil stability concerns and steep slope impacts. The access also aligns with one of the full-access intersections identified in the County’s corridor study and supports future redevelopment of 3700 Chaska Blvd (former Schram Haus Brewery property) and 525 Creekridge Drive (Total Loss site). As such, staff acknowledged that additional engineering and design information is needed to fully evaluate any future proposed alignment but generally supports the continued exploration of Alternative 2 as an acceptable roadway connection. Alternative 3 Alternative 1 Alternative 2 Figure 24: Percheron Blvd. Extension - Alternate Route Concepts study The developer’s proposal generally follows the Alternative 2 alignment by relocating the future roadway connection roughly 620 feet northeast, shifting the intersection from the previously contemplated Edgehill Road/ Chaska Road intersection location to the existing access at 3700 Chaska Blvd (former Schram Haus Brewery). Access and Spacing: Chaska Blvd is classified as a Minor Arterial Reliever5. Under current City access management standards, intersections along minor arterials should be spaced at least 1,320 feet (quarter mile)6 apart. The alignment identified in the Southwest Chaska Plan and the 2040 Comprehensive Plan meets this standard. 5 A-Minor arterials are defined by the Metropolitan Council as roadways of regional importance as they serve to relieve, expand, or complement the principal arterial system. 6 CZO 15.36.080 – Minimum Subdivision Standards Page 333 of 436The proposed alignment meets the spacing requirement with respect to the County Road 40 intersection to the west. However, it is located 620 feet east of Edgehill Road, which is currently a private Proposed roadway (see Fig. 25). Because Chaska access Blvd is a county road, the developer will be required to coordinate with the County to evaluate the proposed access location and obtain all necessary access permits Previously and approvals. contemplated access A variance to the City’s subdivision ordinance may also be required to address the reduced intersection spacing, subject to further review by the City. Figure 25: Road alignment context The developer has indicated that the proposed alignment is because the soils on the Lano property are unsuitable for roadway construction, and the Lanos are not ready to develop. Additionally, the developer has indicated that the proposed alignment would not impact the adjacent historical marker. However, current plans do not Proposed roadway provide sufficient details for staff to confirm (see Fig. 26). The developer will need to demonstrate that the proposed access and associated improvements would avoid impacts to Existing historical the historical marker site. If impacts monument site cannot be avoided the developer must access obtain approval from the Minnesota State Historic Preservation Office (SHPO). Figure 26: Concept Plan - access Grading: The conceptual grading plan indicates that the construction of the proposed roadway would require a six-foot retaining wall and grading impacts within the wooded steep slope and would extend grading onto the adjacent 3730 Chaska Blvd (Lano) Property. Within the development, just over 80 feet of grade change along the 1800 feet of new roadway (Soaring Eagle Parkway). While this is an average of 0.04 percent, the grading plan identifies a roadway grade of approximately 14 percent grade change (eastern portion of the alignment and wooded steep slope area). Page 334 of 436 Grading within wooded steep slope area Six-foot retaining wall Grading onto Lano property Future Proposed road connection Figure 27: Road alignment and grading City subdivision standards limit local streets to a maximum grade of 8 percent. Based on the information submitted, the proposed roadway exceeds this standard. SUBDIVISION STREET STANDARDS Subdivision Standards Proposed Minimum ROW width 60 feet 60 feet Minimum pavement width 32 feet 33 feet Maximum grade 8% 14% Additional grading, engineering analysis, and design information are needed to evaluate the proposed alignment, intersection location, grading, impacts to wooded steep slopes and adjacent properties, driveway connections to proposed lots, and compliance with the City’s subdivision and engineering standards.  Sidewalk and trail connections: The plans propose a 5-foot “walkway” Proposed along the north side of Soaring trail through Eagle Parkway and the east side of site Soaring Eagle Court. A five-foot- wide sidewalk is generally appropriate for a single-dwelling- unit neighborhood and is consistent with City standards7. However, both the 2040 Figure 28: 2040 Comprehensive Plan - Trail Map Comprehensive Plan (See Fig. 28) and the 2040 Pedestrian and Bicycle Master Plan (see Fig. 29 on following page) identify 7 CZO 15.36.080 – Minimum Subdivision Design Standards: Sidewalks Page 335 of 436 the site and corridor as an important trail junction connecting SW Chaska Park, Recommended Downtown Chaska/ MN River new shared use Bluffs Regional Trail, Savanna path/ trail Way, and Big Woods Blvd. through site To accommodate the connection and consistency with adjacent developments, staff recommends: Figure 29: 2040 Pedestrian and Bicycle Master Plan 1. Sidewalks on both sides of Soaring Eagle Court; 2. A sidewalk on the north side of Soaring Eagle Parkway; and 3. Minimum 8-foot shared-use trails identified in the 2040 Comprehensive Plan and 2040 Pedestrian and Bicycle Master Plan. This includes the trail on south side of Soaring Eagle Parkway and the trail bisecting the property from Percheron (and Savanna Way further west) and Big Woods Blvd (to the northeast).  Tree removal: Per the applicant’s narrative “we anticipate that the site will be mass graded where roadways and home pads are planned, which will include tree removal to prepare for home construction. Every reasonable effort will be made to save the trees within the grading area, and those areas will not be removed as part of the initial grading activities.“ At this time, the developer has not submitted a tree inventory or a comprehensive grading and landscaping plan for the entire site. Development As a result, staff is unable to fully area evaluate the extent of the proposed tree removal, potential impacts to significant trees, or compliance with City standards. As such, staff included conditions of approval requiring the applicant to Figure 30: SW Chaska Plan - Preferred Growth and Development submit: Plan 1. A tree inventory and preservation plan identifying existing trees, proposed tree removals, and trees to be protected. The preservation plan must be overlaid with a grading plan and also identify tree impacts exceeding 30% of trees within the wooded steep slope areas. 2. An exhibit identifying tree preservation limits and the proposed tree protection measures to be implemented during construction. 3. A landscaping plan identifying the location of subdivision trees. Page 336 of 436  Utility plans: The proposed development would connect to existing infrastructure east Development of the site. This requires area directional boring under Chaska Blvd. A looped watermain – to connect to the main currently stubbed at the south end of Percheron Blvd. – is necessary to ensure Connection adequate water pressure for points the proposed neighborhood due to the site’s topography. Figure 31: Existing Utilities The conceptual utility plan contemplates extending the watermain through the northwest corner of 3730 Chaska Blvd (Lano property) to complete the looped watermain connection to Percheron Blvd (as shown in Fig. 32). Impacts to adjacent properties Figure 32: Conceptual grading plan The developer will need to gain access to the Percheron Blvd. watermain, which will require coordination with the Lano property. Additional engineering information is also needed to evaluate the feasibility of the proposed utility alignments, confirm adequate maintenance access, and demonstrate compliance with City engineering standards.  New homes: The concept plan includes the construction of 27 detached single-dwelling units and is summarized as: Page 337 of 436 Building type and design: The developer anticipates constructing custom-built homes similar to other Johnson Reiland Home developments within Chaska. The submitted conceptual plans suggest footprints generally exceeding 2,000 square feet, consisting of a mix of one- and two-story homes with attached three-stall garages. Setbacks: The table below summarizes the proposed setbacks for the Figure 33: Conceptual House Designs development compared to minimum setbacks required in the R-1, Low Density Residence District and those approved for nearby residential developments: DEVELOPMENT SETBACKS Code Nearby Development Setbacks Proposed Required Rivertown Ensconced Carlson Setbacks Setbacks for Heights Woods Bluffs R1 Front 23 ft 30 ft 25 ft 25 ft 23 ft Side Interior 5 ft 7 ft 7 ft 7 ft 5 ft * Corner 15 ft 15 ft 15 ft Rear 25 ft 30 ft 20 ft 25 ft 20 ft Steep Slope 50 ft building setback and 30 ft no grade/ no mow setback ** * No corner lots ** Unenclosed decks must be set back a minimum of 30 feet from the edge of the slope. Building Issue Identification and Staff Analysis  Building Design: Based on the conceptual information submitted, the proposed homes appear to be consistent with other Johnson Reiland Homes developments in Chaska. Additional information regarding architectural elevations, exterior building materials, building heights, and floor plans will be needed to verify compliance with City standards. Additionally, all new homes within the development will be subject to the City’s architecture and anti-monotony ordinances8. These items have been added as conditions 8 By CZO 15.28.290, new houses:  may not be similar to any house within two houses to each side, directly across the street, or diagonally;  provide LP Smartside on the front elevations, at least 4-inch window trim on all windows, and provide varied color packages; and  are subject to 360-architecture on homes/ elevations abutting major roadways. Page 338 of 436 of approval.  Setbacks: The proposed setbacks are generally consistent with those approved in adjacent developments. However, there is no established side yard setback for corner lots. While this was not an issue in Carlson Bluffs because the development did not contain any corner lots, this proposal does. As a condition of approval, a 15-foot side- yard setback for corner lots should be added for consistency. Deadline for Agency Decisions Application Received 60-day review * 120 – day ** 6/2/2026 8/1/2026 9/30/2026 * Pursuant to MN State Statutes, the City must act on the request within 60 days. ** The city can provide the applicant with a written letter requesting an additional 60-day review period if further review is needed. Planning Commission Action Taken 7/8/2026: The planning commission considered the proposal on July 8, 2026. The agenda and minutes can be found here. The commission generally:  Expressed significant concern regarding the amount of anticipated tree loss, steep slope impacts, and street grades.  Supported the trail connections as recommended by staff and identified in the 2040 Comprehensive Plan and the 2040 Pedestrian and Bicycle Master Plan. The planning commission unanimously voted to recommend approval of the Vista Ridge concept plan for 27-lots on the site east of Carlson Bluffs, encompassing Outlot A, Carslon Bluffs, Outlot H, Ensconced Woods, 3700 Chaska Blvd, and the adjacent, unaddressed parcel east of Carlson Bluffs, subject to the following conditions: 1. Approvals shall be based on the following plans and exhibits unless modified by the conditions below: a. Narrative and building concept plans received June 23, 2026 b. Exhibit A: Concept Plan, received June 24, 2026 c. Exhibit B: Location Map, received June 24, 2026 d. Exhibit C: Drainage Map, received June 24, 2026 e. Exhibit D: Existing Viewshed, received June 24, 2026 f. Exhibit E: Existing Conditions, received June 24, 2026 g. Exhibit F: Adjacent Property, received June 24, 2026 h. Exhibit G: Street Profile, received June 24, 2026 i. Exhibit G-1: Brewery entrance and retaining wall, received June 24, 2026 j. Exhibit H: Utility Concept Plan, received June 24, 2026 2. Continue coordination with: Page 339 of 436 a. City Engineer regarding roadway design and access, trail connections, utilities, grading, steep slope impacts, drainage, easement, stormwater management, and access. b. Fire Marshall regarding access and turnaround requirements. c. Carver County regarding access to CR 61. d. Electric Department. e. Minnesota State Historic Preservation Office (SHPO) regarding the historical marker site west of the site access. 3. In addition to plans to illustrate compliance with City Code Sec. 15.28 (Special Regulations), the following is required for a preliminary plat application to be considered complete: a. Application signed by the applicant/ developer and property owners of all impacted properties; b. Survey; c. Grading plan for the entire development site and impacted areas. In addition, the plan should identify any lots with full, look-out, or walk-out basements; d. Sidewalk and trail plan. This plan must include: Five-foot-sidewalks on both sides of Soaring Eagle Court; i. A 5-foot on the north side of Soaring Eagle Parkway; ii. A shared-use trail along the south side of Soaring Eagle Parkway; and iii. A shared-use trail through the development consistent with the 2040 Comprehensive Plan and the 2040 Pedestrian and Bicycle Master Plan to eventually connect Percheron Blvd and Savanna Way (west) to Big Woods Blvd (east). e. Utility plan and profiles; f. Stormwater management plan meeting City and Carver County WMO requirements. g. Tree inventory and tree preservation plan. In addition, this plan must: i. Identify existing trees on the development site and impacted areas. ii. Identify trees to be removed and protect significant trees. iii. Identify preservation limits and construction protection methods. iv. Be overlaid on a grading plan to illustrate the relationship between grading activities and tree removals/ preservation; v. Identify critical root zone impacts of 30 percent or greater. h. Landscaping plans in conformance with City Code Sec. 15.28.070. i. Architectural elevations, exterior materials, building height information, and representative floor plans. j. Any additional engineering information necessary to evaluate the feasibility of the proposed street and utility alignments, confirm adequate maintenance access, and to ensure compliance with City engineering standards. 4. The following plan changes are required: a. All topography and elevations must be legible. b. All plans must include the entire development site. This includes properties impacted by the development. c. All plans must include property lines and easements. d. Stream corridors and all required stream buffer areas shall be accurately delineated and shown on all future grading and site plans. Page 340 of 436 e. Clarify and accurately depict the development boundary. This includes the northern boundary as it relates to the existing Outlot H, Ensconced Woods. f. Rear lot lines adjacent to the wooded steep slope shall be revised to the required 30-foot no-grade/ no-mow setback. g. The maximum street grades shall not exceed eight percent. h. Evaluate the impacts and resulting lot configuration and property lines of the former Schram Haus brewery property. 5. Adherence to the City Engineer Memo and Carver County Public Works memos when available. 6. All encroachments and impacts to the wooded steep slope require additional justification and City approval. 7. Compliance with City Ordinance, including: a. Sec. 15.28.290, Anti-monotony and Design requirements: including LP Smartside on front elevations and 4-inch window trim on all windows. b. Sec. 15.28.100, Setback from Steep Slopes: including 50 feet from the edge of the 18-percent slope and 30-foot “no-grade/ mow” zone adjacent to the 18- percent slope for purposes of erosion control. c. Sec. 15.36.080, Subdivision Design Standards: including streets, right-of-way, street trees, and sidewalks design. 8. Setbacks are as follows: a. Front yard setback: 23 feet b. Side yard setbacks: i. Interior: 5 feet ii. Corner: 15 feet c. Rear yard setback: 25 feet d. Wooded steep slopes: 50 feet building setback and 30 feet no grade/ no mow setback. e. County Road 61: 150 feet from centerline. 9. Prior to final plat approval: a. The developer shall enter into an agreement with the City for the provision of necessary infrastructure and associated development costs, including but not limited to park dedication fees. 10. Prior to the release of the final plat for recording: a. Applicable easements, as identified by the Engineering Department, for the extension of City utilities are secured prior to final plat recording. 11. Prior to the start of any construction, grading, or site work: a. Tree protection measures shall be installed; b. A construction management plan must be submitted. This plan must address work hours, construction access and parking, haul routes, and overall compliance with site maintenance. 12. The applicant/ developer is responsible for: a. Obtaining an access permit or necessary approvals from Carver County. b. Obtaining any necessary permits or approvals from SHPO, if applicable. c. Obtaining permissions and any legal instruments necessary from affected property owners for any off-site impacts. Page 341 of 436City Council Action Requested Motion to adopt Resolution No. 2026-65 approving the Vista Ridge concept plan for 27, detached single-dwelling units on the site east of Carlson Bluffs, encompassing Outlot A, Carslon Bluffs, Outlot H, Ensconced Woods, 3700 Chaska Blvd, and the adjacent, unaddressed parcel east of Carlson Bluffs (PC #2026-12). [Supporting Information on the following page] Page 342 of 436 Supporting Information Lot Dimensions The following is intended to summarize the proposed lot dimensions: Width at front Lot Area (in acres) setback (in ft) * 1 1.04 92 2 0.64 82 3 0.53 81 4 0.67 80 5 0.73 87 6 0.80 85 7 0.85 83 8 0.66 70 9 0.47 73 10 0.36 85 11 0.39 89 12 0.37 108 13 0.43 128 14 0.61 216 15 0.39 103 16 0.41 93 17 0.52 79 18 0.68 78 19 0.93 78 20 0.70 79 21 0.60 78 22 2.36 316 23 2.68 405 24 0.31 79 25 0.74 77 26 0.53 77 27 0.60 187 Schram Haus More information is required Property *Rounded to the nearest foot Page 343 of 436Mailing Area 100 properties were included in the notification area for this project: Development The City of Chaska has a number of area-wide development costs, such Costs as, but not limited to:  Arterial Road Network  Collector Roads  Storm Sewer  Trails  Parks Prior to final platting, the developer will need to work with City Staff to determine which of these are applicable and what those fees will be. Chaska’s Land Use The City of Chaska reviews land use applications in three steps, with Review Process plans becoming more detailed at each stage. The concept plan review is a high-level review intended to identify any issues that need to be resolved. Plans become more detailed as the project moves through the process. Staff’s review of these plans also becomes more thorough to ensure previously identified issues are resolved and compliance with statutes, ordinances, and policies. At each stage, the planning commission makes a recommendation to the city council. Page 344 of 436 Nov. Motion Options The planning commission has three options: 1) Concur with staff’s recommendation. In this case, a motion should be made recommending that the city council adopt the resolution approving the request. 2) Disagree with staff’s recommendation. In this case, a motion should be made recommending that the city council deny the request. This motion must include findings as to why denial is recommended. 3) Table the request. In this case, a motion to table the item should be made. The motion should include a statement as to why the request is being tabled with direction to staff, the applicant, or both. Page 345 of 436 CITY OF CHASKA CARVER COUNTY, MINNESOTA RESOLUTION DATE July 20, 2026 RESOLUTION NO. 2026-65 MOTION BY COUNCILMEMBER SECOND BY COUNCILMEMBER Resolution approving the Concept Plan of Vista Ridge on the site east of Carlson Bluffs, encompassing Outlot A, Carlson Bluffs, Outlot H, Ensconced Woods, 3700 Chaska Blvd and the adjacent, unaddressed parcel east of Carlson Bluffs/ Johnson / P.C. No. 2026-12 WHEREAS, the City Council of the City of Chaska is the official governing body of the City of Chaska, Minnesota (“City”); and WHEREAS, the 30-acre site is generally located east of Carlson Bluffs and northwest of Chaska Blvd and includes the following: Lot Description Lot Area Zoning Land use – Comp Plan Outlot A, Carlson Bluffs Low Density 6.3 acres PRD – 87 Residential Outlot H, Ensconced Low Density 2.9 acres PRD – 81 Woods Residential 3700 Chaska Blvd, former I2, Restricted High Density 4.3 acres Schram Haus Brewery site Industrial District Residential Unaddressed parcel, east O, Open Low Density 16.9 acres of Carlson Bluffs Development Residential WHEREAS, Paul Reiland on behalf of Johnson – Reiland Homes has submitted a concept plan contemplating 27 detached single-family residential lots; and WHEREAS, the lots would range in size from approximately 13,500 to 116,700 square feet. Lot widths would range from roughly 70 feet to 405 feet; and WHEREAS, the new homes are shown to have footprints exceeding 2,000 square feet and be a mix of single and two-story homes; and WHEREAS, proposed setbacks are consistent with surrounding developments; and WHEREAS, the proposed setbacks do not establish a side yard setback for corner lots. A 15-foot side yard setback for corner lots is appropriate and should be added for consistency; and Page 346 of 436 CITY OF CHASKA CARVER COUNTY, MINNESOTA WHEREAS, the site includes and is surrounded by areas of wooded steep slope. The highest point of the property [878 ft] is in the northwest corner of the site and slopes downwards. The lowest point of the property [780 ft] is generally located in the southeast corner of the site along Chaska Blvd; and WHEREAS, the new lots extend into the wooded steep slope areas. Generally, developments within the city utilize the 30-foot no grade/ no mow setback to configure lot lines to prioritize steep slope protection; and WHEREAS, a tree inventory has not been submitted, but preliminary review suggests the presence of Southern Mesic Maple-Basswood Forest. It’s anticipated that the new development would result in substantial tree loss; and WHEREAS, the alignment for a future connector roadway has been studied as part of the SW Chaska Plan, 2040 Comprehensive Plan, and Carver County’s CSAH 61/TH 41 Improvements Project Corridor Study, and the City’s Percheron Boulevard Extension – Alternative Routes Concept Study; and WHEREAS, the new connector roadway, Soaring Eagle Parkway, and cul-de-sac, Soaring Eagle Court, would provide access to the new lots. The concept plan contemplates upgrading the 3700 Chaska Blvd driveway into an intersection for access and also includes a future connection of Soaring Eagle Parkway to Percheron Blvd to the west through 3730 Chaska Blvd (Lano Property) to the south; and WHEREAS, the grading plan identifies a roadway grade of approximately 14 percent on the eastern portion of the site. This exceeds the maximum grade allowed by the City’s subdivision ordinance; and WHEREAS, additional grading, engineering analysis, and design information are needed to evaluate the proposed alignment, intersection location, grading, impacts to wooded steep slopes and adjacent properties, driveway locations to the proposed lots, and compliance with the City’s subdivision and engineering standards as it relates to the new roadway; and WHEREAS, public utilities are not currently available to the site. As proposed, utilities would connect to existing infrastructure east of the site. This requires directional boring under Chaska Blvd. The plan also includes a future watermain connection through the adjacent property at 3730 Chaska Blvd to connect to the main currently stubbed at the south end of Percheron Blvd; and WHEREAS, the looped watermain system is necessary to ensure adequate water pressure for the proposed neighborhood due to the site’s topography. This requires the construction of the watermain connection through the adjacent property; and WHEREAS, two waterways were delineated on the site. These waterways and their associated buffer boundaries must be accurately delineated and shown on future plans; and WHEREAS, a five-foot sidewalk is shown along the north side of Soaring Eagle Parkway (new roadway) and the east side of Soaring Eagle Court (new cul-de-sac); and Page 347 of 436 CITY OF CHASKA CARVER COUNTY, MINNESOTA WHEREAS, an important trail junction connecting the SW Chaska Park, downtown Chaska/ MN River Bluffs Regional Trail and Savanna Way and Big Woods Blvd is identified by the 2040 Comprehensive Plan and the 2040 Pedestrian and Bicycle Master Plan for the site; and WHEREAS, to accommodate the previously identified connections and consistency with adjacent developments, sidewalks should be shown on both sides of the new cul-de-sac, a sidewalk should be on the north side of the new roadway, a minimum 8-foot shared use trail should be located on the south side of the new roadway and bisect the property from Percheron Blvd (to the west) and Big Woods Blvd (to the east); and WHEREAS, on July 8, 2026 the Planning Commission recommended approval to the City Council of the Concept Plan for Vista Ridge (PC #2026-12); and NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Chaska, Minnesota, hereby approves the Concept Plan for the Vista Ridge (PC# 2026-12) subject to the following conditions: 1. Approvals shall be based on the following plans and exhibits unless modified by the conditions below: a. Narrative and building concept plans received June 23, 2026 b. Exhibit A: Concept Plan, received June 24, 2026 c. Exhibit B: Location Map, received June 24, 2026 d. Exhibit C: Drainage Map, received June 24, 2026 e. Exhibit D: Existing Viewshed, received June 24, 2026 f. Exhibit E: Existing Conditions, received June 24, 2026 g. Exhibit F: Adjacent Property, received June 24, 2026 h. Exhibit G: Street Profile, received June 24, 2026 i. Exhibit G-1: Brewery entrance and retaining wall, received June 24, 2026 j. Exhibit H: Utility Concept Plan, received June 24, 2026 2. Continue coordination with: a. City Engineer regarding roadway design and access, trail connections, utilities, grading, steep slope impacts, drainage, easement, stormwater management, and access. b. Fire Marshall regarding access and turnaround requirements. c. Carver County regarding access to CR 61. d. Electric Department. e. Minnesota State Historic Preservation Office (SHPO) regarding the historical marker site west of the site access. 3. In addition to plans to illustrate compliance with City Code Sec. 15.28 (Special Regulations), the following is required for a preliminary plat application to be considered complete: a. Application signed by the applicant/ developer and property owners of all impacted properties; b. Survey; c. Grading plan for the entire development site and impacted areas. In addition, the plan should identify any lots with full, look-out, or walk-out basements; d. Sidewalk and trail plan. This plan must include: Five-foot-sidewalks on both sides of Soaring Eagle Court; i. A 5-foot on the north side of Soaring Eagle Parkway; Page 348 of 436 CITY OF CHASKA CARVER COUNTY, MINNESOTA ii. A shared-use trail along the south side of Soaring Eagle Parkway; and iii. A shared-use trail through the development consistent with the 2040 Comprehensive Plan and the 2040 Pedestrian and Bicycle Master Plan to eventually connect Percheron Blvd and Savanna Way (west) to Big Woods Blvd (east). e. Utility plan and profiles; f. Stormwater management plan meeting City and Carver County WMO requirements. g. Tree inventory and tree preservation plan. In addition, this plan must: i. Identify existing trees on the development site and impacted areas. ii. Identify trees to be removed and protect significant trees. iii. Identify preservation limits and construction protection methods. iv. Be overlaid on a grading plan to illustrate the relationship between grading activities and tree removals/ preservation; v. Identify critical root zone impacts of 30 percent or greater. h. Landscaping plans in conformance with City Code Sec. 15.28.070. i. Architectural elevations, exterior materials, building height information, and representative floor plans. j. Any additional engineering information necessary to evaluate the feasibility of the proposed street and utility alignments, confirm adequate maintenance access, and to ensure compliance with City engineering standards. 4. The following plan changes are required: a. All topography and elevations must be legible. b. All plans must include the entire development site. This includes properties impacted by the development. c. All plans must include property lines and easements. d. Stream corridors and all required stream buffer areas shall be accurately delineated and shown on all future grading and site plans. e. Clarify and accurately depict the development boundary. This includes the northern boundary as it relates to the existing Outlot H, Ensconced Woods. f. Rear lot lines adjacent to the wooded steep slope shall be revised to the required 30-foot no-grade/ no-mow setback. g. The maximum street grades shall not exceed eight percent. h. Evaluate the impacts and resulting lot configuration and property lines of the former Schram Haus brewery property. 5. Adherence to the City Engineer Memo and Carver County Public Works memos when available. 6. All encroachments and impacts to the wooded steep slope require additional justification and City approval. 7. Compliance with City Ordinance, including: a. Sec. 15.28.290, Anti-monotony and Design requirements: including LP Smartside on front elevations and 4-inch window trim on all windows. b. Sec. 15.28.100, Setback from Steep Slopes: including 50 feet from the edge of the 18-percent slope and 30-foot “no-grade/ mow” zone adjacent to the 18- percent slope for purposes of erosion control. c. Sec. 15.36.080, Subdivision Design Standards: including streets, right-of-way, street trees, and sidewalks design. 8. Setbacks are as follows: a. Front yard setback: 23 feet Page 349 of 436 CITY OF CHASKA CARVER COUNTY, MINNESOTA b. Side yard setbacks: i. Interior: 5 feet ii. Corner: 15 feet c. Rear yard setback: 25 feet d. Wooded steep slopes: 50 feet building setback and 30 feet no grade/ no mow setback. e. County Road 61: 150 feet from centerline. 9. Prior to final plat approval: a. The developer shall enter into an agreement with the City for the provision of necessary infrastructure and associated development costs, including but not limited to park dedication fees. 10. Prior to the release of the final plat for recording: a. Applicable easements, as identified by the Engineering Department, for the extension of City utilities are secured prior to final plat recording. 11. Prior to the start of any construction, grading, or site work: a. Tree protection measures shall be installed; b. A construction management plan must be submitted. This plan must address work hours, construction access and parking, haul routes, and overall compliance with site maintenance. 12. The applicant/ developer is responsible for: a. Obtaining an access permit or necessary approvals from Carver County. b. Obtaining any necessary permits or approvals from SHPO, if applicable. c. Obtaining permissions and any legal instruments necessary from affected property owners for any off-site impacts. Passed and adopted by the City Council of the City of Chaska, Minnesota, this 20th day of July, 2026. _________________________________________ Taylor Hubbard, Mayor Attest: Chaska Deputy Clerk Page 350 of 436Vista Ridge Chaska, MN project summary The following narrative provides a summary and overview of the proposed Concept Plan for Vista Ridge. Located adjacent and southeast of the Ensconced Woods first addition, Rivertown Heights second addition, and Carlson Bluffs, Vista Ridge will provide opportunities for larger lots overlooking the creek, with custom homes planned throughout the neighborhood. Per the City’s Concept Plan submission requirements, this narrative provides a summary of the proposed project, land use and zoning, environmental considerations, infrastructure and access. Vista Ridge | Concept Plan 1 Page 351 of 436 project description Vista Ridge LLC, the Developer and Applicant, is proposing to develop the Property for a new residential neighborhood with single-family lots, open spaces and curvilinear roadways. The proposed project includes 27 single-family lots nestled into the surrounding wooded areas. Boarded by protected wooded steep slopes and the creek along the north perimeter, this site is tucked into a unique developable area that offers natural vista views over the bluff. Access to the new homes is proposed from Chaska Boulevard (CSAH 61) with a new single access road to be constructed with a 60-foot right-of-way along the south property line extending to allow future access to adjacent properties to the southwest. The proposed access will utilize the existing driveway location that currently serves the Schram Haus Brewery located north of the site. Realignment of the access road will provide an improved access for both properties, creating a safer access onto CSAH 61. Connecting to the new roadway is a quiet cul-de-sac for 13 new homes. Homes within the neighborhood will OUTLOT A be oriented towards the new roadways, allowing for generous backyards, reducing impervious surface areas, and protecting wooded areas. 3-2ND ADDN 1* 2* 3** 4* 5* 6* 7* 60.0 BROOKSIDE DRIVE 1 2* 3* 4* 1* 2 4-2ND ADDN 5* 2222 3 8 9 6* DR HORTON SITE 10 4 7 1 7 11 5 60.0 2 LAUREL COURT 6 8 BLOCK 1 STORMWATER 21 6 POND 3 Y 12 20 A BLOCK 2 55 ALKW 9 14*13* 7 19 SED W 15* T 4 R ROPO 4-2ND ADDN U P O 10 18 8 19* 8 C E 18* 3 L 17* 3 G 11 9 16* 9 A 23 E 1717 24 G 24 N I PERCHERON BLVD 10 60.0 2 12 2 R 12 BROOKSIDE A 25 DRIVE 16 O 11 S 15 26 FIRE DEPT 1 13 1414 TURN AROUND 2* 3* CHASKA BLVD 1* PROPOSED WALKWAY 27 5-2ND ADDN (C.S.A.H NO. 61) SOARING EAGLE PARKWAY Concept Plan Vista Ridge | Concept Plan 2 Page 352 of 436 VISTA RIDGE EXHIBIT A - CONCEPT PLAN CHASKA, MNconcept plan & development summary Johnson Reiland Builders Owner Carlson Family Developer & Remodelers Location (PID) 300085610 Parcel Size, Gross 24.14 Acres Adopted Land Net Developable Use Guiding LDR (2-5 DU/Ac.) Acres ~13.5 Acres R-1 Residential Development Total Dwelling Adopted Zoning 27 O - Open Development Units (lots) Proposed Zoning R1 PUD Proposed Density 2 DU/Net Acre Lot Type Single-Family Detached existing conditions The existing parcel is approximately 15.5 acres and is located southeast of the Ensconced Woods first addition, Rivertown Heights second addition, and Carlson Bluffs. The parcel is irregular in shape and is adjacent to the CSAH 61 right-of-way. Access to the parcel is off the site from a shared access with the adjacent parcel lying north of the property (Scram Haus Brewery). This access will be realigned to allow for an improved, and safer, access into both sites from CSAH 61. The site slopes up from the CSAH right-of-way towards the center of the parcel before the site slopes down towards the creek which traverses the area east-west along the north property line. New residential uses are adjacent to the parcel to the north and west, with light industrial uses to the north and south along the CSAH 61 right-of-way. The wooded slopes towards the creek to the north will be protected from development and a conservation easement that will protect these areas into perpetuity. Due to the slopes and creek in this area, the new roadway is not proposed to connect through to Ensconced Woods first addition. Wooded areas within the developable area will be disturbed to construct the roadways and the new homes; however, the larger lot sizes and custom homes will allow buyers to incorporate trees as part of the home and lot design process. Per available GIS records, there are no wetlands on the subject property and the parcel is not within a designated floodplain. Vista Ridge | Concept Plan 3 Page 353 of 436concept plan summary The proposed Vista Ridge project will develop the site with 27 custom single-family homes, curvilinear roadways, stormwater management and protected woodlands. Each lot will be carefully developed allowing buyers to tailor their homes to meet their needs while ensuring that wooded areas, steep slopes and viewsheds are protected. The proposed project will look and feel similar to neighboring residential developments, with similar lot sizes, density and yard setbacks. The proposed Project will be developed at 2.0 dwelling units per acre and will comply with the City’s Low Density Residential land use designation once the steep slopes and protected areas are netted out. While our concept exceeds the City’s minimum width and area requirements, we are requesting flexibility from the yard setback requirements. We believe that flexibility from the setback standards will allow for improved positioning of the homes on each lot and will have the benefit of reducing impervious surface areas (which is good for the surrounding environment.) flexibility from base zoning Our requests include: • Front Yard Setback: The R-1 district requires a 30-foot setback, and we are proposing flexibility to allow for a 23-foot setback. This will allow for shorter driveways and more efficient services to individual homes while still supporting the character of the neighborhood. • Rear Yard Setback: The R-1 district requires a 30-foot setback, and we are requesting flexibility to allow for a 25-foot setback. Where yards abut interior features such as wood open space, steep slopes, or wetland the reduced rear yard setback is unnoticed given the natural features. This allows for a better lot layout throughout the project. • Side Yard Setback: As demonstrated in the Ensconced Woods first addition, we are proposing a 5-foot side yard setback which will allow for flexibility in home siting while maintaining a strong neighborhood character from the street frontage. Vista Ridge | Concept Plan 4 Page 354 of 436grading and tree preservation We anticipate that the site will be mass graded where roadways and home pads are planned, which will include tree removal to prepare for home construction. Every reasonable effort will be made to save trees within the grading area, and those areas not within roadways, front yards and building pads will not be removed as part of the initial site grading activities. We understand the value of woodlands to the City, and to our prospective buyers, and we will make every reasonable effort to save trees that are healthy and viable post-construction. The steep slopes will be protected, which will save a large portion of the existing woodland areas on the site. Developing larger lots and reducing the front yard setbacks and interior rear yard setbacks will result in more land within the dedicated outlots protecting more environmental resources for the future. This area includes the Southern Mesic Maple-Basswood Forest cover type, which is made up of young to mature deciduous trees that are typical of this native plant community. This plant community is commonly found associated with ravines having moderate to steep slopes in this part of Carver County along the Minnesota River Valley and through careful planning this site we will protect more of it for generations to come. infrastructure We are proposing a public road connection from Chaska Boulevard as shown in the attached Concept Plan. This connection will provide pedestrian, bicycle, or vehicle access into downtown Chaska, and allow easy access to County Road 41 and the new community park. While it is not proposed as part of the project at this time, Soaring Eagle Drive may be extended to provide connection to Percheron Blvd in the future. The project is proposed to be served by municipal services including extension of the municipal water supply and sanitary sewer. Vista Ridge | Concept Plan 5 Page 355 of 436mission + core strategies Chaska’s Mission...to be the “Best Small Town in Minnesota” The proposed Vista Ridge is a new neighborhood with custom single-family home opportunities that blend seamlessly with adjacent development. Contiguous to existing development, roadways and utilities will be extended supporting the City’s mission to provide opportunities for efficient and orderly growth. Consistency with key Core Strategies • Sense of community and small town values The development’s location provides residents with convenient access to local parks, trails, recreational facilities, and community events, supporting an active and high quality of life. By adding new housing inventory within the City, the project helps ensure that residents can continue to live, work, and participate in the community while supporting the local economy and workforce. The project will provide a thoughtfully designed neighborhood that respects the character of the surrounding area and is consistent with surrounding residential development. The development will introduce new housing opportunities and styles that support Chaska’s small-town character and quality of life. • Well-planned and orderly development The Vista Ridge neighborhood is contiguous to adjacent residential development and is a natural continuation of orderly development in the area. The subdivision layout, lot configuration, streetscape design, landscaping, and architectural integrity will create an attractive neighborhood environment that enhances the appearance of the community and promotes long-term property maintenance and investment. The project has been planned in coordination with available municipal infrastructure and will be served by utilities designed in accordance with City standards. • Commitment to excellence Johnson Reiland Builders & Remodelers is an experienced developer who has brought high-quality residential development projects to the City of Chaska - including the existing neighborhoods to the north and west of the project site. Home designs will embrace and compliment the unique site features, slopes, and woodland areas. Streetscapes will be vegetated and maintained, and homes will be designed thoughtfully with consistent architectural detailing. The neighborhood will feature a complimentary mix of varied housing styles, quality materials, and professionally installed landscaping. This will be a direct extension of what has been built in the neighboring developments of the Ensconced Woods first addition, Rivertown Heights second addition, and Carlson Bluffs. Vista Ridge | Concept Plan 6 Page 356 of 436Neighborhood Meeting Report Chaska Neighborhood Meeting Date: Thursday, June 18, 2026 Time: 4:00 PM Location: Rinkside Room, Chaska Community Center Dear City of Chaska, Johnson-Reiland Builders & Remodelers held a neighborhood meeting on Thursday, June 18, 2026, at 4:00 PM in the Rinkside Room at the Chaska Community Center to present the proposed development of Vista Ridge and answer questions from neighboring residents. We also got a few calls from residents of Ensconced woods who could not attend. Prior to the meeting, we met with the Carlson family and spoke with Lano, Alex Young (Brewery site) and other neighboring residents regarding the proposed project. A project presentation was prepared and delivered, followed by an open discussion. A Macdonald construction representative was also in attendance. Notable attendees included: • Ken Hiller (Ensconced Woods neighbor and Edgehill resident) • Macdonald Representative • Members of the Carlson family • Nearby resident of Edgehill The meeting was well received. All discussions and comments before, during, and after the meeting were positive. No concerns or objections were expressed by those who attended this meeting. Refreshments: Water and cookies provided. Link to PPT: https://docs.google.com/presentation/d/1WFRH0sQ3d3X9hDGGCFGonKjq_1aWl1J5/edit ?usp=sharing&ouid=112786591342057543632&rtpof=true&sd=true Page 359 of 436 OUTLOT A 3-2ND ADDN 1* 2* 3** 4* 5* 6* 7* 60.0 BROOKSIDE DRIVE 2* 3* 4* 1 1* 2 4-2ND ADDN 5* 22 3 8 9 6* DR HORTON SITE 10 4 7 1 7 11 5 60.0 2 LAUREL COURT 6 8 BLOCK 1 21 6 12 3 20 5 13* BLOCK 2 9 15*14* 7 19 4 4-2ND ADDN 19* 10 18 18* 8 17* 3 16* 11 23 9 17 24 PERCHERON BLVD 10 60.0 2 12 BROOKSIDE 25 DRIVE 16 11 15 26 1 13 14 2* 3* 1* 27 CHASKA BLVD 5-2ND ADDN (C.S.A.H NO. 61) VISTA RIDGE EXHIBIT A - CONCEPT PLAN CHASKA, MN Page 360 of 436 RED CEDAR CREEK HIGHLANDS OF CHASKA FOUNDERS RIDGE 3 2 4 1 5 6 24 7 23 8 22 9 ENSCONCED 10 11 WOODS 21 12 20 19 13 18 17 14 887.8 16 886.3 15 WO 887.8 896.0 WO 886.3 894.5 896.4 888.2 R 895.1 886.9 896.4 R 895.1 893.1 885.6 RIVERTOWN R(1) 893.8 HEIGHTS 897.8 WO 897.8 898.3 906.0 WO 898.3 2ND 906.5 ADDITION WO 906.3 898.1 898.1 905.6 897.4 WO 903.6 895.4 WO 897.4 895.4 897.8 894.3 R 891.5 889.6 897.8 R 886.1 R 894.3 883.3 891.5 895.2 892.8 887.0 R 884.6 890.2 R 882.0 LO 895.2 892.8 CHASKA BLVD 885.2 (C.S.A.H NO. 61) LANO PROPERTY © 2024 Microsoft Corporation © 2023 Maxar ©CNES (2023) Distribution Airbus DS VISTA RIDGE EXHIBIT B - LOCATION MAP CHASKA, MN Page 361 of 436 875.3 x LEGEND: 787.2 x 800.0x 836.5 x 875.3 x 836.8 x 864.4 x EXISTING CREEK 839.5 x PROPERTY BOUNDRY 844.8 x 847.7 x VISTA RIDGE EXHIBIT C - DRAINAGE MAP CHASKA, MINNESOTA Page 362 of 436VISTA RIDGE EXHIBIT D - EXISTING VIEW SHED CHASKA, MINNESOTA Page 363 of 436 RED CEDAR CREEK HIGHLANDS OF CHASKA FOUNDERS RIDGE ENSCONCED WOODS 887.8 886.3 WO 887.8 896.0 WO 886.3 894.5 896.4 888.2 R 895.1 886.9 896.4 R 895.1 893.1 885.6 RIVERTOWN R(1) 893.8 HEIGHTS 897.8 WO 897.8 898.3 906.0 WO 898.3 2ND 906.5 ADDITION WO 906.3 898.1 898.1 905.6 897.4 WO 903.6 895.4 WO 897.4 895.4 897.8 894.3 R 891.5 889.6 897.8 R 886.1 R 894.3 883.3 891.5 895.2 892.8 887.0 R 884.6 890.2 R 882.0 LO 895.2 892.8 CHASKA BLVD 885.2 (C.S.A.H NO. 61) LANO PROPERTY © 2024 Microsoft Corporation © 2023 Maxar ©CNES (2023) Distribution Airbus DS VISTA RIDGE EXHIBIT E - EXISTING CONDITIONS CHASKA, MN Page 364 of 436 FOUNDERS RIDGE 3 2 4 1 5 6 24 7 23 8 22 9 ENSCONCED 10 11 WOODS 21 12 20 19 13 18 17 14 887.8 16 886.3 15 WO 887.8 896.0 WO 886.3 894.5 896.4 888.2 R 895.1 886.9 896.4 R 895.1 893.1 885.6 RIVERTOWN R(1) 893.8 HEIGHTS 897.8 WO 897.8 898.3 906.0 WO 898.3 2ND 906.5 ADDITION WO 906.3 898.1 898.1 905.6 897.4 WO 903.6 895.4 WO 897.4 895.4 897.8 894.3 R 891.5 889.6 897.8 R 886.1 R 894.3 883.3 891.5 895.2 892.8 887.0 R 884.6 890.2 R 882.0 LO 895.2 892.8 CHASKA BLVD 885.2 (C.S.A.H NO. 61) LANO PROPERTY VISTA RIDGE EXHIBIT F - ADJACENT PROPERTY CHASKA, MN Page 365 of 436 22 7 6 8 21 20 5 9 19 4 10 18 3 11 23 17 24 2 12 16 25 15 26 1 13 14 27 CHASKA BLVD (C.S.A.H NO. 61) VISTA RIDGE - EXHIBIT G ROAD B PROFILE STREET PROFILE Page 366 of 436 22 VISTA RIDGE - BREWERY ENTRANCE AND RETAINING WALL - EXHIBIT G-1 GRADING EXHIBIT Page 367 of 436 OUTLOT A 3-2ND ADDN 2* 3** 4* 5* 6* 7* BROOKSIDE 60.0 DRIVE 1 3* 2* 4* 1* 2 4-2ND ADDN 5* 22 3 9 6* 8 DR HORTON SITE 10 4 7 1 CARLSON BLUFFS 2ND 7 11 5 2 LAUREL COURT 6 8 BLOCK 1 21 6 BROOKSIDE DRIVE 12 3 20 5 BLOCK 2 9 13* 14* 15* 7 19 4-2ND ADDN 4 19* 10 18 18* 8 17* 3 16* 11 23 9 17 24 10 2 12 60.0 BROOKSIDE 25 DRIVE 16 11 15 26 1 13 14 3* 2* CHASKA BLVD 1* 27 5-2ND ADDN (C.S.A.H NO. 61) N VISTA RIDGE EXHIBIT H - UTILITY CONCEPT PLAN 1" Date: 2026-06-23 Drawn By: CES 0 80 160 CHASKA, MN Scale: As shown File Location: X:\4000141-00\001\20 Concepts\2026-06-19 LANO PROP UTIL CONCEPT.dwg Plotted By: Claire Schneider on June 23, 2026 at 3:15:13 PM www.alliant-inc.com Page 368 of 436 REQUEST FOR ACTION CHASKA CITY COUNCIL 7/20/26 Subject: Authorize Letter of Intent for TIF Assistance to Proposed Big Woods Business Park (North) Phase I project Prepared By: Julie Grove, Economic Development Coordinator Background On June 15, 2026, the City Council approved the Big Woods Business Park (North) Phase I Preliminary Site & Building Plan, Preliminary Plat & Comprehensive Plan Amendment for a 218,000 square foot distribution center and Phase I public improvements including road infrastructure, utilities, trails and grading for the entire north business park. The project is located in the SW Chaska Business Park. The Council is expected to consider the final Site and Building Plan in August or September 2026. Construction is anticipated to begin in the fall of 2026. To help make the construction of the public improvements financially feasible, the developer, Scannell Properties, has submitted an application requesting Tax Increment Financing (TIF) assistance. Figure 1: Existing Location & Context Map Specifically, Phase I is anticipated to include: • Construction of the Phase I facility and associated parking and site improvements. • Public improvements to Big Woods Boulevard and construction of Public Road A serving Big Woods Business Park North. • Extension of sanitary sewer, water, and related public utilities from Chaska Creek Boulevard south across the ravine and through the development area. • Mass grading throughout Big Woods Business Park North to balance site elevations and establish finished grades necessary to support future development parcels. 1 Page 369 of 436 Figure 2: Phasing Map – Phase I =turquoise, green and pink. Future Phases = purple Tax Increment Financing (TIF) Tax Increment Financing (TIF) is a public financing tool that allows the City to support eligible development and infrastructure projects by using the future increase in property tax revenue generated by the development to reimburse approved eligible project costs. Consistent with the City’s TIF Policy, assistance may be considered for industrial projects that expand the tax base, create business opportunities, generate high-quality jobs, support public infrastructure investment, and would not occur without public assistance. In Chaska, the TIF process begins with a Letter of Intent, followed by negotiation of a TIF Plan and TIF Agreement outlining the project scope, financing, and eligible costs. Upon approval by the City Council and EDA, the TIF District may be established and certified, allowing the project to proceed to grading and construction. Typically, the TIF review process runs simultaneously to the planning review process. Letter of Intent The proposed Phase I project is expected to provide significant benefits, including: • Approximately 200 new full-time jobs with average annual wages of approximately $60,000. • An additional estimated 400 additional jobs related to distribution and delivery activities. • Expansion and diversification of Chaska’s industrial employment base. • Growth of commercial and industrial tax base benefiting the City, County, and School District. • Construction of public infrastructure, including roads and utilities, that will serve both the Phase I development and future development areas within the north business park. • Creation of development-ready industrial sites that can attract additional private investment and future employers. 2 Page 370 of 436In order, to construct the project, the developer must make significant upfront investments in public infrastructure, including new roads, utility extensions, mass grading and site preparation. These improvements are needed not only for the Phase I facility but also to prepare the entire northern portion of the business park for future industrial development. The project qualifies for TIF assistance under the City’s TIF policy as an eligible industrial development and is eligible to be established as an eight-year Economic Development TIF District. While the Phase I development would serve as the basis for creating the TIF district and generating tax increment, the end user of Phase I is not requesting TIF assistance for construction of the Phase I warehouse building or any associated private improvements. Instead, the requested TIF assistance is being requested by the developer and would be used solely to reimburse eligible public infrastructure and site development costs that support the overall Big Woods Business Park North development. Under the City’s policy, eligible industrial projects may receive TIF assistance in an amount up to two times the amount of property taxes generated by the completed project, or up to three times those taxes if the project reserves sufficient land to accommodate a future building expansion of at least 50%. The developer has requested TIF assistance equal to three times the property taxes generated by the Phase I facility, along with any remaining increment generated within the district, to help finance the extraordinary upfront costs of constructing the public infrastructure needed to develop the entire business park. This project differs from a typical industrial development because the public infrastructure needed to serve the site is being constructed by the developer rather than the City. Usually, with industrial development that has multiple phases, the City would construct the public roads, utilities, and other infrastructure needed to support new development as projects move forward. In this case, the end user has an accelerated construction schedule that cannot be accommodated through the City's normal infrastructure installation timeframe. To meet that timeline, the developer has agreed to design and construct the required public infrastructure to City standards, assume the associated financial and construction risk, and complete improvements that will ultimately serve not only the Phase I development but also future industrial development throughout the northern portion of Big Woods Business Park. As a result, the project includes extraordinary upfront public infrastructure costs that would not typically be incurred as part of a single industrial development. After reviewing the project, City staff and the City's financial consultant, Baker Tilly, concluded that these costs create a financing hardship that would not otherwise exist under a more typical development scenario. Staff also notes that the requested TIF assistance would be used solely to reimburse eligible public infrastructure and site development costs that benefit the broader business park. No TIF assistance would be used for construction of the Phase I building or other private building improvements. Based on this review, staff recommends the following TIF framework, outlined in the attached Letter of Intent, for consideration: • Establish an Economic Development TIF District for the Phase I project. 3 Page 371 of 436 • Provide TIF assistance equal to three (3) times the annual property taxes generated by the Phase I development, plus any remaining excess tax increment generated within the TIF District. The City would retain up to twenty percent (20%) of the tax increment for statutory pooling and administrative costs (this percentage is still under negotiation), and fiscal disparities will not be deducted from the total benefit. The final amount of TIF assistance is still being negotiated and will be subject to final project costs, valuation, tax capacity, financial analysis and City approval. • Structure the assistance as a Pay-As-You-Go TIF Note. • Assistance will include certification of final costs following the completion of Phase 1, and a one-time "Lookback" review approximately one year after project stabilization and completion of the public improvements to confirm the completed project is substantially consistent with the assumptions used to evaluate the TIF request. The results of this review may be used to adjust the final amount and terms of the TIF assistance as provided in the TIF Agreement. • Limit TIF reimbursements to eligible public infrastructure costs, including Public Road A, utility extensions, grading, and other qualifying public improvements that benefit the overall northern business park. No TIF proceeds may be used for construction of the Phase I facility including the warehouse building or other private improvements. • Require the developer to construct the Phase I project in accordance with the approved plans and obtain a Certificate of Occupancy. • The developer agrees to participate in the City's due diligence process, including an independent review of project financials to determine the need for, and appropriate amount of, TIF assistance. Although the proposed Phase I TIF assistance exceeds the level typically contemplated under the City’s TIF Policy, staff believes this approach is appropriate because the Phase I developer is constructing public infrastructure that will directly benefit future development throughout Big Woods Business Park North. To ensure the overall development, beyond Phase I, remains consistent with the intent of the City’s TIF Policy, staff recommends that any TIF assistance provided above the City's standard policy for Phase I (i.e. 2 or 3 times amount of property taxes) be treated as an advance investment in the future development of the business park. The amount of assistance provided above the policy would be allocated proportionately among future development parcels under the developers ownership. As those parcels develop and request TIF assistance, their allocated share of the Phase I assistance beyond the policy would be deducted from any future TIF assistance that may be approved. This approach recognizes that the Phase I developer is advancing the cost of infrastructure that benefits the entire business park while helping ensure that, when all development phases are considered cumulatively, the total TIF assistance provided across Big Woods Business Park North remains closely aligned with the City's TIF Policy. Future Development TIF Framework • Chaska's objective is to apply its TIF Policy consistently across the entire Big Woods Business Park North development area by evaluating TIF assistance on a cumulative basis rather than by individual development phase. 4 Page 372 of 436 • Because the proposed Phase I TIF assistance exceeds the amount typically available under the City's TIF Policy, the assistance provided above the policy level will be allocated among future development parcels of the Big Wood Business Park North on a proportional square- footage basis. • As future development phases, under the control of the developer, request TIF assistance, each phase's allocated share of the additional Phase I assistance will be deducted from any TIF assistance that may otherwise be considered for that project (example 2x minus the new lots Phase I share). This approach recognizes that the Phase I developer is funding public infrastructure that benefits the entire business park while helping ensure that total TIF assistance across all development phases remains generally consistent with the City's TIF Policy. • Future TIF districts may include eligible land acquisition, site development, and infrastructure-related costs not previously constructed with Phase I. • Each future development proposal will be evaluated independently based on the project, financing gap, project economics, and anticipated public benefits. Nothing in this framework guarantees the approval or availability of future TIF assistance. The attached Letter of Intent (LOI), negotiated by city staff and the developer, outlines the proposed TIF framework, key business terms as summarized in this report, and notes the remaining items that are still under negotiation. While the parties have reached agreement on the overall policy framework, some of the financial terms remain under negotiation. The final TIF plan, TIF Agreement and financial terms, including the final amount of TIF assistance, will be subject to completion of the required financial analysis, preparation of the TIF documents, continued negotiations and review and approval by both the City Council and the EDA. Approval of the LOI establishes the City’s intent to continue negotiating the proposed TIF assistance under the framework outlined in the letter. The LOI is not a binding commitment to provide TIF assistance or establish a TIF district. Any future TIF district and related TIF agreement will be considered through separate public actions and approvals by the City Council and EDA. Recommendation The proposed TIF district supports industrial development in the SW Chaska Business Park, which has been planned for some time. City staff recommend that the City Council authorize the City Administrator to execute the Letter of Intent with the developer and initiate the process to establish a TIF District including the preparation of the necessary TIF Plan and TIF Agreement Documents. CITY COUNCIL ACTION REQUESTED Motion to authorize the City Administrator to execute the Letter of Intent for TIF assistance to the proposed Big Woods Business Park Project. 5 Page 373 of 436 CITY OF CHASKA ONE CITY HALL PLAZA / CHASKA MN 55318-1962 7/16/2026 Scannell Properties Jake Kurth 294 Grove Lane, Ste 140 Wayzata, MN 55391 RE: Letter of Intent – Tax Increment Financing Assistance for Big Woods Business Park Phase I Dear Mr. Kurth: On behalf of the City of Chaska (the “City”) and the City of Chaska Economic Development Authority (“EDA,” and both individually and collectively with the City, “Chaska”), we are pleased to express the City's support for the proposed development of Big Woods Business Park Phase I located within the Southwest Business Park area. Based on the City Council's approval on June 15, 2026, of the Preliminary Plat, Site and Building Plan, Rezoning, and Comprehensive Plan Amendment for Big Woods Business Park Phase I (PC 2026-08), Chaska recognizes the significant economic development opportunity represented by this project and is supportive of moving forward with the proposed development. Chaska's understanding of the Phase I development includes the construction of approximately 218,000 square feet of warehouse and distribution center (the “Phase I Facility”) together with associated parking, site improvements, construction of a new public roadway including utility extensions to support the entire business park beyond phase I, and site grading necessary to support both the initial development and future industrial growth within Big Woods Business Park North (as approved o in Preliminary Site plan casefile PC 2026-08). Specifically, Phase I is anticipated to include: • Construction of the Phase I Facility and associated parking and site improvements. • Public improvements to Big Woods Boulevard and construction of Public Road A serving Big Woods Business Park North. • Extension of sanitary sewer, water, and related public utilities from Chaska Creek Boulevard south across the ravine and through the development area. • Mass grading throughout Big Woods Business Park North to balance site elevations and establish finished grades necessary to support future development parcels. Chaska believes the project will provide substantial public benefits, including: • Creation of approximately 200 direct jobs with average annual wages estimated at approximately $60,000. Phone: 952-448-9200 Fax: 952-448-9300 www.chaskamn.gov Page 374 of 436 CITY OF CHASKA ONE CITY HALL PLAZA / CHASKA MN 55318-1962 • Support for an estimated 400 additional jobs associated with distribution and delivery activities. • Expansion and diversification of Chaska's industrial employment base. • Significant public infrastructure investments, including roads, and utilities that will serve both Phase I and future development areas. • Increased commercial and industrial tax base for the City, County, and School District. • Creation of development-ready sites that will attract additional private investment and high-quality industrial users within the Southwest Business Park. Chaska also recognizes that the project requires substantial upfront investment in public infrastructure, including roadway construction, utility extensions across challenging topography, and extensive site preparation activities necessary to make the property developable. These improvements are intended to serve not only the Phase I Facility but also future development of parcels throughout Big Woods Business Park North. Based on information provided by Scannell Properties and Chaska and its financial consultants review of the project, Chaska acknowledges that the extraordinary cost of these public improvements creates a financing gap that would not otherwise exist under typical industrial development conditions. Chaska further understands that requested Tax Increment Financing (“TIF”) assistance would be utilized solely for eligible public infrastructure and site development costs associated with the entire north industrial park and would not be used for the construction of the Phase I warehouse building or its building components. Subject to completion of Chaska’s underwriting, financial review, and approval of all required TIF documentation, Chaska is prepared to consider the following TIF assistance framework for Phase I: • Establishment of a TIF District for Phase I consistent with the development proposal approved by the City Council on June 15, 2026. • TIF assistance equal to three (3) times the annual property taxes generated by the Phase I development, plus any remaining excess tax increment generated within the TIF District. Chaska would retain up to twenty percent (20%) of the tax increment for statutory pooling and administrative costs (this percentage is still under negotiation), and fiscal disparities will not be deducted from the total benefit. The final amount of TIF assistance is still being negotiated and will be subject to final project costs, valuation, tax capacity, financial analysis and City approval. • Assistance to be structured as a Pay-As-You-Go Tax Increment Financing Note. • Retained pooling may be adjusted to accommodate needs of eligible project costs outside of the immediate area of Phase I. • Assistance will include certification of final costs following the completion of Phase 1, and a one-time Lookback review approximately one year following stabilization of the Phone: 952-448-9200 Fax: 952-448-9300 www.chaskamn.gov Page 375 of 436 CITY OF CHASKA ONE CITY HALL PLAZA / CHASKA MN 55318-1962 Phase I Development and completion of related infrastructure improvements to evaluate whether the completed project is substantially consistent with the development and financial assumptions made in evaluating the TIF request. The results of such review may be considered by Chaska in determining the final amount and terms of the TIF assistance, as set forth in the TIF Agreement. • TIF proceeds to be used solely for reimbursement of eligible public infrastructure costs related to the entire north industrial park, including construction of Public Road A, utility extensions, grading, and related public improvements constructed by the developer and dedicated or benefiting the public development area. • The developer agrees to participate in the City's due diligence process, including an independent review of project financials to determine the need for, and appropriate amount of, TIF assistance. • Developer agrees to build the Phase I Development according to the approved building plans and successfully obtain a certificate of occupancy • Negotiate a business subsidy agreement, if required. • Pay the required $10,000 administrative fee for City economic development assistance. Future Development Phases Recognizing that the infrastructure improvements constructed as part of the Phase I Development will provide substantial benefit to future development parcels within Big Woods Business Park North, Chaska intends to work collaboratively with the developer to evaluate TIF assistance for future phases as development occurs. Chaska's current intent is to establish separate TIF Districts for future development phases or parcels within Big Woods Business Park North as individual development projects are proposed. For future TIF requests, Chaska anticipates the following framework: • The proportionate share of excess TIF assistance provided through Phase I will be deducted from any future TIF assistance being considered for subsequent development phases. • The excess TIF assistance provided in the Phase I Development will be allocated among future development parcels on a proportional square footage basis. As future parcels develop, their allocated share of the Phase I Development excess assistance will be repaid through a corresponding reduction in future TIF assistance. • Eligible costs for future TIF districts may include land acquisition and related development costs. In particular, future TIF assistance may be used to offset increased land costs attributable to the public road, utility, grading, and infrastructure improvements constructed as part of Phase I. Phone: 952-448-9200 Fax: 952-448-9300 www.chaskamn.gov Page 376 of 436 CITY OF CHASKA ONE CITY HALL PLAZA / CHASKA MN 55318-1962 • Chaska's objective is to apply its TIF policy consistently across the overall Big Woods Business Park North development area, with assistance levels evaluated on a cumulative basis. • Each future phase will be independently evaluated to determine whether additional TIF assistance is warranted based upon the specific development proposal, project economics, financing gap, and public benefits being provided. CHASKA DOES NOT GUARANTY THE APPROVAL OR AVAILABILITY OF FUTURE TIF ASSISTANCE. Chaska appreciates the opportunity to partner with you on this significant economic development project and recognizes the substantial benefits it is expected to provide the community. The proposed investment will support the continued growth in Chaska’s industrial and employment base, create quality jobs, expand the city’s commercial tax base, and expand critical infrastructure that will facilitate future development opportunities within SW Chaska. We look forward to working collaboratively with you as the project progresses and to establishing a successful partnership that supports both the Phase I development and growth within the business park. Any assistance remains subject to completion of financial underwriting, negotiation and execution of definitive TIF and development agreements, preparation of required TIF documentation, public hearings, and approval by the City Council and Board of the EDA as well as the remaining land use entitlements. If you have any questions, please do not hesitate to contact me at 952-227-7529. Sincerely, Matt Podhradsky City Administrator By signing this letter, I am in agreement with the above stated conditions being utilized to draft a TIF Agreement for this project. I understand that signing this letter does not guaranty the approval or availability of any TIF Assistance by Chaska. Phone: 952-448-9200 Fax: 952-448-9300 www.chaskamn.gov Page 377 of 436 CITY OF CHASKA ONE CITY HALL PLAZA / CHASKA MN 55318-1962 __________________ Jake Kurth Scannell Properties Date: _____________ Phone: 952-448-9200 Fax: 952-448-9300 www.chaskamn.gov Page 378 of 436 CLAIMS ROSTER REPORT FOR COUNCIL MEETING: July 20, 2026 Paid and Unpaid Invoices: Check #'s 361560-361886 $3,214,844.43 Paid Electronic Invoices: Wire #'s 5329-5360 $4,510,422.02 Amount for Approval-Council Meeting: July 20, 2026 $7,725,266.45 Page 379 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 107858 ABDO LLP 526170 06/30/2026 072126 361672 10,286.25 08/06/2026 INV PD JUN FINANCE TEMP-FINNLYSP CHECK DATE: 07/21/2026 100028 ACME ELECTRIC MOTOR INC 16548265 06/25/2026 072126 361673 1,599.99 07/25/2026 INV PD CORDLESS SAW CHECK DATE: 07/21/2026 16572701 06/29/2026 072126 361673 555.73 07/29/2026 INV PD BATTERY CHARGER & BATTERY CHECK DATE: 07/21/2026 16574788 06/30/2026 072126 361673 1,599.99 07/30/2026 INV PD CORDLESS SAW CHECK DATE: 07/21/2026 3,755.71 112546 GLOBAL PAYMENTS INC 4100187787 06/24/2026 072126 361674 42,137.55 07/24/2026 INV PD ACTIVENet 10/1/25-9/30/26 CHECK DATE: 07/21/2026 103825 ACUSHNET COMPANY 922904068 04/18/2026 071426 361657 155.52 07/09/2026 INV PD RESALE CHECK DATE: 07/14/2026 923482408 06/23/2026 071426 361657 514.13 08/22/2026 INV PD RESALE CHECK DATE: 07/14/2026 923519166 06/26/2026 070726-2 361645 118.32 07/26/2026 INV PD RESALE CHECK DATE: 07/07/2026 923524566 06/27/2026 070726-2 361645 1,067.81 07/27/2026 INV PD RESALE CHECK DATE: 07/07/2026 923573979 07/02/2026 071426 361657 523.66 08/01/2026 INV PD RESALE CHECK DATE: 07/14/2026 2,379.44 108949 ADVANTAGE COLLECTION PROFESSIONALS LLC 8908766 06/30/2026 072126 361675 719.26 07/30/2026 INV PD JUN COLLECTION COMMISSION CHECK DATE: 07/21/2026 100843 AH HERMEL CANDY & TOBACCO CO 1122801 06/25/2026 070726 361565 1,684.98 07/25/2026 INV PD June 25 Order Concession CHECK DATE: 07/07/2026 Report generated: 07/16/2026 14:32 Page 1 User: 8482nand Program ID: apinvlst Page 380 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 1125234 07/10/2026 072126 361676 182.91 08/10/2026 INV PD July 10 Order CHECK DATE: 07/21/2026 1,867.89 112418 COLLINS BROTHERS TOWING OF ST CLOUD INC 157690 07/15/2026 072126 361677 640.00 07/15/2026 INV PD Forfeiture Payouts CHECK DATE: 07/21/2026 100062 ALLSTATE SALES & LEASING CORPORATION 3404139912 07/10/2026 072126 361678 345.61 08/10/2026 INV PD #112 COOLANT PIPES CHECK DATE: 07/21/2026 113123 ALPHA WIRELESS COMMUNICATIONS CO 34421 06/23/2026 072126 361679 931.98 07/23/2026 INV PD CAMERA FOR WTP CHECK DATE: 07/21/2026 100073 AMARIL UNIFORM CO IV299822 06/19/2026 070726 361566 1,284.64 07/19/2026 INV PD L. SCHMIDT FR CLOTHING CHECK DATE: 07/07/2026 IV299878 06/19/2026 070726 361566 332.01 07/19/2026 INV PD L. ROHLIK FR CLOTHING CHECK DATE: 07/07/2026 IV300181 06/25/2026 070726 361566 396.29 07/25/2026 INV PD DANIEL-1000 HR FR CLOTHIN CHECK DATE: 07/07/2026 2,012.94 100102 ANCOM COMMUNICATIONS INC 133861 06/24/2026 070726 361567 6,406.46 07/24/2026 INV PD PAGERS FOR NEW FF'S CHECK DATE: 07/07/2026 113680 ARTEAGA-GARCIA, ESAUL 157324 07/01/2026 072126 361680 97.25 08/01/2026 INV PD UE 173300385 1130 HAZELTI CHECK DATE: 07/21/2026 100146 ASPEN MILLS INC 378533 07/09/2026 072126 361681 626.75 08/08/2026 INV PD DUTY CLASS A-LEMBRICH CHECK DATE: 07/21/2026 378534 07/09/2026 072126 361681 667.70 08/08/2026 INV PD DUTY CLASS A-ANGLIN Report generated: 07/16/2026 14:32 Page 2 User: 8482nand Program ID: apinvlst Page 381 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION CHECK DATE: 07/21/2026 378535 07/09/2026 072126 361681 740.20 08/08/2026 INV PD DUTY CLASS A-ANDERSON CHECK DATE: 07/21/2026 378536 07/09/2026 072126 361681 651.70 08/08/2026 INV PD DUTY CLASS A-COMPTON CHECK DATE: 07/21/2026 378537 07/09/2026 072126 361681 790.75 08/08/2026 INV PD DUTY CLASS A-GEISE CHECK DATE: 07/21/2026 3,477.10 100155 AUBURN MANOR JUL 2026 260002 07/01/2026 070726 361568 200.00 07/31/2026 INV PD JUL SENIOR CITIZEN DONATI CHECK DATE: 07/07/2026 102256 AXEL H OHMAN INC 25520-0009-1 06/17/2026 072126 361682 5,225.00 08/14/2026 INV PD MSB-Masonry CHECK DATE: 07/21/2026 113636 AUTUMN BAGGOTT TOUSSAINT PT-2026-0711 06/22/2026 070726 361569 1,650.00 07/11/2026 INV PD Fire & Ice Band 7/11 CHECK DATE: 07/07/2026 113716 COLE WEICK 157599 06/28/2026 072126 361683 700.00 07/28/2026 INV PD Firearms Instructor Cours CHECK DATE: 07/21/2026 100174 BAUER BUILT TIRE AND BATTERY 180324129 06/17/2026 070726 361570 508.35 07/15/2026 INV PD #141 FRONT LEFT TIRE REPA CHECK DATE: 07/07/2026 518040068 07/06/2026 072126 361684 508.35 08/15/2026 INV PD #141 TIRE & O-RING REPAIR CHECK DATE: 07/21/2026 1,016.70 105265 BEEBE, DENISE 157420 06/25/2026 072126 361685 35.96 08/06/2026 INV PD Mileage-Election Training CHECK DATE: 07/21/2026 113698 BEISWENGER, ANDREW Report generated: 07/16/2026 14:32 Page 3 User: 8482nand Program ID: apinvlst Page 382 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 157388 07/06/2026 072126 361686 69.84 08/06/2026 INV PD UE 350002310 668 NEWBERRY CHECK DATE: 07/21/2026 113705 BELMONTE ESPINOZA, CARLOS 157395 07/06/2026 072126 361687 167.10 08/06/2026 INV PD UE 359003570 3200 CLOVER CHECK DATE: 07/21/2026 113719 BERGER, LISA 157609 07/14/2026 072126 361688 84.80 08/14/2026 INV PD UE 243000750 3894 CARVER CHECK DATE: 07/21/2026 100188 BERRY COFFEE COMPANY 1120992 06/24/2026 070726 361571 147.40 07/24/2026 INV PD Coffee/Condiments-PD CHECK DATE: 07/07/2026 1120996 06/24/2026 072126 361689 137.39 07/25/2026 INV PD CCC coffee CHECK DATE: 07/21/2026 1123241 07/08/2026 072126 361689 117.75 08/08/2026 INV PD Coffee for City Hall Brea CHECK DATE: 07/21/2026 402.54 102279 BOLTON & MENK INC 0397995 06/16/2026 072126 361690 434.00 07/29/2026 INV PD MN River Bluffs Regional CHECK DATE: 07/21/2026 0398033 06/17/2026 072126 361690 15,568.00 07/25/2026 INV PD Priority Transportation F CHECK DATE: 07/21/2026 16,002.00 100214 BORDER STATES INDUSTRIES INC 932660292 06/22/2026 070726 361572 168.52 07/25/2026 INV PD JOINT COMPOUND CHECK DATE: 07/07/2026 932660298 06/22/2026 070726 361572 1,243.51 07/25/2026 INV PD WIRE CLEANING WIPES CHECK DATE: 07/07/2026 932701604 260106 06/29/2026 070726 361572 1,508.00 07/25/2026 INV PD 75 GRND RODS 100 CLD SHRN CHECK DATE: 07/07/2026 932701611 260106 06/29/2026 070726 361572 2,353.75 07/30/2026 INV PD 75 GRND RODS 100 CLD SHRN CHECK DATE: 07/07/2026 932736950 07/06/2026 072126 361691 223.37 08/25/2026 INV PD COPPER SLEEVES CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 4 User: 8482nand Program ID: apinvlst Page 383 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 932736958 260108 07/06/2026 072126 361691 2,358.73 08/25/2026 INV PD 100 CONNECT 4 COV #14-4 CHECK DATE: 07/21/2026 932779311 07/13/2026 072126 361691 1,321.10 08/25/2026 INV PD ANIMAL GUARD CHECK DATE: 07/21/2026 9,176.98 100226 BRAUN INTERTEC CORPORATION IN1019245 06/25/2026 070726 361573 816.50 07/25/2026 INV PD VICTORIA DR UTILITY IMPRO CHECK DATE: 07/07/2026 113703 BROWN, DALTON 157393 07/06/2026 072126 361692 53.26 08/06/2026 INV PD UE 350002675 1746 PRESCOT CHECK DATE: 07/21/2026 100254 BRYAN ROCK PRODUCTS INC 75357 06/30/2026 072126 361693 678.94 07/30/2026 INV PD FILL (APEX) CHECK DATE: 07/21/2026 100275 CALLAWAY GOLF 942884453 06/23/2026 072126 361694 1,860.51 12/01/2026 INV PD DEMO/RENTALS CHECK DATE: 07/21/2026 942895131 06/25/2026 072126 361694 -791.00 06/25/2026 CRM PD RESALE CHECK DATE: 07/21/2026 1,069.51 100285 CARVER COUNTY 157692 07/15/2026 072126 361695 100.45 07/15/2026 INV PD Forfeiture Payout - #25-9 CHECK DATE: 07/21/2026 157693 07/15/2026 072126 361695 314.10 07/15/2026 INV PD Forfeiture Payout - #25-6 CHECK DATE: 07/21/2026 157694 07/15/2026 072126 361695 24.60 07/15/2026 INV PD Forfeiture Payout - #25-7 CHECK DATE: 07/21/2026 439.15 100314 CARVER COUNTY IS/GIS DEPT INTINV-772 07/06/2026 072126 361696 4,555.20 08/06/2026 INV PD GIS SHARED POSITION ~ 2ND CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 5 User: 8482nand Program ID: apinvlst Page 384 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 100319 CARVER COUNTY PUBLIC WORKS PW-7214 07/02/2026 072126 361697 1,028.08 08/06/2026 INV PD DAMAGED SIGNAL LIGHT CHECK DATE: 07/21/2026 100323 CDW GOVERNMENT INC AJ74L6M 06/18/2026 070726 361574 42.38 07/18/2026 INV PD USB CABLE - PD RECORDS CHECK DATE: 07/07/2026 AJ8QV6Q 06/23/2026 072126 361698 -1,820.38 07/23/2026 CRM PD RET SURFACE-ELEC LESS RES CHECK DATE: 07/21/2026 AJ8UJ4P 06/24/2026 072126 361698 267.84 07/24/2026 INV PD DOCK & KEYBOARD-FINANCE W CHECK DATE: 07/21/2026 AJ9276Z 07/06/2026 072126 361698 1,876.28 08/05/2026 INV PD SURFACE-MGMT ANALYST CHECK DATE: 07/21/2026 AJ9B11U 06/29/2026 072126 361698 145.56 07/29/2026 INV PD KEYBOARDS-IT ON HAND CHECK DATE: 07/21/2026 AJ9B12R 06/29/2026 072126 361698 36.39 07/29/2026 INV PD KEYBOARD-CCC CHECK DATE: 07/21/2026 AJ9C55K 06/29/2026 072126 361698 401.19 07/29/2026 INV PD NVR STORAGE-TC CHECK DATE: 07/21/2026 949.26 100332 CENTERPOINT ENERGY RESOURCES CORP 105010300/JUN26 07/06/2026 071626 361669 3,069.75 08/03/2026 INV PD JUN 3210 CHASKA BLVD GAS CHECK DATE: 07/16/2026 109045922/JUN26 07/07/2026 071626 361669 7,483.15 08/04/2026 INV PD JUN 1661 PARK RIDGE DR GA CHECK DATE: 07/16/2026 109052076/JUN26 07/07/2026 071626 361669 3,884.21 08/04/2026 INV PD JUN 1611 PARK RIDGE DR GA CHECK DATE: 07/16/2026 120012646/JUN26 07/07/2026 071626 361669 20.52 08/04/2026 INV PD JUN LOOP CLUBHOUSE GAS SV CHECK DATE: 07/16/2026 120164413/JUN26 07/07/2026 071626 361669 20.52 08/04/2026 INV PD JUN LOOP MAINT GAS SVC CHECK DATE: 07/16/2026 120564141/JUN26 07/06/2026 071626 361669 19.34 08/03/2026 INV PD JUN 1599 OAK CREEK PAS GA CHECK DATE: 07/16/2026 139150478/JUN26 07/06/2026 071626 361669 21.69 08/03/2026 INV PD JUN 3695 GRAND CHEVALLE P CHECK DATE: 07/16/2026 Report generated: 07/16/2026 14:32 Page 6 User: 8482nand Program ID: apinvlst Page 385 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 64030791582/JUN26 07/06/2026 071626 361669 10.82 08/03/2026 INV PD JUN 216 W 4TH ST GAS SVC CHECK DATE: 07/16/2026 64030828871/JUN26 07/06/2026 071626 361669 10.82 08/03/2026 INV PD JUN 423 N WALNUT ST GAS S CHECK DATE: 07/16/2026 14,540.82 100337 QWEST CORPORATION 792041517 07/01/2026 071426 361658 600.37 07/31/2026 INV PD JUN INTERNET ON DEMAND CHECK DATE: 07/14/2026 792267243 07/01/2026 071426 361658 270.94 07/31/2026 INV PD JUN INTERNET SERVICE CHECK DATE: 07/14/2026 871.31 100374 CHANHASSEN, CITY OF 01724-000 6/30/26 06/30/2026 072126 361699 39.45 07/21/2026 INV PD STORMWATER 4/1/26-6/30/26 CHECK DATE: 07/21/2026 103680 CHASKA CABINETRY & MILLWORK 157632 07/13/2026 072126 361700 952.00 08/14/2026 INV PD Curl trophy case glass sh CHECK DATE: 07/21/2026 111217 CHASKA CAR WASH LLC 42 07/08/2026 072126 361701 55.00 08/08/2026 INV PD Q2 Bldg Insp Car Washes CHECK DATE: 07/21/2026 100368 CHASKA LAUNDRY CENTER 1003 07/02/2026 071626 361670 198.15 07/17/2026 INV PD JUN TOWELS-TC CHECK DATE: 07/16/2026 100377 ROTARY CLUB OF CHASKA MINNESOTA INC 6918 07/01/2026 072126 361703 100.00 07/31/2026 INV PD Q3 DUES-PODHRADSKY CHECK DATE: 07/21/2026 6930 07/01/2026 072126 361702 100.00 07/31/2026 INV PD Q3 DUES-SEIBERT CHECK DATE: 07/21/2026 200.00 100350 CHASKA, CITY OF 2026 ARENA CONCESSIO 07/01/2026 071426 361659 200.00 07/20/2026 INV PD START UP CASH ARENA CONCE Report generated: 07/16/2026 14:32 Page 7 User: 8482nand Program ID: apinvlst Page 386 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION CHECK DATE: 07/14/2026 2026 Finnly Cash 07/14/2026 071626 361671 100.00 08/14/2026 INV PD FinnlySport Cash Drawer CHECK DATE: 07/16/2026 F&I 2026 BEAN BAG 06/29/2026 070726 361575 360.00 07/11/2026 INV PD F&I BEAN BAG TOURNAMENT P CHECK DATE: 07/07/2026 F&I 2026 BONSPIEL 06/11/2026 070726 361576 1,780.00 07/09/2026 INV PD F&I BONSPEIL PRIZE MONEY CHECK DATE: 07/07/2026 F&I 2026 CONCESSION 05/19/2026 070726-2 361646 550.00 07/07/2026 INV PD F&I CONCESSION CASH CHECK DATE: 07/07/2026 F&I 2026 MINI GOLF 06/16/2026 070726-2 361647 200.00 07/11/2026 INV PD F&I CASH FOR MINI GOLF CHECK DATE: 07/07/2026 3,190.00 110240 CINTAS CORPORATION NO 2 25773141/JUN2026 06/30/2026 070726-2 361648 1,882.98 07/30/2026 INV PD JUN RUG/MAT SVC CHECK DATE: 07/07/2026 5339669308 06/03/2026 072126 361704 112.72 07/03/2026 INV PD MEDICAL SUPPLIES-FD, INTE CHECK DATE: 07/21/2026 5344806008 06/30/2026 072126 361704 35.90 07/30/2026 INV PD MEDICAL SUPPLIES-FD CHECK DATE: 07/21/2026 5345918707 07/07/2026 072126 361708 515.05 08/07/2026 INV PD MEDICAL SUPPLIES-MSB CHECK DATE: 07/21/2026 5345918708 07/07/2026 072126 361707 216.53 08/07/2026 INV PD Supplies for medical cabi CHECK DATE: 07/21/2026 5347169908 07/13/2026 072126 361706 467.09 08/13/2026 INV PD 1st Aide-PD CHECK DATE: 07/21/2026 5347169909 07/13/2026 072126 361705 83.89 08/13/2026 INV PD FIRST AID SUPPLIES-TC MAI CHECK DATE: 07/21/2026 3,314.16 100404 CITY OF EDEN PRAIRIE 157577 04/06/2026 072126 361709 350.00 07/20/2026 INV PD Thursday Concert in the P CHECK DATE: 07/21/2026 102659 CIVICPLUS LLC 371471 07/01/2026 072126 361710 17,599.05 07/31/2026 INV PD DATA REQUEST SOFTWARE CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 8 User: 8482nand Program ID: apinvlst Page 387 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 110539 CLARION EVENTS INC CIV00448793 06/11/2026 072126 361711 4,922.75 07/11/2026 INV PD Fire Engineering Training CHECK DATE: 07/21/2026 100418 CLEARSOFT INC 50807 6/11/26 06/11/2026 072126 361712 420.66 07/27/2026 INV PD SOFTENER SALT-TC CHECK DATE: 07/21/2026 106918 ARTHUR CLESEN INC 6867-03 06/29/2026 072126 361713 3,350.67 07/29/2026 INV PD IRRIGATION GSP PLAN CHECK DATE: 07/21/2026 100419 CLOVER CONDOMINIUM ASSOCIATION 00498838-56 260003 07/01/2026 070726-2 361649 1,544.84 07/31/2026 INV PD AUG COMMUNITY ROOM DUES CHECK DATE: 07/07/2026 100423 CLUB CAR LLC 561781 06/29/2026 072126 361714 165.00 07/29/2026 INV PD MAINT CART REPAIR LABOR CHECK DATE: 07/21/2026 564917 07/02/2026 072126 361714 5,882.40 08/02/2026 INV PD GPS LEASE CHECK DATE: 07/21/2026 6,047.40 100430 COCA-COLA REFRESHMENTS USA INC 53020554016 06/25/2026 070726 361577 602.12 07/26/2026 INV PD June 25 Coca-Cola Order CHECK DATE: 07/07/2026 53140555013 07/02/2026 072126 361715 376.32 08/02/2026 INV PD July 2nd Coca-Cola Order CHECK DATE: 07/21/2026 978.44 113710 CODE, AMPARO 157400 07/06/2026 072126 361716 93.57 08/06/2026 INV PD UE 173201640 3000 N CHEST CHECK DATE: 07/21/2026 113655 CODE, TOM 50080404-2026-1 05/15/2026 070726 361578 400.00 07/31/2026 INV PD JUN REBATE-HVAC CHECK DATE: 07/07/2026 Report generated: 07/16/2026 14:32 Page 9 User: 8482nand Program ID: apinvlst Page 388 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 100436 COMCAST CORPORATION 0458587/JUL26 06/26/2026 070726-2 361650 216.92 07/21/2026 INV PD PSF CABLE CHECK DATE: 07/07/2026 105466 COMPUTER INTEGRATION TECHNOLOGIES INC 517083 06/15/2026 072126 361717 277.20 07/15/2026 INV PD JUL CYBER SECURITY TRAINI CHECK DATE: 07/21/2026 518383 07/14/2026 072126 361717 8,151.23 08/13/2026 INV PD JUL OFFICE 365 AGREEMENT CHECK DATE: 07/21/2026 8,428.43 112484 CONFLUENCE INC 34969 06/24/2026 070726 361579 6,674.92 07/24/2026 INV PD SW Park Master Plan CHECK DATE: 07/07/2026 113637 CONSTRUCTION SYSTEMS INC 25520-0009-2 06/23/2026 072126 361718 57,439.07 08/14/2026 INV PD MSB-Structural Steel Fabr CHECK DATE: 07/21/2026 103942 CONTECH ENGINEERED SOLUTIONS INC 34042648 07/01/2026 072126 361719 1,036.78 08/01/2026 INV PD WO#611 -REPAIR STORM SEWE CHECK DATE: 07/21/2026 106301 CORE & MAIN LP V000050896 260114 07/08/2026 072126 361720 13,110.00 08/08/2026 INV PD INVENTORY-HORNS & SWIVELS CHECK DATE: 07/21/2026 Z295070 07/06/2026 072126 361720 518.52 08/06/2026 INV PD AMMONIA TESTING CHECK DATE: 07/21/2026 13,628.52 112749 CRAFCO INC 9403723618 05/18/2026 072126 361721 799.50 07/06/2026 INV PD CRACK SEALING MATERIAL CHECK DATE: 07/21/2026 9403723619 05/18/2026 072126 361721 6,924.75 07/06/2026 INV PD CRACK SEALING MATERIAL CHECK DATE: 07/21/2026 9403726026 05/20/2026 072126 361721 5,781.00 08/06/2026 INV PD CRACK SEALING MATERIAL Report generated: 07/16/2026 14:32 Page 10 User: 8482nand Program ID: apinvlst Page 389 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION CHECK DATE: 07/21/2026 9403758337 06/26/2026 070726 361580 2,600.00 07/26/2026 INV PD CRACK ROUTER RENTAL CHECK DATE: 07/07/2026 16,105.25 100555 D R HORTON INC - MINNESOTA 1744 OAK CREEK PASS 07/14/2026 072126 361722 3,000.00 08/14/2026 INV PD BUILDER DEPOSIT REFUND CHECK DATE: 07/21/2026 110412 IMPERIAL BAG & PAPER CO LLC 42341404 07/08/2026 072126 361723 273.40 08/08/2026 INV PD Cleaning Supplies-CCC CHECK DATE: 07/21/2026 113659 DAVIS MECHANICAL SYSTEMS 25520-0009-1 06/22/2026 072126 361724 66,500.00 08/14/2026 INV PD MSB-HVAC CHECK DATE: 07/21/2026 103870 DIVERSIFIED PLUMBING AND HEATING INC 46547 06/09/2026 070726 361581 7,045.20 07/09/2026 INV PD ANNUAL RPZ TESTING CHECK DATE: 07/07/2026 111462 POND & LIGHTING DESIGN INC 12656 06/29/2026 072126 361725 1,112.50 07/29/2026 INV PD SERVICE/REPAIRS IRR CMSE CHECK DATE: 07/21/2026 113697 DUNG PHAM, ANH 157387 07/06/2026 072126 361726 5.17 08/06/2026 INV PD UE 755010200 1256 CRYSTAL CHECK DATE: 07/21/2026 100570 DYNAMIC BRANDS LLC INV1867007 04/14/2026 072126 361727 209.00 05/14/2026 INV PD SAND BOTTLES CHECK DATE: 07/21/2026 100577 EASY PICKER GOLF PRODUCTS INC 0234007-IN 06/26/2026 072126 361728 1,079.73 07/26/2026 INV PD GOLF BASKETS & COOLERS CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 11 User: 8482nand Program ID: apinvlst Page 390 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 111282 CANNON TECHNOLOGIES INC 957873355 260021 06/25/2026 072126 361729 277.88 08/02/2026 INV PD AMI - PASSIVE ANTENNA KIT CHECK DATE: 07/21/2026 957873364 260021 06/25/2026 072126 361729 758.04 08/02/2026 INV PD AMI - PASSIVE ANTENNA KIT CHECK DATE: 07/21/2026 957914204 260058 06/30/2026 072126 361729 82,368.00 07/30/2026 INV PD WATER NODES CHECK DATE: 07/21/2026 83,403.92 113676 EBERT, MARK 157319 07/01/2026 072126 361730 28.70 08/01/2026 INV PD UE 220451620 319 WILDERNE CHECK DATE: 07/21/2026 100593 ELECTION SYSTEMS & SOFTWARE INC CD2156552 07/13/2026 072126 361731 27.33 08/12/2026 INV PD Replacement Lock for DS20 CHECK DATE: 07/21/2026 100591 ELECTRICAL PRODUCTION SERVICES INC 11088 06/25/2026 070726 361582 979.27 07/25/2026 INV PD CHRISTMAS IN MAY 1227 PAR CHECK DATE: 07/07/2026 113693 ELTON, JEFF 157338 07/01/2026 072126 361732 109.01 08/01/2026 INV PD UE 220397820 2378 MANUELA CHECK DATE: 07/21/2026 110104 RAINY FALLS VENTURES LLC 00000976 11/28/2025 070726 361583 717.00 12/28/2025 INV PD GEAR CLEANING, INTEREST CHECK DATE: 07/07/2026 00000977 11/28/2025 070726 361583 316.00 12/28/2025 INV PD GEAR CLEANING, INTEREST CHECK DATE: 07/07/2026 00001243 03/24/2026 070726 361583 1,633.98 04/23/2026 INV PD GEAR CLEANING, INTEREST CHECK DATE: 07/07/2026 2,666.98 102657 ENERGY MANAGEMENT SOLUTIONS INC 11168 07/01/2026 072126 361733 9,250.69 08/05/2026 INV PD JULY MONTHLY RETAINER CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 12 User: 8482nand Program ID: apinvlst Page 391 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 113653 EXCELSIOR APPLIANCE SALES & SERVICE INC 88471-1 06/23/2026 070726 361584 688.95 07/30/2026 INV PD CHRISTMAS IN MAY 416 W 2N CHECK DATE: 07/07/2026 111170 ELLIOTT AUTO SUPPLY CO INC 1-11850078 06/23/2026 070726 361585 821.94 07/23/2026 INV PD #2099 TRANSMISSION VALVE CHECK DATE: 07/07/2026 1-11877664 07/01/2026 070726 361585 786.33 08/01/2026 INV PD #1193 ALTERNATOR & BELT CHECK DATE: 07/07/2026 1-11890701 07/06/2026 072126 361734 -985.82 08/06/2026 CRM PD #2099 DEF TRANSMISSION VA CHECK DATE: 07/21/2026 1-11911884 07/13/2026 072126 361734 66.47 08/13/2026 INV PD #99 FUEL EVAP SOLENOID CHECK DATE: 07/21/2026 158-156904 06/25/2026 070726 361585 -230.24 07/25/2026 CRM PD #2099 CORE & VALVES RETUR CHECK DATE: 07/07/2026 231-044915 06/30/2026 072126 361734 985.82 07/30/2026 INV PD #2099 TRANSMISSION CONTRO CHECK DATE: 07/21/2026 1,444.50 113714 FAIRWAY VILLAS OF CHASKA 2016142.002 07/07/2026 072126 361735 600.00 08/07/2026 INV PD RFD DAMAGE DEPOSIT-ANNUAL CHECK DATE: 07/21/2026 110568 KIRI ANN FAUL 2750 07/08/2026 072126 361736 675.00 08/07/2026 INV PD Pre Employment Eval - Jos CHECK DATE: 07/21/2026 113660 FEHN COMPANIES INC 25520-0009-1 06/25/2026 072126 361737 243,056.55 08/14/2026 INV PD MSB-Earthwork CHECK DATE: 07/21/2026 110169 FELHABER LARSON FENLON & VOGT PA 885150 04/10/2026 072126 361738 663.00 07/13/2026 INV PD DT TH 41 PROPERTY ACQUISI CHECK DATE: 07/21/2026 888527 07/06/2026 072126 361738 2.94 08/06/2026 INV PD INTEREST ON INV 885150 CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 13 User: 8482nand Program ID: apinvlst Page 392 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 665.94 112644 FERGUSON US HOLDINGS INC 0567553 06/18/2026 070726 361586 1,445.76 07/18/2026 INV PD MARKING PAINT CHECK DATE: 07/07/2026 100655 FERRELLGAS 7780961 1133953447 05/27/2026 072126 361739 85.66 07/27/2026 INV PD PROPANE CHECK DATE: 07/21/2026 1134100924 06/17/2026 072126 361739 85.66 07/17/2026 INV PD PROPANE CHECK DATE: 07/21/2026 1134246561 07/08/2026 072126 361739 54.07 08/08/2026 INV PD PROPANE CHECK DATE: 07/21/2026 225.39 113686 FINNEY, TORI 157331 07/01/2026 072126 361740 104.22 08/01/2026 INV PD UE 30057101 515 N CEDAR S CHECK DATE: 07/21/2026 112656 FIRST DIGITAL COMMUNICATIONS LLC 01003747-1 07/01/2026 071426 361660 554.38 07/31/2026 INV PD JUL SIP PHONE BILL CHECK DATE: 07/14/2026 111488 AT&T MOBILITY NATIONAL ACCOUNTS LLC 287333620278X070326 06/25/2026 070726 361587 944.98 07/20/2026 INV PD JUN FIRSTNET MOBILE CHECK DATE: 07/07/2026 113264 JOECO SERVICE CORP Deposit-CCC 07/09/2026 072126 361741 16,145.61 08/09/2026 INV PD 50% deposit for Lobby Car CHECK DATE: 07/21/2026 113661 FOBBE ELECTRIC INC 25520-0009-1 06/25/2026 072126 361742 54,625.00 08/14/2026 INV PD MSB-Electrical CHECK DATE: 07/21/2026 111418 GOLF COMPETE INC 07-2026-73249 07/01/2026 072126 361743 2,973.12 07/31/2026 INV PD ANNUAL WEBSITE HOSTING CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 14 User: 8482nand Program ID: apinvlst Page 393 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 100693 FS3 INC 99454 06/16/2026 070726 361588 497.21 07/16/2026 INV PD MULE STRING CHECK DATE: 07/07/2026 99619 06/25/2026 070726 361588 1,745.11 07/25/2026 INV PD RING LOCKS CHECK DATE: 07/07/2026 99805 260113 07/08/2026 072126 361744 434.56 08/07/2026 INV PD 20 CONDUIT COUPLER SHUR L CHECK DATE: 07/21/2026 2,676.88 100702 GARCIA, MARELIA 157481 06/27/2026 072126 361745 49.95 08/08/2026 INV PD Reimb Donuts for KPMG CHECK DATE: 07/21/2026 110270 GARTNER REFRIGERATION INC 12455106 07/06/2026 072126 361746 2,980.00 08/06/2026 INV PD Bi-Annual Service Contrac CHECK DATE: 07/21/2026 12455111 07/06/2026 072126 361746 1,552.00 07/16/2026 INV PD Semi-Annual Refrigeration CHECK DATE: 07/21/2026 4,532.00 112160 PT INTERMEDIATE HOLDINGS IV LLC 1953810 07/06/2026 072126 361747 798.43 08/06/2026 INV PD EQUIPMENT REPAIR-ASSEMBLY CHECK DATE: 07/21/2026 6705728 05/19/2026 070726 361589 5,845.21 06/19/2026 INV PD OAK 19 OVEN REPAIRS CHECK DATE: 07/07/2026 6719658 07/13/2026 072126 361747 705.25 08/13/2026 INV PD OVEN REPAIR CHECK DATE: 07/21/2026 7,348.89 113116 GOOD FOR GARY 102026 06/22/2026 070726 361590 4,500.00 07/10/2026 INV PD Fire & Ice Band 7/10 CHECK DATE: 07/07/2026 101463 GOPHER STATE ONE CALL 6060286 06/30/2026 072126 361748 1,005.75 07/30/2026 INV PD JUNE LOCATES CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 15 User: 8482nand Program ID: apinvlst Page 394 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 100759 WW GRAINGER INC 9954164902 06/16/2026 070726 361591 268.50 07/16/2026 INV PD IRRIGATION SYS PLUMB REPA CHECK DATE: 07/07/2026 9961781698 06/23/2026 070726 361591 1,216.36 07/23/2026 INV PD PAINT CABINET CHECK DATE: 07/07/2026 9961781706 06/23/2026 070726 361591 96.31 07/23/2026 INV PD SHELF FOR PAINT CABINET CHECK DATE: 07/07/2026 1,581.17 107394 H & B SPECIALIZED PRODUCTS 25500-0009-1 06/24/2026 072126 361749 2,599.20 08/14/2026 INV PD MSB-Lockers CHECK DATE: 07/21/2026 100785 HACH COMPANY 15066704 07/01/2026 072126 361750 572.34 08/01/2026 INV PD WTP-AMMONIA CHECK DATE: 07/21/2026 113684 HALLING, ADELIA 157329 07/01/2026 072126 361751 38.02 08/01/2026 INV PD UE 10013183 110 E 1ST ST CHECK DATE: 07/21/2026 113411 TITAN SERVICES SOLUTIONS 3743 07/01/2026 072126 361752 4,030.25 07/31/2026 INV PD JUN EVENT LABOR CHECK DATE: 07/21/2026 3744 07/01/2026 072126 361752 4,330.00 07/31/2026 INV PD JUL CURL/EVENT CLEANING CHECK DATE: 07/21/2026 8,360.25 100810 HAWKINS INC 7467472 06/16/2026 070726 361592 6,823.42 07/31/2026 INV PD WTP CHEMICALS CHECK DATE: 07/07/2026 7476815 06/29/2026 070726 361592 2,073.32 08/13/2026 INV PD WTP CHEMICALS CHECK DATE: 07/07/2026 7482065 07/02/2026 072126 361753 7,624.11 08/16/2026 INV PD WTP CHEMICALS CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 16 User: 8482nand Program ID: apinvlst Page 395 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 16,520.85 100814 PATRICIA J HAYNES tnt 2026_07-09 06/22/2026 070726 361593 750.00 07/08/2026 INV PD Carver Concert in the Par CHECK DATE: 07/07/2026 110461 HEARTLAND BUSINESS SYSTEMS LLC 895328-H 06/30/2026 072126 361754 1,015.98 07/30/2026 INV PD MERAKI POE SWITCH & SUPPO CHECK DATE: 07/21/2026 113717 HECKSEL, ZACH 157562 07/01/2026 072126 361755 123.29 08/13/2026 INV PD Transportation, Mileage-G CHECK DATE: 07/21/2026 112819 MATTHEW HEGER 1389 06/26/2026 070726 361594 1,177.85 07/26/2026 INV PD June 25 Ice Cream & Suppl CHECK DATE: 07/07/2026 1390 07/03/2026 072126 361756 172.58 08/03/2026 INV PD July 2nd Ice Cream Order CHECK DATE: 07/21/2026 1391 07/10/2026 072126 361756 836.31 07/13/2026 INV PD July 9 Ice Cream Order CHECK DATE: 07/21/2026 2,186.74 104805 HELLO! BOOKING INC 156542 01/13/2026 070726 361595 4,750.00 07/10/2026 INV PD Fire & Ice Production Fin CHECK DATE: 07/07/2026 100830 HELSTROM, DEREK 157385 06/28/2026 072126 361757 130.50 07/28/2026 INV PD MILEAGE 5/15-6/28 CHECK DATE: 07/21/2026 100841 HERMANS LANDSCAPE SUPPLIES 67765/1 07/13/2026 072126 361758 160.00 08/13/2026 INV PD BLACK DIRT-PARKS CHECK DATE: 07/21/2026 100848 HIGH TECH CLEANING INC 22668 07/01/2026 072126 361759 3,392.82 08/01/2026 INV PD CITY HALL-CLEANING CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 17 User: 8482nand Program ID: apinvlst Page 396 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 22669 07/01/2026 072126 361759 535.60 08/01/2026 INV PD COMMUNITY RM-CLEANING CHECK DATE: 07/21/2026 22670 07/01/2026 072126 361759 1,251.45 08/01/2026 INV PD HISTORY CENTER-CLEANING CHECK DATE: 07/21/2026 22671 07/01/2026 072126 361759 388.56 08/01/2026 INV PD IT DEPARTMENT-CLEANING CHECK DATE: 07/21/2026 22672 07/01/2026 072126 361759 190.55 08/01/2026 INV PD STANTEC-CLEANING CHECK DATE: 07/21/2026 22673 07/01/2026 072126 361759 684.95 08/01/2026 INV PD WTP-CLEANING CHECK DATE: 07/21/2026 22674 07/01/2026 072126 361759 733.00 08/01/2026 INV PD THE LOOP-CLEANING CHECK DATE: 07/21/2026 22675 07/01/2026 072126 361759 2,603.86 08/01/2026 INV PD MSB-CLEANING CHECK DATE: 07/21/2026 22732 07/02/2026 072126 361759 12,153.00 08/02/2026 INV PD JUN PSF CLEANING CHECK DATE: 07/21/2026 22747 07/10/2026 072126 361759 207.08 08/10/2026 INV PD PAPER PRODUCTS-PSF CHECK DATE: 07/21/2026 22749 07/10/2026 072126 361759 1,104.70 08/10/2026 INV PD CLEANING SUPPLIES-CH CHECK DATE: 07/21/2026 22750 07/10/2026 072126 361759 1,006.85 08/10/2026 INV PD CLEANING SUPPLIES-MSB CHECK DATE: 07/21/2026 24,252.42 113691 HOLASEK FARMS LP 157336 07/01/2026 072126 361760 10.33 08/01/2026 INV PD UE 10000605 102 W 5TH ST CHECK DATE: 07/21/2026 107682 HUBBARD, TAYLOR 157419 06/17/2026 072126 361761 353.22 08/06/2026 INV PD MILEAGE-4/13-6/17 CHECK DATE: 07/21/2026 PAYEE: HUBBARD, TAYLOR 100890 INTERNATIONAL CITY/COUNTY MANAGEMENT ASSN (ICMA) 383985-2026 07/06/2026 072126 361762 1,200.00 07/06/2026 INV PD Matt Podhradsky Membershi CHECK DATE: 07/21/2026 104751 IMPACT MAILING OF MINNESOTA INC Report generated: 07/16/2026 14:32 Page 18 User: 8482nand Program ID: apinvlst Page 397 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 224136 07/08/2026 072126 361763 9,250.52 08/08/2026 INV PD JUN UTILITY BILLING CHECK DATE: 07/21/2026 224150 07/08/2026 072126 361763 1,775.79 08/08/2026 INV PD JUN REMINDER NOTICES CHECK DATE: 07/21/2026 224151 07/08/2026 072126 361763 721.17 08/08/2026 INV PD JUN DISCONNECT NOTICES CHECK DATE: 07/21/2026 224152 07/08/2026 072126 361763 670.37 08/08/2026 INV PD JUN FINAL BILLS CHECK DATE: 07/21/2026 12,417.85 100900 INDELCO PLASTICS CORPORATION INV0612799 05/15/2026 072126 361764 346.38 06/14/2026 INV PD WTP-CHEMICAL LINE CHECK DATE: 07/21/2026 110528 INVOICE CLOUD INC 3052-2026_6 06/30/2026 072126 361765 13,988.07 07/30/2026 INV PD JUN UB PAYMENT PROCESSING CHECK DATE: 07/21/2026 112068 I:SPACE FURNITURE INC 38366 06/24/2026 072126 361766 8,139.80 07/24/2026 INV PD Dep-Old PD New HR Space F CHECK DATE: 07/21/2026 113688 J&R LARSON GROUNDS 157333 07/01/2026 072126 361767 4,459.86 08/01/2026 INV PD UE 444445220 ENGLER BLVD CHECK DATE: 07/21/2026 113652 JEFFERY MEYER 438 06/16/2026 070726 361596 24,472.00 07/16/2026 INV PD COMM PK DUGOUT ROOFS CHECK DATE: 07/07/2026 113699 JOCOVIC, MILOVAN 157389 07/06/2026 072126 361768 42.57 08/06/2026 INV PD UE 173200680 3000 N CHEST CHECK DATE: 07/21/2026 108948 AUDRANN INC 1589985 06/29/2026 070726 361597 42.15 08/13/2026 INV PD UV LEAKSEARCH GLASSES CHECK DATE: 07/07/2026 Report generated: 07/16/2026 14:32 Page 19 User: 8482nand Program ID: apinvlst Page 398 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 113527 JOHS, LAURA 157318 07/01/2026 072126 361769 58.37 08/01/2026 INV PD UE 230041801 3300 LAKE SH CHECK DATE: 07/21/2026 113694 JOST, DAN 157339 07/01/2026 072126 361770 224.80 08/01/2026 INV PD UE 186000560 2957 IRONWOO CHECK DATE: 07/21/2026 100972 JT SERVICES OF MINNESOTA JT26-188-01 260112 07/07/2026 072126 361771 2,267.50 08/06/2026 INV PD 100 SPLICE SECONDAY 4/0 H CHECK DATE: 07/21/2026 105916 DAVID MAETZOLD 156539 06/22/2026 070726 361598 500.00 07/16/2026 INV PD Thursday Concert in the P CHECK DATE: 07/07/2026 102949 KENNEDY & GRAVEN CHARTERED 194158 07/09/2026 072126 361772 137.50 08/09/2026 INV PD JUN LEGAL-EMPLOYMENT & LA CHECK DATE: 07/21/2026 113723 KONEN HOMES INC 4945 86TH ST 07/14/2026 072126 361773 3,000.00 08/14/2026 INV PD BUILDER DEPOSIT REFUND CHECK DATE: 07/21/2026 101018 KRISS PREMIUM PRODUCTS INC 201348 06/23/2026 070726 361599 139.00 07/23/2026 INV PD Replaced probe for conden CHECK DATE: 07/07/2026 101043 LANO EQUIPMENT INC 01-1245805 06/22/2026 070726 361600 341.00 07/22/2026 INV PD #256 SKID SHOES CHECK DATE: 07/07/2026 113722 LARSON, RICH 157630 07/13/2026 072126 361774 650.00 07/20/2026 INV PD Wednesday Concert in Carv CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 20 User: 8482nand Program ID: apinvlst Page 399 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 101050 LAW ENFORCEMENT LABOR SERVICES INC Jul-26 07/10/2026 071426 361661 1,971.00 07/10/2026 INV PD Jul-26 Police Union Dues CHECK DATE: 07/14/2026 108054 LEADSONLINE LLC 426041 06/15/2026 072126 361775 5,760.00 07/15/2026 INV PD CellHawk Licenses CHECK DATE: 07/21/2026 101056 LEAGUE OF MINNESOTA CITIES 10566 07/14/2026 072126 361776 1,028.08 08/01/2026 INV PD City Truck Struck Carver CHECK DATE: 07/21/2026 101071 LENZEN CHEVROLET BUICK INC 92916 07/10/2026 072126 361777 1,236.65 08/10/2026 INV PD #720 ENGINE PARTS CHECK DATE: 07/21/2026 107984 LEXIPOL LLC INVLEX11272443 07/01/2026 072126 361778 6,406.43 07/31/2026 INV PD CFD POLICY MANUAL ANNUAL CHECK DATE: 07/21/2026 101093 LITTLE FALLS MACHINE INC 376938 06/24/2026 070726 361601 167.19 07/24/2026 INV PD HYD CYLINDER REPAIR KIT CHECK DATE: 07/07/2026 101097 LOCATORS & SUPPLIES INC 0327832-IN 06/26/2026 070726 361602 1,373.08 07/26/2026 INV PD LOCATING FLAGS CHECK DATE: 07/07/2026 110118 LOCKRIDGE GRINDAL NAUEN PLLP 124168 07/01/2026 072126 361779 3,333.33 08/08/2026 INV PD JUL LOBBYIST FOR CITY SQU CHECK DATE: 07/21/2026 113715 LORENTE GROUP LLC 280468 05/07/2026 071426 361662 923.62 06/06/2026 INV PD HOLE-IN-ONE COINS CHECK DATE: 07/14/2026 Report generated: 07/16/2026 14:32 Page 21 User: 8482nand Program ID: apinvlst Page 400 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 105139 LUBE TECH & PARTNERS LLC 4212333 07/09/2026 072126 361780 2,559.41 08/08/2026 INV PD BULK MOTOR OIL CHECK DATE: 07/21/2026 105710 MACQUEEN EMERGENCY GROUP INV4926 06/30/2026 072126 361781 52,921.90 07/30/2026 INV PD ENGINE #310 CHANGE ORDER CHECK DATE: 07/21/2026 110107 CARRIE CORLEE GOETTLICHER 71126-1 06/22/2026 070726 361603 2,646.00 06/29/2026 INV PD Fire & Ice Face Painter 7 CHECK DATE: 07/07/2026 104521 MANGOLD GROUP LLC 28282 07/01/2026 072126 361782 2,663.00 08/01/2026 INV PD MT PLEASANT JUNE MAINTENA CHECK DATE: 07/21/2026 112351 MANSFIELD SERVICE PARTNERS LLC IN-00405268 06/17/2026 070726 361604 21,955.13 07/17/2026 INV PD FUEL CHECK DATE: 07/07/2026 101168 MELCHERT HUBERT SJODIN PLLP 185803 06/25/2026 072126 361783 11,267.04 07/25/2026 INV PD JUN LEGAL CHECK DATE: 07/21/2026 101183 METROPOLITAN COUNCIL JUN 2026 SAC 06/30/2026 072126 361784 31,981.95 07/31/2026 INV PD JUN SAC CHARGES CHECK DATE: 07/21/2026 101182 METROPOLITAN COUNCIL 0001208799 07/02/2026 072126 361785 343,801.48 08/01/2026 INV PD AUG SEWER SERVICES FOR ME CHECK DATE: 07/21/2026 101187 METRO SALES INC INV3127990 07/01/2026 072126 361786 317.10 07/31/2026 INV PD Contract Invoice-PD CHECK DATE: 07/21/2026 INV3129372 07/02/2026 072126 361786 191.54 08/01/2026 INV PD Contract Invoice-PD CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 22 User: 8482nand Program ID: apinvlst Page 401 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION INV3131109 07/07/2026 072126 361786 303.07 08/06/2026 INV PD Ricoh/IM C6010 CHECK DATE: 07/21/2026 INV3135773 07/10/2026 072126 361786 172.48 08/09/2026 INV PD RICOH COPIER-CURL/EVENT C CHECK DATE: 07/21/2026 984.19 101196 MID COUNTY COOP #122622 5479 06/24/2026 070726 361605 679.25 07/31/2026 INV PD 55 GL OIL DRUM-TC CHECK DATE: 07/07/2026 85204 06/23/2026 070726 361605 1,084.02 07/31/2026 INV PD 301 GLS GAS-TC CHECK DATE: 07/07/2026 85205 06/23/2026 070726 361605 936.34 07/31/2026 INV PD 237 GLS DIESEL-TC CHECK DATE: 07/07/2026 2,699.61 101204 MIDWEST PLAYSCAPES INC 11393 03/02/2026 072126 361787 3,511.05 07/02/2026 INV PD MEADOW PK PICNIC TABLES CHECK DATE: 07/21/2026 105998 MILBANK WINWATER WORKS 203187 02 260110 07/01/2026 072126 361788 33,868.00 07/31/2026 INV PD INVENTORY-3/4" ULTRASONIC CHECK DATE: 07/21/2026 113689 MINKEL, GREG 157334 07/01/2026 072126 361789 35.33 08/01/2026 INV PD UE 70172100 1324 VALLEY S CHECK DATE: 07/21/2026 101217 MINNESOTA CHILD SUPPORT PMT CTR PR0626260015806598 06/26/2026 063026-3 361560 461.46 06/26/2026 INV PD 062626 Payroll - Child Su CHECK DATE: 06/30/2026 PR0710260015806598 07/10/2026 071426 361663 461.46 07/10/2026 INV PD 071026 Payroll - Child Su CHECK DATE: 07/14/2026 922.92 101216 MINNESOTA FIRE SERVICE CERTIFICATION BOARD 15323 03/17/2026 072126 361790 390.74 07/15/2026 INV PD FF CERT EXAMS, INTEREST CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 23 User: 8482nand Program ID: apinvlst Page 402 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 101247 MINNESOTA MUNICIPAL UTILITIES ASSN 69092 07/01/2026 070726 361606 3,462.50 07/31/2026 INV PD APPRENTICE LINEWORKERS 3Q CHECK DATE: 07/07/2026 69093 07/01/2026 070726 361606 2,565.00 07/31/2026 INV PD JOB TRAINING & SAFETY PRO CHECK DATE: 07/07/2026 69295 07/09/2026 072126 361791 150.00 08/08/2026 INV PD A.SCHMIDT KNOW ASSESSMENT CHECK DATE: 07/21/2026 6,177.50 109725 SUMMIT ORTHOPEDICS LTD 525474 05/29/2026 071426 361664 380.00 07/28/2026 INV PD MAY FEDERAL DRUG SCREENS CHECK DATE: 07/14/2026 530422 06/30/2026 071426 361664 171.00 07/28/2026 INV PD JUN FEDERAL DRUG SCREENS/ CHECK DATE: 07/14/2026 551.00 101259 MINNESOTA PIPES AND DRUMS 201908 01/20/2026 070726 361607 1,200.00 07/10/2026 INV PD Fire & Ice Bag Pipe Band CHECK DATE: 07/07/2026 101303 MN TEAMSTER PUBLIC AND LAW ENFORCEMENT Jul-26 07/10/2026 071426 361665 6,711.00 07/10/2026 INV PD Jul-26 Local #320 Union D CHECK DATE: 07/14/2026 101352 MINNESOTA TREASURY DIVISION 157687 07/15/2026 072126 361792 50.22 07/15/2026 INV PD Forfeiture Payout - ICR#2 CHECK DATE: 07/21/2026 101276 MINNESOTA VALLEY ELECTRIC COOPERATIVE 107050711/JUN26 06/29/2026 070926 361653 1,776.00 07/22/2026 INV PD JUN ST LITES-TOWN COURSE CHECK DATE: 07/09/2026 107051510/JUN26 06/22/2026 070726 361608 59.87 07/16/2026 INV PD JUN 82ND ST & HWY 41 SIGN CHECK DATE: 07/07/2026 778320601/JUN26 06/22/2026 070726 361608 219.82 07/16/2026 INV PD JUN CHEVALLE LIFT STATION CHECK DATE: 07/07/2026 778377500/JUN26 07/07/2026 071426 361666 68.16 08/02/2026 INV PD JUN 12500 COUNTY RD 11 SI CHECK DATE: 07/14/2026 Report generated: 07/16/2026 14:32 Page 24 User: 8482nand Program ID: apinvlst Page 403 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 778377800/JUN26 07/07/2026 071426 361666 53.32 08/02/2026 INV PD JUN 4250 ENGLER BLVD SIGN CHECK DATE: 07/14/2026 778377900/JUN26 07/07/2026 071426 361666 56.47 08/02/2026 INV PD JUN 4100 ENGLER BLVD SIGN CHECK DATE: 07/14/2026 780272000/JUN26 06/22/2026 070726 361608 25.15 07/16/2026 INV PD JUN CHEVALLE IRRIGATION B CHECK DATE: 07/07/2026 781385500/JUN26 07/07/2026 071426 361666 25.30 08/02/2026 INV PD JUN 4463 COUNTY RD 44 CHECK DATE: 07/14/2026 781796600/JUN26 06/22/2026 070726 361608 118.95 07/16/2026 INV PD JUN 1599 OAK CREEK PASS CHECK DATE: 07/07/2026 782103600/JUN26 07/07/2026 071426 361666 295.18 08/02/2026 INV PD JUN 4501 CREEK RD JOB TRA CHECK DATE: 07/14/2026 2,698.22 105308 MINNESOTA VALLEY UTILITY SERVICES LLC 1082530 07/06/2026 072126 361793 2,487.00 08/05/2026 INV PD MONTHLY SUBSTATION MAINTE CHECK DATE: 07/21/2026 105913 MIRACLE RECREATION EQUIPMENT COMPANY INC 904026 06/26/2026 072126 361794 2,251.11 07/26/2026 INV PD KELZER PK-REPLACEMENT SLI CHECK DATE: 07/21/2026 113118 MJ PRODUCTIONS 71026 06/22/2026 070726 361609 3,000.00 07/10/2026 INV PD Fire & Ice Band 7/10 CHECK DATE: 07/07/2026 101341 MINNESOTA DEPT OF LABOR & INDUSTRY PS2605-0016 JUN2026 06/30/2026 072126 361795 2,994.35 07/31/2026 INV PD JUN PERMIT SURCHARGES CHECK DATE: 07/21/2026 113666 MOLIN SIOUX FALLS INC 25520-0009-1 06/19/2026 072126 361796 111,625.00 08/14/2026 INV PD MSB-Precast Concrete CHECK DATE: 07/21/2026 105853 MOR GOLF AND UTILITY INC 60893 05/13/2026 072126 361797 3,974.16 08/04/2026 INV PD CART BATTERIES-LOOP CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 25 User: 8482nand Program ID: apinvlst Page 404 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 62139 06/30/2026 072126 361797 1,340.00 07/30/2026 INV PD RENTAL CARS CHECK DATE: 07/21/2026 62140 06/30/2026 072126 361797 650.00 07/30/2026 INV PD RENTAL CARS (SWCHS) CHECK DATE: 07/21/2026 62345 07/01/2026 072126 361797 461.34 08/01/2026 INV PD CART WINDSHEILD KIT CHECK DATE: 07/21/2026 6,425.50 113678 MORALES, LESTER 157322 07/01/2026 072126 361798 136.97 08/01/2026 INV PD UE 143513702 113 WATERS E CHECK DATE: 07/21/2026 113651 MAG FLCH LLC 1004878-1 06/02/2026 072126 361799 50,716.61 07/02/2026 INV PD #732 2026 CHEV SILVERADO CHECK DATE: 07/21/2026 1005206-1 06/02/2026 072126 361799 53,965.33 07/02/2026 INV PD #324 2026 CHEV SILVERADO CHECK DATE: 07/21/2026 104,681.94 101320 MORRIS ELECTRONICS INC 20481 06/08/2026 072126 361800 93.75 08/08/2026 INV PD IT CONSULTING CHECK DATE: 07/21/2026 20679 06/18/2026 072126 361800 2,024.75 08/08/2026 INV PD IT CONSULTING CHECK DATE: 07/21/2026 2,118.50 101327 MP NEXLEVEL LLC 1460466 07/13/2026 072126 361801 5,825.00 08/13/2026 INV PD Q2 FIBER LOCATING CHECK DATE: 07/21/2026 1460467 07/13/2026 072126 361801 591.30 08/13/2026 INV PD Q2 GOPHER STATE LOCATE RE CHECK DATE: 07/21/2026 6,416.30 103088 SID TOOL CO INC 52625751 06/15/2026 070726 361610 643.01 07/15/2026 INV PD SHOP STOCK-NUTS & BOLTS CHECK DATE: 07/07/2026 52625761 06/12/2026 070726 361610 40.00 07/12/2026 INV PD STOCK SCREWS CHECK DATE: 07/07/2026 Report generated: 07/16/2026 14:32 Page 26 User: 8482nand Program ID: apinvlst Page 405 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 683.01 101356 MTI DISTRIBUTING INC #31380 1515420-01 07/01/2026 072126 361802 282.24 08/01/2026 INV PD #255 LAWN MOWER DECK BELT CHECK DATE: 07/21/2026 1526961-00 06/25/2026 070726 361611 595.02 07/25/2026 INV PD #260 MOWER DECK SPINDLE CHECK DATE: 07/07/2026 1526969-00 06/25/2026 070726 361611 184.91 07/25/2026 INV PD #260 & #236 MOWER DECK BE CHECK DATE: 07/07/2026 1527823-00 06/30/2026 070726 361611 26.59 07/30/2026 INV PD #239 MOWER DECK PARTS CHECK DATE: 07/07/2026 1528526-00 07/10/2026 072126 361802 335.36 08/10/2026 INV PD #247 SPREADER SPINNER SPO CHECK DATE: 07/21/2026 1,424.12 101354 MTI DISTRIBUTING INC #700767 1527341-00 06/29/2026 070726 361612 547.84 07/29/2026 INV PD TIRE & RIM FOR WORKMAN CHECK DATE: 07/07/2026 1527631-00 06/30/2026 070726 361612 321.88 07/30/2026 INV PD BATTERY FOR 3500 MOWER CHECK DATE: 07/07/2026 1527709-00 06/30/2026 070726 361612 321.88 07/30/2026 INV PD BATTERY FOR 3500 MOWER CHECK DATE: 07/07/2026 1,191.60 113704 MUELLER, KATIE 157394 07/06/2026 072126 361803 204.39 08/06/2026 INV PD UE 173300298 1130 HAZELTI CHECK DATE: 07/21/2026 106657 MUNICIPAL ASSET MANAGEMENT INC 01132022M55 05/26/2026 070226 361563 4,983.31 07/13/2026 INV PD CCC FITNESS EQUIP LEASE P CHECK DATE: 07/02/2026 01132022M56 06/23/2026 070726 361613 4,983.31 08/13/2026 INV PD CCC FITNESS EQUIP LEASE P CHECK DATE: 07/07/2026 01132022M57 06/23/2026 070726 361613 4,983.31 08/24/2026 INV PD CCC FITNESS EQUIP LEASE P CHECK DATE: 07/07/2026 01132022M58 06/23/2026 070726 361613 4,983.31 08/24/2026 INV PD CCC FITNESS EQUIP LEASE P CHECK DATE: 07/07/2026 Report generated: 07/16/2026 14:32 Page 27 User: 8482nand Program ID: apinvlst Page 406 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 01132022M59 06/23/2026 070726 361613 4,983.31 08/24/2026 INV PD CCC FITNESS EQUIP LEASE P CHECK DATE: 07/07/2026 24,916.55 103868 MUNICIPAL BUILDERS INC WELLS 11&12 PUMP-6 07/01/2026 072126 361804 119,072.23 08/02/2026 INV PD WELLS 11 & 12 PUMPING FAC CHECK DATE: 07/21/2026 101365 STAR GROUP LLC 4472/JUN2026 06/30/2026 070926 361654 4,441.90 07/10/2026 INV PD JUN PARTS & SUPPLIES CHECK DATE: 07/09/2026 101367 NARDINI FIRE EQUIPMENT CO INC IVN00387041 06/29/2026 072126 361805 813.75 07/29/2026 INV PD Data Center Fire Sys Insp CHECK DATE: 07/21/2026 113683 NASBY, PAUL 157328 07/01/2026 072126 361806 145.08 08/01/2026 INV PD UE 10008404 120 N PINE ST CHECK DATE: 07/21/2026 112106 COMMITTEE FOR DEMOCRATIC REPUBLICAN INDEPENDENT Jul-26 07/10/2026 071426 361667 4.00 07/10/2026 INV PD Jul-26 D.R.I.V.E. Contrib CHECK DATE: 07/14/2026 104907 NATIONAL GOLF GRAPHICS LLC 16896 07/08/2026 072126 361807 1,035.00 08/08/2026 INV PD HOLE-IN-ONE FLAGS CHECK DATE: 07/21/2026 113695 NAVARRETE, RUTH 157340 07/01/2026 072126 361808 72.86 08/01/2026 INV PD UE 157000515 325 ENGLER B CHECK DATE: 07/21/2026 113700 NELSON, PHILIP 157390 07/06/2026 072126 361809 102.54 08/06/2026 INV PD UE 157000265 325 ENGLER B CHECK DATE: 07/21/2026 113701 NELSON, ROGER A Report generated: 07/16/2026 14:32 Page 28 User: 8482nand Program ID: apinvlst Page 407 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 157391 07/06/2026 072126 361810 107.35 08/06/2026 INV PD UE 359000760 1600 CLOVER CHECK DATE: 07/21/2026 113706 NERY, VICTOR 157396 07/06/2026 072126 361811 101.19 08/06/2026 INV PD UE 550301580 4000 SPRINGS CHECK DATE: 07/21/2026 113720 NIX, MARIAH 157610 07/14/2026 072126 361812 123.32 08/14/2026 INV PD UE 550300320 7000 SPRINGS CHECK DATE: 07/21/2026 102654 NORTH AMERICAN SAFETY INC INV110388 06/30/2026 070726 361614 726.00 07/30/2026 INV PD STORM LOCATING PAINT CHECK DATE: 07/07/2026 101409 BIESANZ CHEMICALS INC 15441 06/25/2026 070726 361615 1,038.92 07/25/2026 INV PD Floor stripper & Floor Fi CHECK DATE: 07/07/2026 113739 O-SUN COMPANY 9554 07/14/2026 072126 361813 63.39 08/14/2026 INV PD Boot Polish for Polish Ma CHECK DATE: 07/21/2026 110570 ODP BUSINESS SOLUTIONS LLC 474648831001 07/07/2026 072126 361814 46.87 08/07/2026 INV PD Writing Pads CHECK DATE: 07/21/2026 112748 OERTEL ARCHITECTS LTD 25-07.15 07/10/2026 072126 361815 28,250.00 08/09/2026 INV PD Invoice 15 Chaska Municip CHECK DATE: 07/21/2026 101465 ON SITE SANITATION INC 0002096467 07/04/2026 072126 361816 178.00 08/03/2026 INV PD TOWN COURSE MAINTENANCE CHECK DATE: 07/21/2026 0002096468 07/04/2026 072126 361816 146.00 08/03/2026 INV PD CLOVER RIDGE SOCCER FIELD CHECK DATE: 07/21/2026 0002096469 07/04/2026 072126 361816 146.00 08/03/2026 INV PD SUNSET PARK Report generated: 07/16/2026 14:32 Page 29 User: 8482nand Program ID: apinvlst Page 408 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION CHECK DATE: 07/21/2026 0002096470 07/04/2026 072126 361816 146.00 08/03/2026 INV PD CITY SQUARE PK-FARMERS MA CHECK DATE: 07/21/2026 0002096471 07/04/2026 072126 361816 178.00 08/04/2026 INV PD TOWN COURSE CHECK DATE: 07/21/2026 0002096472 07/04/2026 072126 361816 146.00 08/03/2026 INV PD CITY SQUARE PK-FARMS MARK CHECK DATE: 07/21/2026 940.00 101510 PERFORMANCE PLUS LLC 05122111 06/30/2026 072126 361817 658.00 07/30/2026 INV PD FF HEALTH ASSESSEMENT CHECK DATE: 07/21/2026 05122114 06/30/2026 072126 361817 658.00 07/30/2026 INV PD FF HEALTH ASSESSMENT CHECK DATE: 07/21/2026 05122136 07/07/2026 072126 361817 726.00 08/06/2026 INV PD MEDICAL SCREENING FOR NEW CHECK DATE: 07/21/2026 07072043 07/10/2026 072126 361817 727.00 08/09/2026 INV PD MEDICAL SCREENING-NEW FF CHECK DATE: 07/21/2026 2,769.00 113687 PH BUSINESS SYSTEMS INC 157332 07/01/2026 072126 361818 29.36 08/01/2026 INV PD UE 350032565 1981 CLOVER CHECK DATE: 07/21/2026 108000 DAKOTA CURLING SUPPLIES 482355 07/06/2026 072126 361819 75.00 08/07/2026 INV PD BRIDLE FOR SHAVING BLADES CHECK DATE: 07/21/2026 101530 PING INC 2610052374 06/23/2026 072126 361820 197.60 08/24/2026 INV PD RESALE CHECK DATE: 07/21/2026 2610068948 06/30/2026 072126 361820 114.24 08/31/2026 INV PD RESALE CHECK DATE: 07/21/2026 311.84 111795 PIONEER PHOTOGRAPHY AND SERVICES INC 157468 07/01/2026 072126 361821 500.00 08/08/2026 INV PD America 250 presentation CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 30 User: 8482nand Program ID: apinvlst Page 409 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 101525 THE PITNEY BOWES BANK INC 157270 06/22/2026 070726 361616 200.00 07/19/2026 INV PD Postage-PD CHECK DATE: 07/07/2026 101539 PLAISTED COMPANIES INC 12543 06/27/2026 072126 361822 1,279.76 07/27/2026 INV PD TOPDRESSING SAND CHECK DATE: 07/21/2026 12544 06/27/2026 072126 361822 1,221.91 07/27/2026 INV PD BUNKER SAND CHECK DATE: 07/21/2026 2,501.67 101557 POWER SYSTEM ENGINEERING INC 9064626 07/06/2026 072126 361823 9,635.00 08/06/2026 INV PD WO# 15687 MRS BRKR ADD'N CHECK DATE: 07/21/2026 9064627 07/06/2026 072126 361823 587.50 08/06/2026 INV PD WO# 20878 WEST CRK SUB EX CHECK DATE: 07/21/2026 9064665 07/07/2026 072126 361823 2,430.00 08/08/2026 INV PD AMI CONTRACT NEGOTIATIONS CHECK DATE: 07/21/2026 9064816 07/08/2026 072126 361823 977.00 08/08/2026 INV PD GENERAL ENGINEERING - JUN CHECK DATE: 07/21/2026 13,629.50 101556 DE VAULT ELECTRIC PRODUCTS CO 79154 06/10/2026 070726 361617 1,277.00 07/10/2026 INV PD CABLE & SOUNDER FOR WELLS CHECK DATE: 07/07/2026 101571 PREMIUM WATERS INC 417080-06-26 06/30/2026 072126 361824 120.72 07/30/2026 INV PD CLUBHOUSE WATER CHECK DATE: 07/21/2026 101581 PROMOTION SELECT 12462 06/24/2026 070726 361618 1,006.13 07/24/2026 INV PD F&I Bonspiel gifts, Park& CHECK DATE: 07/07/2026 113708 QUICK, JAIME 157398 07/06/2026 072126 361825 38.50 08/06/2026 INV PD UE 610003240 3747 TERRA V Report generated: 07/16/2026 14:32 Page 31 User: 8482nand Program ID: apinvlst Page 410 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION CHECK DATE: 07/21/2026 107855 STAPLES INC 49306816 06/17/2026 070726 361619 22.76 07/17/2026 INV PD CLIPBOARDS CHECK DATE: 07/07/2026 49424795 06/29/2026 072126 361827 6.45 07/29/2026 INV PD EXPO MARKERS CHECK DATE: 07/21/2026 49440703 06/30/2026 072126 361827 35.46 07/30/2026 INV PD CALCULATORS CHECK DATE: 07/21/2026 49577293 07/14/2026 072126 361826 73.58 08/13/2026 INV PD Deposit Ticket Books CHECK DATE: 07/21/2026 138.25 113718 RAPP STRATEGIES INC 2866 06/30/2026 072126 361828 7,500.00 07/30/2026 INV PD Kickoff mtg for CCC logo/ CHECK DATE: 07/21/2026 111900 SCP DISTRIBUTORS LLC 544683 07/03/2026 072126 361829 39.50 08/03/2026 INV PD Parts for Hot Spa recircu CHECK DATE: 07/21/2026 113692 RECTOR, ALLEN 157337 07/01/2026 072126 361830 8.81 08/01/2026 INV PD UE 155005680 260 LIBERTY CHECK DATE: 07/21/2026 101631 REINDERS INC 3413654-00 07/06/2026 072126 361831 5,521.07 08/05/2026 INV PD FERTILIZER CHECK DATE: 07/21/2026 110789 JOBS FOUNDATION 38519-01 06/25/2026 072126 361832 775.88 07/25/2026 INV PD ELECTRONICS RECYCLING CHECK DATE: 07/21/2026 107697 RIVERS EDGE CONCRETE LLC 8120994 06/15/2026 070726 361620 665.50 07/15/2026 INV PD CURB POUR WM BREAK EITEL CHECK DATE: 07/07/2026 8123310 06/16/2026 072126 361833 867.50 07/17/2026 INV PD BLUFF PK SIDEWALK/CURB Report generated: 07/16/2026 14:32 Page 32 User: 8482nand Program ID: apinvlst Page 411 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION CHECK DATE: 07/21/2026 1,533.00 109193 RJM CONSTRUCTION LLC 2552000093 06/30/2026 072126 361834 466,479.92 08/14/2026 INV PD Municipal Services Buildi CHECK DATE: 07/21/2026 110677 HAJOCA CORPORATION S023703887.001 06/29/2026 072126 361835 185.00 07/29/2026 INV PD HVAC REFRIGERANT CHECK DATE: 07/21/2026 111835 ROK BROTHERS INC INV218811 05/21/2026 072126 361836 399.80 07/31/2026 INV PD WATER BOOSTER CRADLEPOINT CHECK DATE: 07/21/2026 INV218812 05/21/2026 072126 361836 1,385.02 07/31/2026 INV PD AMI CRADLEPOINTS RENEWAL CHECK DATE: 07/21/2026 INV218813 05/21/2026 072126 361836 8,188.76 07/31/2026 INV PD POLICE CRADLEPOINT SUBSCR CHECK DATE: 07/21/2026 9,973.58 113645 ROLLING STONERS LLC 156658 10/21/2025 070726 361621 4,000.00 07/06/2026 INV PD Fire and Ice Band 7/11 CHECK DATE: 07/07/2026 112477 ROTH STAFFING COMPANIES LP 16410020 06/26/2026 070726 361622 1,984.50 07/26/2026 INV PD HR Temp-Closset w/e 6/21/ CHECK DATE: 07/07/2026 16412423 07/03/2026 070926 361655 1,997.10 08/02/2026 INV PD HR Temp-Closset w/e 6/28/ CHECK DATE: 07/09/2026 16414811 07/10/2026 072126 361837 1,842.75 08/09/2026 INV PD HR Temp-Closset w/e 7/5/2 CHECK DATE: 07/21/2026 5,824.35 113529 ROUSAN, BRAYDEN 157320 07/01/2026 072126 361838 192.85 08/01/2026 INV PD UE 132115501 2222 KESSLER CHECK DATE: 07/21/2026 113709 RUOHO, ELLA Report generated: 07/16/2026 14:32 Page 33 User: 8482nand Program ID: apinvlst Page 412 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 157399 07/06/2026 072126 361839 14.53 08/06/2026 INV PD UE 550301530 4000 SPRINGS CHECK DATE: 07/21/2026 100574 SAFETY SIGNS 0143366-IN 07/08/2026 072126 361840 3,688.40 08/07/2026 INV PD SIGN POSTS/BAVARIA RD CHECK DATE: 07/21/2026 101699 SAFETY-KLEEN SYSTEMS INC 100140578 07/02/2026 072126 361841 498.37 08/02/2026 INV PD PARTS WASHER SOLVENT CHECK DATE: 07/21/2026 101703 SALVATION ARMY JUNE/26 HS 06/30/2026 072126 361842 105.00 07/31/2026 INV PD JUN HEAT SHARE CONTRIBUTI CHECK DATE: 07/21/2026 107219 SAFETY AND SECURITY CONSULTATION SPECIALISTS LLC 6061 04/16/2026 072126 361843 771.40 07/15/2026 INV PD FIRE SCHOOL IN CRYSTAL LA CHECK DATE: 07/21/2026 113690 SCHANTNER, AARON 157335 07/01/2026 072126 361844 36.17 08/01/2026 INV PD UE 60113302 947 STOUGHTON CHECK DATE: 07/21/2026 101738 SCHILLING SUPPLY COMPANY 1057874-00 06/29/2026 070726 361623 2,816.28 07/29/2026 INV PD Cleaning Supplies-CCC CHECK DATE: 07/07/2026 113721 SCHROEDER, ERIC 157611 07/14/2026 072126 361845 107.73 08/14/2026 INV PD UE 550300250 7000 SPRINGS CHECK DATE: 07/21/2026 113595 SCHWICHTENBERG, ASHLEY 157325 07/01/2026 072126 361846 66.47 08/01/2026 INV PD UE 359003610 3200 CLOVER CHECK DATE: 07/21/2026 101744 SCOTT COUNTY TREASURER Report generated: 07/16/2026 14:32 Page 34 User: 8482nand Program ID: apinvlst Page 413 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION CI-000000921 05/19/2026 072126 361847 2,125.00 07/30/2026 INV PD FIRE TRAINING FACILITY RE CHECK DATE: 07/21/2026 101750 SECURITY BANK & TRUST CO 2026/08/01 DS 07/07/2026 070726-4 361652 217,200.00 07/07/2026 INV PD 2025A 8/1/26 DS PMT SECUR CHECK DATE: 07/07/2026 113696 SEVERINSON, SCOTT 157341 07/01/2026 072126 361848 128.04 08/01/2026 INV PD UE 173300334 1130 HAZELTI CHECK DATE: 07/21/2026 104827 ROHN INDUSTRIES 0075322 07/06/2026 072126 361849 54.45 08/06/2026 INV PD Service Security Consoles CHECK DATE: 07/21/2026 101789 HYDES GROUP INC F52927 06/17/2026 072126 361850 750.00 07/17/2026 INV PD Office Door Signs CHECK DATE: 07/21/2026 112912 WEB MARKETING GROUP INC 26-4096 06/03/2026 070726 361624 828.33 07/24/2026 INV PD Graphics - Five-O Trailer CHECK DATE: 07/07/2026 104547 SITEONE LANDSCAPE SUPPLY HOLDING LLC 167914158-001 06/22/2026 070726 361625 133.76 07/22/2026 INV PD LANDSCAPE SUPPLIES FOR PA CHECK DATE: 07/07/2026 167968582-001 06/23/2026 070726 361625 177.15 07/23/2026 INV PD IRRIGATION SUPPLIES CHECK DATE: 07/07/2026 167996612-001 06/24/2026 070726 361625 133.95 07/24/2026 INV PD IRRIGATION SUPPLIES CHECK DATE: 07/07/2026 168242898-001 06/30/2026 072126 361851 319.95 07/30/2026 INV PD IRRIGATION SUPPLIES CHECK DATE: 07/21/2026 168303134-001 07/01/2026 072126 361851 1,754.53 08/15/2026 INV PD IRRIGATION SUPPLIES CHECK DATE: 07/21/2026 168430838-001 07/06/2026 072126 361851 86.08 08/15/2026 INV PD IRRIGATION SUPPLIES CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 35 User: 8482nand Program ID: apinvlst Page 414 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 2,605.42 113682 SMALLEY, JACQUELINE 157327 07/01/2026 072126 361852 90.09 08/01/2026 INV PD UE 173200540 3000 N CHEST CHECK DATE: 07/21/2026 113712 SMITH, LAURA 157402 07/06/2026 072126 361853 69.53 08/06/2026 INV PD UE 91264005 305 CROSSTOWN CHECK DATE: 07/21/2026 107195 SOCIAL INDOOR LLC 11737 07/10/2026 072126 361854 1,000.00 08/09/2026 INV PD JUL TC ADVERTISING CHECK DATE: 07/21/2026 101816 SONUS INTERIORS INC 417553 06/24/2026 072126 361855 1,000.00 07/24/2026 INV PD Records Window Treatment CHECK DATE: 07/21/2026 113650 ELSA NECHAS 001885 06/21/2026 070726 361626 2,500.00 07/21/2026 INV PD F&I T-shirts for Bonspiel CHECK DATE: 07/07/2026 113656 SPOTS LAST STOP INC 26-004 07/01/2026 072126 361856 600.00 08/01/2026 INV PD June Animal Control Prora CHECK DATE: 07/21/2026 101847 SRF CONSULTING GROUP INC 20540.00-1 06/30/2026 072126 361857 254.93 07/30/2026 INV PD Relocation Services for t CHECK DATE: 07/21/2026 113679 STANCHFIELD, PAM 157323 07/01/2026 072126 361858 107.94 08/01/2026 INV PD UE 230038608 3407 LAKE SH CHECK DATE: 07/21/2026 101861 STATE SUPPLY COMPANY 743724 06/26/2026 070726 361627 1,905.75 07/26/2026 INV PD AHU 1 PUMP REPAIR CHECK DATE: 07/07/2026 Report generated: 07/16/2026 14:32 Page 36 User: 8482nand Program ID: apinvlst Page 415 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 113681 STEEN, SPENCER 157326 07/01/2026 072126 361859 109.26 08/01/2026 INV PD UE 173300427 1130 HAZELTI CHECK DATE: 07/21/2026 101888 STREICHER'S INC I1832964 06/17/2026 070726 361628 3,500.00 07/17/2026 INV PD Sights and Slings - PS$ CHECK DATE: 07/07/2026 I1833223 06/18/2026 070726 361628 1,946.00 07/18/2026 INV PD Weapon Lights - PS$ CHECK DATE: 07/07/2026 I1834615 06/26/2026 070726 361628 147.98 07/26/2026 INV PD Meyer Uniform - Vest CHECK DATE: 07/07/2026 I1836027 07/07/2026 072126 361860 2,026.00 08/07/2026 INV PD George Uniform - Vest CHECK DATE: 07/21/2026 I1837123 07/13/2026 072126 361860 250.00 08/13/2026 INV PD Department Patches CHECK DATE: 07/21/2026 7,869.98 101892 STUART C IRBY CO S014557166.001 260098 06/23/2026 070726 361629 26,024.74 07/23/2026 INV PD 5536' COND UD ALUM 1/0 SO CHECK DATE: 07/07/2026 S014557179.001 260099 06/23/2026 070726 361629 26,071.75 07/23/2026 INV PD 5546' COND UD ALUM 1/0 SO CHECK DATE: 07/07/2026 S014557181.001 260100 06/23/2026 070726 361629 26,217.48 07/25/2026 INV PD 5,577' COND UD ALUM 1/0 S CHECK DATE: 07/07/2026 S014583350.001 260103 06/23/2026 070726 361629 24,821.28 07/23/2026 INV PD 5280' COND UD ALUM 1/0 SO CHECK DATE: 07/07/2026 S014583357.001 260104 06/23/2026 070726 361629 24,821.28 07/23/2026 INV PD 5280' COND UD ALUM 1/0 SO CHECK DATE: 07/07/2026 S014583359.001 260105 06/23/2026 070726 361629 24,821.28 07/23/2026 INV PD 5280' COND UD ALUM 1/0 SO CHECK DATE: 07/07/2026 S014583360.001 260101 06/23/2026 070726 361629 27,152.98 07/23/2026 INV PD 5776' COND UD ALUM 1/0 SO CHECK DATE: 07/07/2026 S014583361.001 260102 06/23/2026 070726 361629 26,438.42 07/23/2026 INV PD 5624' COND UD ALUM 1/0 SO CHECK DATE: 07/07/2026 S014641158.001 260115 07/08/2026 072126 361861 3,900.00 08/13/2026 INV PD 25 TRANS GRND SLEEVES, 30 CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 37 User: 8482nand Program ID: apinvlst Page 416 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION S014644082.001 260115 07/08/2026 072126 361861 9,000.00 08/07/2026 INV PD 25 TRANS GRND SLEEVES, 30 CHECK DATE: 07/21/2026 219,269.21 113707 STUART, ALEXANDER 157397 07/06/2026 072126 361862 175.50 08/06/2026 INV PD UE 359003340 3200 CLOVER CHECK DATE: 07/21/2026 103677 SUN LIFE ASSURANCE COMPANY OF CANADA 237741/JUN2026 06/01/2026 063026-3 361561 6,610.09 06/30/2026 INV PD JUN EMP LIFE INS PREM CHECK DATE: 06/30/2026 106847 SWANNIES GOLF APPAREL CO 736553 06/30/2026 072126 361863 5,621.50 07/30/2026 INV PD RESALE CHECK DATE: 07/21/2026 109005 SYLVA CORPORATION INC 98704 07/01/2026 072126 361864 2,547.90 08/01/2026 INV PD WOOD FIBER-PLAYGROUNDS CHECK DATE: 07/21/2026 113670 SCHERBER ROLL OFFS LLC 25520-0009-1 06/26/2026 072126 361865 242,250.00 08/14/2026 INV PD MSB-Utilities CHECK DATE: 07/21/2026 105997 TARGETSOLUTIONS LEARNING LLC INV141864 07/01/2026 070726 361630 1,837.50 07/31/2026 INV PD FTO Software CHECK DATE: 07/07/2026 101932 TAYLOR MADE GOLF CO INC 39360048 07/14/2026 072126 361866 284.06 08/13/2026 INV PD RESALE CHECK DATE: 07/21/2026 112547 TEREX GLOBAL GMBH 7674356 06/17/2026 070726 361631 5,411.99 07/17/2026 INV PD #704 AERIAL BOOM REPAIR CHECK DATE: 07/07/2026 112419 TEST RIGHT LLC Report generated: 07/16/2026 14:32 Page 38 User: 8482nand Program ID: apinvlst Page 417 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 1818 07/09/2026 072126 361867 548.75 08/09/2026 INV PD RUBBER GLOVE & SLEEVE TES CHECK DATE: 07/21/2026 103810 TARA ALISON BRUESKE 0126 04/13/2026 070726 361632 600.00 07/16/2026 INV PD Thursday Concert in the P CHECK DATE: 07/07/2026 101950 JM ACQUISITION LLC S436196-IN 06/03/2026 070226 361564 294.60 07/03/2026 INV PD FERTILIZER FOR FLOWERS CHECK DATE: 07/02/2026 101966 TK ELEVATOR CORPORATION 3009638441 07/01/2026 072126 361868 1,245.78 08/01/2026 INV PD Q3 CCC Elevator Service C CHECK DATE: 07/21/2026 112486 TOKACH, KORA 156692 06/11/2026 070726 361633 24.37 07/11/2026 INV PD Mileage-NorthStar Payroll CHECK DATE: 07/07/2026 110934 THE TORO COMPANY 413468893 07/01/2026 072126 361869 220.00 07/31/2026 INV PD JUL LOOP NSN IRRIGATION CHECK DATE: 07/21/2026 111758 TOUCHPOINT LOGIC LLC 5507 07/08/2026 072126 361870 300.00 08/08/2026 INV PD Fix microphone, server is CHECK DATE: 07/21/2026 113711 TRICHIE, CAMILLE 157401 07/06/2026 072126 361871 6.76 08/06/2026 INV PD UE 80206944 1008 YELLOW B CHECK DATE: 07/21/2026 102027 TWIN CITIES & WESTERN RAILROAD CO M901016-IN 06/30/2026 072126 361872 1,153.98 08/07/2026 INV PD WATERMAIN RXR CROSSING ~ CHECK DATE: 07/21/2026 110063 TWIN CITY MECHANICAL INC 00028779 06/23/2026 070726 361634 625.00 07/23/2026 INV PD FD ICE MACHINE MAINTENANC Report generated: 07/16/2026 14:32 Page 39 User: 8482nand Program ID: apinvlst Page 418 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION CHECK DATE: 07/07/2026 102028 TWIN CITY WATER CLINIC INC 25512 07/02/2026 072126 361873 390.00 08/01/2026 INV PD WTP-JUNE SAMPLES CHECK DATE: 07/21/2026 110053 TX CHILD SUPPORT SDU PR0062626-0012725283 06/26/2026 063026-3 361562 115.38 06/26/2026 INV PD 062626 Payroll - Child Su CHECK DATE: 06/30/2026 PR0071026-0012725283 07/10/2026 071426 361668 115.38 07/10/2026 INV PD 071026 Payroll - Child Su CHECK DATE: 07/14/2026 230.76 104522 US FOODS INC 5666638 06/26/2026 070726 361635 615.55 07/27/2026 INV PD TOWELS, SOAP, TP CHECK DATE: 07/07/2026 5863346 07/03/2026 072126 361874 520.77 08/02/2026 INV PD TOWELS, SOAP, TP CHECK DATE: 07/21/2026 1,136.32 107687 UNIVERSAL PROTECTION SERVICE LP 18596336 06/11/2026 070726 361636 234.00 07/11/2026 INV PD Event Ctr Security 6/5-6/ CHECK DATE: 07/07/2026 18614695 06/18/2026 070726 361636 487.50 07/18/2026 INV PD Event Ctr Security 6/12-6 CHECK DATE: 07/07/2026 18650764 06/25/2026 072126 361875 351.00 07/25/2026 INV PD Event Ctr Security 6/19-6 CHECK DATE: 07/21/2026 1,072.50 113685 VEMMULLY MUSAFFI, SUDHEERBABU 157330 07/01/2026 072126 361876 73.03 08/01/2026 INV PD UE 550300800 5000 SPRINGS CHECK DATE: 07/21/2026 113702 VEREMCHUCK, MAKSYM 157392 07/06/2026 072126 361877 49.50 08/06/2026 INV PD UE 350033895 1984 CLOVER CHECK DATE: 07/21/2026 102102 VERIZON WIRELESS Report generated: 07/16/2026 14:32 Page 40 User: 8482nand Program ID: apinvlst Page 419 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 6146718241 06/21/2026 070726-2 361651 10,017.62 07/13/2026 INV PD JUL PHONE SERVICE CHECK DATE: 07/07/2026 102104 VESSCO INC 101376 06/16/2026 070726 361637 789.20 07/16/2026 INV PD WTP-FOR CHEM PUMPS CHECK DATE: 07/07/2026 101572 07/09/2026 072126 361878 206.16 08/09/2026 INV PD WTP-CHLORINE TESTING CHECK DATE: 07/21/2026 995.36 113713 VOYAGEUR SAUNAS 157403 07/06/2026 072126 361879 295.67 08/06/2026 INV PD UE 266602060 3740 CHESTNU CHECK DATE: 07/21/2026 102227 ONVOY LLC 383007009486260701 07/01/2026 070926 361656 812.00 07/25/2026 INV PD JUL CITY HALL ETHERNET CHECK DATE: 07/09/2026 105146 ECM PUBLISHERS INC 1104699 06/25/2026 070726 361638 270.10 07/25/2026 INV PD BIG WOODS BUSINESS PARK Z CHECK DATE: 07/07/2026 1104700 06/25/2026 070726 361638 73.80 07/25/2026 INV PD 3700 CHASKA BLVD-CUP ADDI CHECK DATE: 07/07/2026 1104701 06/25/2026 070726 361638 73.80 07/25/2026 INV PD PROP DEV E OF CARLSON BLU CHECK DATE: 07/07/2026 1105640 07/02/2026 072126 361880 147.60 07/15/2026 INV PD AFFIDAVITS OF CANDIDACY CHECK DATE: 07/21/2026 565.30 111278 WAGGLE GOLF LLC 417522 07/10/2026 072126 361881 960.00 08/09/2026 INV PD RESALE CHECK DATE: 07/21/2026 102133 WAGNER PRESS & GRAPHICS 39507 06/26/2026 072126 361882 501.29 07/26/2026 INV PD POST CARD MAILING-BAVARIA CHECK DATE: 07/21/2026 39514 06/29/2026 070726 361639 190.00 07/29/2026 INV PD E-Bike Warning Tags Report generated: 07/16/2026 14:32 Page 41 User: 8482nand Program ID: apinvlst Page 420 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION CHECK DATE: 07/07/2026 39524 06/29/2026 072126 361882 711.00 07/19/2026 INV PD Change of Occupant Meter CHECK DATE: 07/21/2026 39535 06/30/2026 072126 361882 266.00 07/30/2026 INV PD WATER NOTICE/DOOR HANGERS CHECK DATE: 07/21/2026 1,668.29 113677 WEBER, CHARLES 157321 07/01/2026 072126 361883 9.60 08/01/2026 INV PD UE 132129602 2244 KESSLER CHECK DATE: 07/21/2026 102166 WESCO DISTRIBUTION INC 714203 260107 06/30/2026 072126 361884 3,754.34 08/06/2026 INV PD 108-CONECT PED 6COV, 59 C CHECK DATE: 07/21/2026 716036 260109 07/03/2026 072126 361884 628.26 08/07/2026 INV PD 37 CONNECT TRANS 8 5/8 BA CHECK DATE: 07/21/2026 718080 260116 07/09/2026 072126 361884 2,332.14 08/13/2026 INV PD 6 ELBOW 3WAY FEED THRU 60 CHECK DATE: 07/21/2026 6,714.74 102174 WHEELER HARDWARE COMPANY SPI169789 06/30/2026 070726 361640 4,069.14 07/30/2026 INV PD RE-KEY OLD PD CHECK DATE: 07/07/2026 113119 JEREMIAH NORMAN 156530 06/22/2026 070726 361641 3,400.00 07/11/2026 INV PD Fire & Ice Band Sat 7/11 CHECK DATE: 07/07/2026 106951 WILLIAM E YOUNG CO 23581 06/17/2026 070726 361642 133.50 07/17/2026 INV PD RECYCLE METER CHECK DATE: 07/07/2026 102190 WILSONS NURSERY LLC 156420 06/12/2026 072126 361885 -225.00 07/12/2026 CRM PD CREDIT-DELIVERY OF TREES CHECK DATE: 07/21/2026 34303 05/21/2026 072126 361885 663.84 07/21/2026 INV PD VETERAN'S PK PLANTS CHECK DATE: 07/21/2026 Report generated: 07/16/2026 14:32 Page 42 User: 8482nand Program ID: apinvlst Page 421 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 438.84 102196 WINTER EQUIPMENT COMPANY INCORPORATED IV69151 06/26/2026 070726 361643 59.31 07/26/2026 INV PD CURB RUNNER HARDWARE CHECK DATE: 07/07/2026 102189 WM MUELLER & SONS 324505 06/16/2026 070726 361644 263.50 07/16/2026 INV PD POTHOLE PATCHING CHECK DATE: 07/07/2026 324626 06/18/2026 070726 361644 388.59 07/18/2026 INV PD POTHOLE PATCHING CHECK DATE: 07/07/2026 324732 06/22/2026 070726 361644 973.97 07/22/2026 INV PD POTHOLE PATCHING/WM EITEL CHECK DATE: 07/07/2026 324803 06/23/2026 070726 361644 276.64 07/23/2026 INV PD POTHOLE PATCHING CHECK DATE: 07/07/2026 324870 06/24/2026 070726 361644 37.35 07/24/2026 INV PD WO#611 FILL FOR DIRECTION CHECK DATE: 07/07/2026 325003 06/26/2026 070726 361644 134.68 07/26/2026 INV PD POTHOLE PATCHING CHECK DATE: 07/07/2026 325068 06/29/2026 070726 361644 200.00 07/29/2026 INV PD VACTOR DUMPING BAVARIA & CHECK DATE: 07/07/2026 325389 07/08/2026 072126 361886 205.20 08/07/2026 INV PD VILLAGE RD PATCHING CHECK DATE: 07/21/2026 325433 07/09/2026 072126 361886 509.15 08/08/2026 INV PD POTHOLE PATCHING-VILLAGE CHECK DATE: 07/21/2026 325510 07/10/2026 072126 361886 605.72 08/09/2026 INV PD PATCHING-HOWARD LN TRAIL CHECK DATE: 07/21/2026 3,594.80 477 INVOICES 3,214,844.43 ** END OF REPORT - Generated by Nayrobi Andrie ** Report generated: 07/16/2026 14:32 Page 43 User: 8482nand Program ID: apinvlst Page 422 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 100005 MINNESOTA MUNICIPAL MONEY MARKET FUND 157350 07/02/2026 070226-1 5343 3,000,000.00 07/02/2026 DIR PD Xfer ONB to 4M-Cashflow CHECK DATE: 07/02/2026 100385 CHASKA FIRE DEPT RELIEF ASSN 2026/05-CFDRA 05/31/2026 062626-1 5329 18,612.00 06/26/2026 DIR PD MAY-26 FIRE RELIEF ASSOC- CHECK DATE: 06/26/2026 100927 INTERNAL REVENUE SERVICE 156611 06/26/2026 062626-2 5330 199,969.58 06/26/2026 DIR PD 062626 Payroll - SS, Med CHECK DATE: 06/26/2026 157447 07/10/2026 071026 5349 209,496.65 07/10/2026 DIR PD 071026 Payroll - SS, Medi CHECK DATE: 07/10/2026 409,466.23 101343 MINNESOTA DEPT OF REVENUE-PAYROLL WIRES 156612 06/26/2026 062626-2 5331 39,900.63 06/26/2026 DIR PD 062626 Payroll - MN State CHECK DATE: 06/26/2026 157448 07/10/2026 071026 5350 42,472.21 07/10/2026 DIR PD 071026 Payroll - MN State CHECK DATE: 07/10/2026 82,372.84 100889 INTERNATIONAL CITY MANAGEMENT ASSN RETIREMENT CORP 156610 06/26/2026 062626-2 5332 6,227.90 06/26/2026 DIR PD 060626 Payroll - MissionS CHECK DATE: 06/26/2026 157446 07/10/2026 071026 5351 6,227.90 07/10/2026 DIR PD 071026 Payroll 457 and 45 CHECK DATE: 07/10/2026 12,455.80 101376 NATIONWIDE RETIREMENT SOLUTIONS(USCM) 156613 06/26/2026 062626-2 5333 14,750.84 06/26/2026 DIR PD 062626 Payroll - 457 Cont CHECK DATE: 06/26/2026 157449 07/10/2026 071026 5352 14,750.84 07/10/2026 DIR PD 071026 Payroll - 457 Cont CHECK DATE: 07/10/2026 29,501.68 106955 NATIONWIDE RETIREMENT SOLUTIONS(USCM) Report generated: 07/16/2026 14:37 Page 1 User: 8482nand Program ID: apinvlst Page 423 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 156616 06/26/2026 062626-2 5334 10,353.31 06/26/2026 DIR PD 062626 Payroll - Roth Con CHECK DATE: 06/26/2026 157452 07/10/2026 071026 5353 10,063.31 07/10/2026 DIR PD 071026 Payroll Roth Contr CHECK DATE: 07/10/2026 20,416.62 104668 OPTUM BANK INC 156615 06/26/2026 062626-2 5335 29,256.11 06/26/2026 DIR PD 062626 Payroll - HSA Cont CHECK DATE: 06/26/2026 157451 07/10/2026 071026 5354 28,845.37 07/10/2026 DIR PD 071026 Payroll - HSA Cont CHECK DATE: 07/10/2026 58,101.48 109689 PLANSOURCE BENEFITS ADMINISTRATION INC JUN-26 07/07/2026 070826-1 5347 6,504.43 07/08/2026 DIR PD JUN EMP INS PREM-LTD/CI/A CHECK DATE: 07/08/2026 101506 PUBLIC EMPLOYEES RETIREMENT ASSOCIATION 156614 06/26/2026 062626-2 5336 139,834.54 06/26/2026 DIR PD 062626 Payroll - PERA Con CHECK DATE: 06/26/2026 157450 07/10/2026 071026 5355 148,911.32 07/10/2026 DIR PD 071026 Payroll - PERA Con CHECK DATE: 07/10/2026 288,745.86 101973 CARVER COUNTY TITLE MANAGEMENT INC AMERICAN LEGION 07/06/2026 070726-3 5346 1,598.30 07/07/2026 DIR PD Purchase of American Legi CHECK DATE: 07/07/2026 102064 US BANK 157474 07/08/2026 070826-2 5348 553,800.00 07/08/2026 DIR PD GOOD FAITH ESTIMATE CHECK DATE: 07/08/2026 112849 VOYA INSTITUTIONAL TRUST COMPANY 156617 06/26/2026 062926 5338 9,089.51 06/26/2026 DIR PD 062626 Payroll - HCSP Con CHECK DATE: 06/29/2026 157453 07/10/2026 071326 5357 9,088.33 07/10/2026 DIR PD 071026 Payroll HCSP Contr CHECK DATE: 07/13/2026 Report generated: 07/16/2026 14:37 Page 2 User: 8482nand Program ID: apinvlst Page 424 of 436City of Chaska VENDOR INVOICE LIST INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 18,177.84 112884 VOYA INSTITUTIONAL TRUST COMPANY 156618 06/26/2026 062926 5339 3,426.88 06/26/2026 DIR PD 062626 Payroll - MNDCP Co CHECK DATE: 06/29/2026 157454 07/10/2026 071326 5358 3,426.88 07/10/2026 DIR PD 071026 Payroll - MNDCP Co CHECK DATE: 07/13/2026 6,853.76 110788 WEX HEALTH INC 20260624-FSA 06/24/2026 062626-2 5337 1.72 06/26/2026 DIR PD 6/26/26 FSA Reimb-Healthc CHECK DATE: 06/26/2026 20260626-FSA 06/29/2026 062926-1 5340 600.96 06/29/2026 DIR PD 6/29/26 FSA Reimb-Depende CHECK DATE: 06/29/2026 20260628-FSA 06/28/2026 063026-4 5341 255.56 06/30/2026 DIR PD 6/30/26 FSA Reimb-Healthc CHECK DATE: 06/30/2026 20260630-FSA 06/30/2026 070126 5342 1,587.00 07/01/2026 DIR PD 7/1/26 FSA Reimb-Dependen CHECK DATE: 07/01/2026 20260702-FSA 07/02/2026 070726-3 5344 103.47 07/07/2026 DIR PD 7/7/26 FSA Reimb-Healthca CHECK DATE: 07/07/2026 20260706-FSA 07/06/2026 070726-3 5345 165.19 07/07/2026 DIR PD 7/7/26 FSA Reimb-Healthca CHECK DATE: 07/07/2026 20260708-FSA 07/08/2026 071026 5356 323.67 07/10/2026 DIR PD 7/10/26 FSA Reimb-Healthc CHECK DATE: 07/10/2026 20260710-FSA 07/10/2026 071326-2 5359 288.46 07/13/2026 DIR PD 7/13/26 FSA Reimb-Depende CHECK DATE: 07/13/2026 20260710-FSA-2 07/10/2026 071426-2 5360 489.15 07/14/2026 DIR PD 7/14/26 FSA Reimb-Healthc CHECK DATE: 07/14/2026 3,815.18 32 INVOICES 4,510,422.02 ** END OF REPORT - Generated by Nayrobi Andrie ** Report generated: 07/16/2026 14:37 Page 3 User: 8482nand Program ID: apinvlst Page 425 of 436 PURCHASE CARD TRANSACTIONS JUNE 2026 STATEMENT Department Transaction Date Merchant DBA Name Amount Charge Desc. ADMINISTRATION 05/12/2026 B & H PHOTO-VIDEO 13.49 AUDIO ADAPTER FOR XLR TO STEREO-CURLING CENTER ADMINISTRATION 05/14/2026 OPENAI 20.00 Chat GPT Plus Subscribtion ADMINISTRATION 05/14/2026 AMAZON.COM 21.66 Jorgenson - Notary Stamp ADMINISTRATION 05/15/2026 GOVT SOCIAL MEDIA LLC 99.00 DUES - MARK ADMINISTRATION 05/15/2026 TIMESAVER OFF SITE SE 219.50 Council and EDA Minutes 5/4/2026 ADMINISTRATION 05/18/2026 CUSTOMINK 745.50 Pride Event t-Shirts ADMINISTRATION 05/21/2026 PEPPERMILL HOTEL CASINO 857.50 Beebe - IIMC Conf Reno Motel Stay ADMINISTRATION 05/26/2026 MN ASSOC OF GOV COMMS 80.00 REGISTRATION NORTHERN LIGHTS AWARD CEREMONY-MARK & BLASKO ADMINISTRATION 05/29/2026 USPS 11.95 Postage for Liquor License Renewals to State ADMINISTRATION 06/01/2026 TIMESAVER OFF SITE SE 178.00 Planning Minutes 5/13/2026 ADMINISTRATION 06/01/2026 TIMESAVER OFF SITE SE 178.00 Council Minutes 5/18/2026 ADMINISTRATION 06/01/2026 TIMESAVER OFF SITE SE 178.00 Human Rights Minutes 5/28/2026 ADMINISTRATION 06/02/2026 MIGHTYCAUSE CHARITABLE FO 50.00 MCFOA Membership Renewal for Vicki Schmid ADMINISTRATION 06/02/2026 MIGHTYCAUSE CHARITABLE FO 50.00 Beebe - MCFOA Membership 2026-2027 ADMINISTRATION 06/02/2026 CROWN AWARDS 34.93 Wellness Stop the Clock - Cornhole Awards ADMINISTRATION 06/03/2026 AMAZON.COM 47.78 Tie Dye Kits for Human Rights Commission Pride Event ADMINISTRATION 06/03/2026 OTC BRANDS 103.95 Supplies for Human Rights Commission Pride Event ADMINISTRATION 06/08/2026 WALGREENS 18.86 PICTURE PRINTING FOR CPD SAFETY CAMP ADMINISTRATION 06/08/2026 CYS BAR AND GRILL 151.74 Lunch from Cy's for Library Architect Interviews ADMINISTRATION 06/09/2026 MARKETPLACE 17.37 MMPA Rating Trip Parking for Meeting ADMINISTRATION 06/10/2026 MSP AIRPORT 61.85 Car Parking at Airport fo MMPA Rating Trip ADMINISTRATION 06/11/2026 PARKING* CONVENTIONCEN 9.16 Top Work Place Luncheon Parking CCC 05/11/2026 LITTLE CAESARS PIZZA 72.45 10 pizza for Box Lunch Bingo 5.11.26 CCC 05/12/2026 MINNESOTA CLAY CO USA 62.92 pottery supplies: clay & glazes CCC 05/14/2026 NIHCA 15.00 NIHCA Rewards CCC 05/14/2026 COSTCO WHOLESALE 10.69 granola bars (day trip) CCC 05/14/2026 AMAZON.COM 12.86 Replacement cord for Water Fitness speaker CCC 05/14/2026 TARGET 59.98 TV mounts for Fireman's Park Concession Stand. CCC 05/14/2026 SOUTHWEST RENTAL AND SALE 21.70 Floor Roller Rental. CCC 05/14/2026 HOME DEPOT 48.79 Maintenance Supplies CCC 05/14/2026 AMAZON.COM 31.98 2 Digital Thermometers for Firemen's Park Concession Stand CCC 05/14/2026 AMAZON.COM 19.98 Ice Cream Scoops for Firemen's Park- Allergen Free CCC 05/15/2026 BASS PRO SHOPS 353.85 Lifejackets-Beach CCC 05/15/2026 AMAZON.COM 14.98 3 Compartment Sink Stickers- 1 set for Firemen's Park & 1 set for Ice Arena CCC 05/18/2026 HORIZON COMMERCIAL POOL S 390.00 Kevin Lindgren AFO Recertification. CCC 05/19/2026 W.W. GRAINGER 23.02 Screws and Batteries. CCC 05/19/2026 GOOGLE 6.49 Monthly fitness wellness subscription CCC 05/20/2026 CINTAS 94.91 CCC Rug Service. CCC 05/20/2026 CINTAS 94.91 CCC Rug Service. CCC 05/20/2026 HOME DEPOT 42.06 Ice Install Supplies CCC 05/20/2026 HOME DEPOT 21.36 Ice Install Supplies CCC 05/21/2026 COSTCO WHOLESALE 859.96 TV's for Fireman's Park Concessions Stand. CCC 05/21/2026 PARTS TOWN LLC 86.96 Ice Cream Cone Replacement Baffles CCC 05/22/2026 ULINE 108.72 Coat Hangers for Life Jackets. CCC 05/22/2026 AMAZON.COM 110.58 6 Ice Cream Scoops and 1 Pizza Cutter CCC 05/23/2026 AMAZON.COM 11.99 1 set of serving tongs CCC 05/28/2026 TAHO SPORTSWEAR 438.84 Maintenance Uniform Shirts. CCC 05/28/2026 TAHO SPORTSWEAR 296.37 Concession Stand Uniform Shirts. CCC 05/28/2026 SAMS CLUB 224.80 ice cream, water, chips, and brownies for band concert & social CCC 05/29/2026 HOME DEPOT 70.92 flowers for lodge planters CCC 05/29/2026 SAMS CLUB 195.36 Firemen's Park, Chips, Candy, Condiments CCC 06/01/2026 WASTE CONNECTIONS 902.72 Sanitation serv CCC 06/01/2026 CINTAS 94.91 CCC Rug Service. CCC 06/01/2026 CINTAS 690.00 AED Maintenance. CCC 06/01/2026 CM2 SUPPLY - 276.76 Co2 for Hot Spa. CCC 06/01/2026 SAMS CLUB 75.92 doritos & lays CCC 06/01/2026 SAMS CLUB 110.83 Firemen's Park Chips, Candy, Cleaning Towels CCC 06/02/2026 COMCAST 304.34 Equip fee-Cable/Fitness area CCC 06/02/2026 COMCAST 42.40 outlet fees, business serv-Cable CCC 06/02/2026 AMAZON.COM 7.82 Sanitizer Solution Test Strips CCC 06/02/2026 AMAZON.COM 21.83 3 Quart Wash Rinse Sanitize Cleaning Buckets CCC 06/03/2026 CUB FOODS 148.87 sandwich party pack-chips, potato salad CCC 06/03/2026 AMAZON.COM 65.09 Food Contact Surface Sanitizing Wipes CCC 06/04/2026 SIGNS 1745.80 CCC Signs CCC 06/04/2026 W.W. GRAINGER 35.88 Eye Wash Station Parts. CCC 06/04/2026 W.W. GRAINGER 398.57 Solenoid for Splash Pad. CCC 06/04/2026 CAB STORE WOODBURY MN 169.93 Lifejackets-Beach CCC 06/04/2026 HOME DEPOT 109.00 Ladder CCC 06/05/2026 SAMS CLUB 390.52 program supplies: coffee, spoons, EK fruit cups CCC 06/05/2026 AMAZON.COM 480.26 Uniforms-Aquatics staff CCC 06/05/2026 AMAZON.COM 9.49 Interchangeable Lid Pretzel Salt Shaker CCC 06/06/2026 SP THE LIFEGUARD STORE 88.45 Uniforms-Lifeguards CCC 06/06/2026 AMERICAN RED CROSS 126.00 Certifications CCC 06/06/2026 AMERICAN RED CROSS 168.00 Certifications CCC 06/06/2026 AMERICAN RED CROSS 126.00 Certifcations Page 1 of 7 Page 426 of 436 PURCHASE CARD TRANSACTIONS JUNE 2026 STATEMENT Department Transaction Date Merchant DBA Name Amount Charge Desc. CCC 06/08/2026 TAHO SPORTSWEAR 1371.38 Run 100 Program Sweatshirt for participants CCC 06/08/2026 CUB FOODS 221.63 sandwiches for box lunch bingo 6.8.26 CCC 06/08/2026 AMAZON.COM 233.67 Hand Sanitizer CCC 06/09/2026 JOHNSON FIT-WELL 204.44 Replacement Padding for Strength Machine CCC 06/09/2026 HOME DEPOT 66.93 Step Stool & Dish Scrubbing Pads CCC 06/10/2026 AMAZON.COM 659.90 Replacement speaker for outdoor fitness classes CCC 06/10/2026 AMAZON.COM 13.79 Toys for swim lessons CCC 06/11/2026 CINTAS 94.91 CCC Rug Service. CCC 06/11/2026 CINTAS 94.91 CCC Rug Service. CCC 06/11/2026 NATIONAL RECREATION PK AS 189.00 Member dues CCC 06/11/2026 NATIONAL RECREATION PK AS 350.00 Product orders-Marketing Certificate COMMUNITY DEVELOPMENT 05/13/2026 CARVER COUNTY RECORDS 2.00 LANDSHARK DOCUMENT RETRIEVAL 1995 TAX FORFEITED PARCELS COMMUNITY DEVELOPMENT 05/20/2026 CANVA INC 25.00 CANVA SUBSCRIPTION CURLING CENTER 05/12/2026 CINTAS 43.24 FIRST AID KIT SUPPLIES CURLING CENTER 05/12/2026 MINUTEMAN PRESS 359.59 TEAM BANNERS-2026 CLUB NATIONAL CHAMPIONSHIP CURLING CENTER 05/18/2026 SCHILLING SUPPLY COMPANY 561.70 OPERATING SUPPLIES CURLING CENTER 05/19/2026 MINUTEMAN PRESS 405.41 BANNERS FOR ARENA WALLS CURLING CENTER 05/21/2026 CHASKA CURLING AND EVENT 4.50 FINNLY TEST TRANSACTION CURLING CENTER 05/22/2026 HOME DEPOT 224.66 OPERATING/CLEANING SUPPLIES CURLING CENTER 05/28/2026 OFFICE MAX -15.29 FILE BOX RETURNED - BROKEN CURLING CENTER 05/28/2026 OFFICE MAX 35.58 FILE BOX FOR EVENT CONTRACTS AND DIVIDERS CURLING CENTER 05/28/2026 OFFICE MAX 15.29 FILE BOX (RETURNED) CURLING CENTER 06/01/2026 WASTE CONNECTIONS 1209.87 GARBAGE/RECYCLING CURLING CENTER 06/03/2026 ISPACE FURNITURE 473.80 CIP FUND FOR CHAIRS & DOLLIES FOR EVENT CTR CURLING CENTER 06/09/2026 USPS 8.15 SHIPPING OF PINS TO GUEST CURLING CENTER 06/11/2026 TRUDOOR 224.80 BLANK KEYS FOR BUILDING STAFF ELECTRIC 05/13/2026 AMAZON.COM -24.58 HEADSET REPAIR RETURN ELECTRIC 05/13/2026 AMAZON.COM 31.87 NEW IPAD ACCESSORIES ELECTRIC 05/13/2026 AMAZON.COM 14.99 HEADSET REPAIR ELECTRIC 05/13/2026 AMAZON.COM -19.92 IPAD & PC MOUSE RETURN ELECTRIC 05/14/2026 MENARDS 129.64 STRAW BALES ELECTRIC 05/14/2026 HOME DEPOT 194.65 GRASS SEED ELECTRIC 05/14/2026 PIPELINERSCLOUD 489.80 UMBRELLA FOR DRILL RIG ELECTRIC 05/18/2026 HOMEDEPOT.COM 500.43 PIPE PLUGS ELECTRIC 05/18/2026 HOME DEPOT 193.99 PIPE PLUGS ELECTRIC 05/19/2026 CARVER CO RECORDS 46.00 EASEMENT FILING ELECTRIC 05/20/2026 AMAZON.COM 44.44 IPAD SUPPLIES ELECTRIC 05/27/2026 HOME DEPOT -204.82 XMAS IN MAY RETURN-162 RIVERVIEW RD ELECTRIC 05/27/2026 HOME DEPOT -454.04 XMAS IN MAY RETURN-162 RIVERVIEW RD ELECTRIC 05/28/2026 ZORO TOOLS 87.66 SWIVEL FOR WIRE PULLING ELECTRIC 05/28/2026 MCMASTER-CARR SUPPLY 104.60 LTC REPAIR BLUFF CREEK SUBSTATION ELECTRIC 05/29/2026 MENARDS 653.69 BLUFF CREEK SUB ELECTRIC 05/29/2026 ZORO TOOLS 309.28 DRILL BITS SETS ELECTRIC 05/29/2026 MCMASTER-CARR SUPPLY 169.82 LTC REPAIR BLUFF CREEK SUB ELECTRIC 06/02/2026 MCMASTER-CARR SUPPLY 341.95 LTC REPAIR BLUFF CREEK SUBSTATION ELECTRIC 06/02/2026 MCMASTER-CARR SUPPLY 30.08 LTC REPAIR BLUFF CREEK SUBSTATION ELECTRIC 06/03/2026 HOME DEPOT 251.74 BLUFF CREEK SUB ELECTRIC 06/04/2026 AMAZON.COM 567.42 BATTERIES FOR METERS ELECTRIC 06/04/2026 MENARDS 32.37 LTC REPAIR BLUFF CREEK SUBSTATON ELECTRIC 06/04/2026 HOME DEPOT 30.19 LTC REPAIR BLUFF CREEK SUBSTATION ELECTRIC 06/08/2026 MENARDS 200.79 LTC REPAIR BLUFF CREEK SUBSTATION ELECTRIC 06/09/2026 AMAZON.COM 99.87 SCREEN PROTECTORS FOR NEW IPADS ELECTRIC 06/09/2026 HOME DEPOT 63.79 MINODE INSTALLATION TOOLS-AMI ELECTRIC 06/10/2026 AMAZON.COM 344.85 CASES FOR IPADS ELECTRIC 06/10/2026 AMAZON.COM 37.96 TOOL BOXES FOR MINODE SWAPS-AMI ELECTRIC 06/10/2026 ZORO TOOLS 211.07 PUMP PLIERS & HEX KEYS ELECTRIC 06/10/2026 ZORO TOOLS 166.42 PUMP PLIERS ELECTRIC 06/11/2026 LOWES 1695.53 XMAS IN MAY-416 W 2ND ST ENGINEERING 06/03/2026 DVS MNLARS SERVICE FEE 122.50 Alex Mollenkamp Certificate Renewal - MN Board of AELSLAGID FINANCE 05/13/2026 CHASKA COMMUNITY CENTER 5.00 FINNLY TEST TRANSACTION FINANCE 05/13/2026 CHASKA CURLING AND EVENT 6.00 FINNLY TEST TRANSACTION FINANCE 05/15/2026 UBER TECHNOLOGIES 26.94 PAYROLLORG CONFERENCE TRANS - TOKACH FINANCE 05/15/2026 UBER TECHNOLOGIES 5.00 PAYROLLORG CONFERENCE TRANS - TOKACH FINANCE 05/17/2026 SUNCTRYAIR D4HGUS 50.00 PAYROLLORG CONFERENCE BAG FEE - TOKACH FINANCE 05/25/2026 AMAZON.COM 5.99 NEW EMPLOYEE OFFICE SUPPLIES-NAYROBI FINANCE 05/27/2026 USPS 44.40 2026 DT STREET ASSESSMENT MAILINGS FINANCE 06/01/2026 NSAPA 35.00 JUNE MEETING - BEV CHARD FINANCE 06/01/2026 NSAPA 35.00 JUNE MEETING - KORA TOKACH FINANCE 06/03/2026 DELTA AIRLINES 553.80 HECKSEL FLIGHT MSP/ORD GFOA CONFERENCE FINANCE 06/07/2026 AMAZON.COM 124.13 NEW EMPLOYEE OFFICE SUPPLIES FINANCE 06/09/2026 MET COUNCIL ACCTS REC WEB 20000.00 MET COUNCIL P-CARD PAYMENT FINANCE 06/10/2026 E - *MUNIPLATFORM 750.00 2026A BOND ISSUANCE FEE FIRE 05/15/2026 AMAZON.COM 7.98 MOUSE PADS FIRE 05/18/2026 CK HOLIDAY 16.47 WATER FOR LIVE FIRE TRAINING FIRE 05/19/2026 AMAZON.COM 97.66 SD CARDS FOR INVESTIGATIONS UNIT Page 2 of 7 Page 427 of 436 PURCHASE CARD TRANSACTIONS JUNE 2026 STATEMENT Department Transaction Date Merchant DBA Name Amount Charge Desc. FIRE 05/20/2026 FIRE BY TRADE LLC 286.00 FIRE BY TRADE LLC-HOSE STRAPS FIRE 05/21/2026 RENAISSANCE PHOENIX GLEND 556.26 CONFERENCE - HOTEL FIRE 05/21/2026 AMAZON.COM 389.97 LOCKBOX FOR KEYS/BENCH VISE STAND WITH RACK FIRE 05/21/2026 AMAZON.COM 27.97 NAPKIN & PAPERTOWEL HOLDERS FOR BREAKROOM FIRE 05/22/2026 AMAZON.COM 169.99 CURL BENCH FOR GYM FIRE 05/22/2026 AMAZON.COM 779.88 SET OF WEIGHTS FOR GYM FIRE 05/26/2026 HOME DEPOT 100.23 LOCK BOXES FOR KEYS/WINDOW WASHING SQUEEGEE FIRE 05/27/2026 AMAZON.COM 22.90 STAMP SET FOR MARKING KEYS FIRE 05/27/2026 TAYLORSTINS 790.00 TAYLORS TINS-LOCKER TAGS FOR LOCKER ROOM FIRE 05/27/2026 SOUTHEASTERN SAFETY PRODU 4225.95 TRAINING MANIKINS FOR THE TRAINING MEZ FIRE 05/28/2026 AMAZON.COM 135.04 TOILET BOWL BRUSH AND CLEANER FOR DORM BATHROOM FIRE 05/28/2026 AMAZON.COM 8.00 HAND SOAP FOR KITCHENS FIRE 05/28/2026 AMAZON.COM 9.99 LOCK BOX FOR TRAINING TOWER KEYS FIRE 05/28/2026 AMAZON.COM 25.44 AIR FRESHENERS FOR DORM BATHROOMS FIRE 06/02/2026 AMAZON.COM 19.99 PULL START STARTER REPLACEMENT FIRE 06/02/2026 AMAZON.COM 11.39 HOOKS FOR MONITORS INSIDE THE BIG TRUCKS FIRE 06/02/2026 COMCAST 6.90 MONTHLY CABLE BILL FIRE 06/02/2026 AMAZON.COM 129.99 RACK FOR DUTY UNIFORMS FIRE 06/02/2026 AMAZON.COM 24.60 PHONE CASE - IT WANTED FIRE TO DEMO FIRE 06/02/2026 HOME DEPOT 35.92 TOTES FOR DUTY UNIFORM ROOM FIRE 06/03/2026 MENARDS 148.63 MATERIALS FOR BUILD OUT OF GEAR STORAGE AREA FIRE 06/03/2026 AMAZON.COM 40.18 CUBE SHELVES FOR DUTY UNIFORM ROOM FIRE 06/05/2026 AMAZON.COM 9.49 RUBBER SHEETS FOR UNDER WORKOUT EQUIPMENT FIRE 06/05/2026 US CARGO CONTROL 79.97 US CARGO CONTROL-TRAINING SAFETY EQUIPMENT FIRE 06/05/2026 HEAD RUSH TECHNOLOGIES 33.42 TRAINING SAFETY EQUIPMENT FIRE 06/05/2026 BOLT DEPOT INC. 12.42 TRAINING SAFETY EQUIPMENT FIRE 06/08/2026 HOME DEPOT 79.10 OFFICE PIN BOARD FIRE 06/09/2026 AMAZON.COM 6.59 COVER FOR CHAIN SAW BLADE FIRE 06/09/2026 AMAZON.COM 47.82 MARKERS & ERASERS FOR WHITEBOARDS FIRE 06/10/2026 AMAZON.COM 91.80 STORAGE BINS FIRE 06/10/2026 AMAZON.COM 7.38 BOSCH IMPACT BIT HUMAN RESOURCES 05/14/2026 SARPINO'S PIZZERIA 58.11 SARPINO'S-LUNCH FOR CSO INTERVIEWS HUMAN RESOURCES 05/20/2026 SPARK HIRE 299.00 INTERVIEW SUPPORT SERVICES - ANNUAL MEMBERSHIP HUMAN RESOURCES 05/28/2026 SARPINO'S PIZZERIA 140.95 SARPINO'S-DINNER FOR FIRE INTERVIEW PANEL HUMAN RESOURCES 05/30/2026 OPENAI 75.00 CHAT GPT BUSINESS SUBSCRIPTION HUMAN RESOURCES 06/04/2026 LEAGUE OF MINNESOTA CITIE 15.00 RESPECT@WORK FOR EMPLOYEES CLASS HUMAN RESOURCES 06/05/2026 CHECKR INC. 735.88 EMPLOYEE BACKGROUND CHECKS HUMAN RESOURCES 06/10/2026 CYS BAR AND GRILL 225.42 MEALS FOR FIRE INTERVIEWS INFORMATION TECHNOLOGY 05/11/2026 HOME DEPOT 6.25 Cable hider track INFORMATION TECHNOLOGY 05/12/2026 AMAZON.COM 17.89 Surface screen protector INFORMATION TECHNOLOGY 05/13/2026 AMAZON.COM 13.98 Lanyard Purchase for IT INFORMATION TECHNOLOGY 05/13/2026 AMAZON.COM 15.96 IT Equipment Order INFORMATION TECHNOLOGY 05/13/2026 AMAZON.COM 13.99 Payroll Phone Case Purchase INFORMATION TECHNOLOGY 05/14/2026 PDQ.COM 1220.65 PDQ Connect Software premium add-on INFORMATION TECHNOLOGY 05/19/2026 AMAZON.COM 31.49 IT Equipment Purchase-cable ties INFORMATION TECHNOLOGY 05/20/2026 AMAZON.COM 55.64 IT Equipment Cables INFORMATION TECHNOLOGY 05/20/2026 AMAZON.COM 699.99 Curling Arena Switch Purchase INFORMATION TECHNOLOGY 05/20/2026 AMAZON.COM 109.00 Headset INFORMATION TECHNOLOGY 05/23/2026 PORKBUN.COM 22.16 Domain Name yearly renewals for chaskaeventcenter.com and chaskaconnect.com INFORMATION TECHNOLOGY 05/27/2026 AMAZON.COM 109.00 Headset INFORMATION TECHNOLOGY 05/29/2026 AMAZON.COM 109.00 Headset INFORMATION TECHNOLOGY 05/31/2026 BEST BUY 75.99 Purchased a case for a City Phone INFORMATION TECHNOLOGY 06/02/2026 BITWARDEN INC. 300.00 Bitwarden Password Vault yearly renewal INFORMATION TECHNOLOGY 06/03/2026 AMAZON.COM 379.98 CCC FinnlySports Equipment INFORMATION TECHNOLOGY 06/03/2026 AMAZON.COM 250.77 CCC FinnlySport iPad Cases INFORMATION TECHNOLOGY 06/04/2026 AMAZON.COM 109.00 headset INFORMATION TECHNOLOGY 06/06/2026 BEST BUY 66.99 Purchased a case for a city cell phone MSB 05/13/2026 AMAZON.COM 74.08 IPAD HOLDERS MSB 05/13/2026 AMAZON.COM 676.52 RUBBER GLOVES MSB 05/15/2026 AMAZON.COM 339.99 #86 STROBE LIGHT BRACKET MSB 05/18/2026 CHASKA DRIVER LICENSE EXA 16094.39 #731 #733 TITLE, LICENSE AND TAX MSB 05/18/2026 CHASKA DRIVER LICENSE EXA 3693.19 #86 TITLE, LICENSE AND TAX MSB 05/18/2026 CHASKA LICENSE CENTER FEE 346.03 731 & 733 TITLE, LICENSE AND TAX FEE MSB 05/18/2026 CHASKA LICENSE CENTER FEE 79.40 #86 TITLE, LICENSE AND TAX FEES MSB 05/20/2026 AMAZON.COM 169.47 GAS CAN MSB 05/25/2026 KEURIG 65.46 COFFEE, TEA MSB 05/31/2026 KEURIG 65.46 COFFEE, TEA MSB 06/02/2026 WASTE CONNECTIONS 167.24 SUNSET PARK-GARBAGE MSB 06/02/2026 WASTE CONNECTIONS 2316.13 MSB-GARBAGE MSB 06/02/2026 WASTE CONNECTIONS 285.20 FIRE STATION-GARBAGE MSB 06/02/2026 WASTE CONNECTIONS 789.95 CITY HALL-GARBAGE MSB 06/02/2026 WASTE CONNECTIONS 299.20 ATHLETIC PARK-GARBAGE MSB 06/02/2026 WASTE CONNECTIONS 184.78 LION'S PARK-GARBAGE MSB 06/02/2026 WASTE CONNECTIONS 306.98 VETERAN'S PARK-GARAGE MSB 06/02/2026 WASTE CONNECTIONS 167.18 COMMUNITY PARK-GARBAGE Page 3 of 7 Page 428 of 436 PURCHASE CARD TRANSACTIONS JUNE 2026 STATEMENT Department Transaction Date Merchant DBA Name Amount Charge Desc. MSB 06/02/2026 WASTE CONNECTIONS 167.18 MCKNIGHT PARK-GARBAGE MSB 06/02/2026 WASTE CONNECTIONS 792.64 TOWN COURSE-GARBAGE MSB 06/02/2026 WASTE CONNECTIONS 185.82 THE LOOP-GARBAGE MSB 06/02/2026 WASTE CONNECTIONS 349.03 TOWN COURSE MAINTENANCE-GARBAGE MSB 06/02/2026 PLUNKETT'S PEST CONTROL 54.08 LAKE HAZELTINE SUBSTATION MSB 06/02/2026 PLUNKETT'S PEST CONTROL 54.08 WEST CREEK SUBSTATION MSB 06/02/2026 PLUNKETT'S PEST CONTROL 54.08 BLUFF CREEK SUBSTATION MSB 06/02/2026 NOTT CO 177.34 #142 HYDRAULIC HOSE MSB 06/02/2026 FIREHOSEDIRECTCOM 188.45 1" PIPE TO 1 1/2" FIRE HOSE ADAPTERS MSB 06/03/2026 AMAZON.COM -169.47 GAS CAN CREDIT MSB 06/03/2026 AMAZON.COM 26.99 RADIATOR OVERFLOW TANK RESIVORE MSB 06/05/2026 SAMS CLUB 109.99 BREAKROOM SUPPLIES-COFFEE/TISSUE MSB 06/09/2026 AMAZON.COM 44.81 TIRE VALVE STEMCAPS MSB 06/09/2026 FARM & FLEET 159.49 HYDRAULIC CYLINDER-TREE GRABBER MSB 06/10/2026 AMAZON.COM 55.99 #240 WATER PUMP MSB 06/10/2026 FARM & FLEET 189.86 #246 RUBBER BELTING MSB 06/11/2026 AMAZON.COM 86.03 QUICK SWITCH SNAP RING PARK & REC 05/12/2026 COSTCO WHOLESALE 27.99 Cake for May Birthday Party at The Lodge PARK & REC 05/12/2026 GALE WOODS VISITOR CTR 112.50 Treks & Trails Field Trip 5/12/26 PARK & REC 05/12/2026 LITTLE CAESARS PIZZA 6.50 Parents Morning Break Pizza Lunch PARK & REC 05/13/2026 DURACARD 430.00 Punch Pass cards for the CCC PARK & REC 05/13/2026 JUMP CITY 974.51 Bounce House Deposit-Fire and Ice Festival PARK & REC 05/15/2026 AMAZON.COM 113.83 Part-time staff picnic prizes and socks for front desk PARK & REC 05/15/2026 JUMP CITY 686.96 Bounce House Deposit-Carver Vehicle Fair PARK & REC 05/15/2026 AMAZON.COM 12.87 Farmers Market Stamps PARK & REC 05/15/2026 AMAZON.COM 51.96 Farmers Market Stamps PARK & REC 05/17/2026 AMAZON.COM 37.99 Ping pong paddles for CCC PARK & REC 05/18/2026 DOLLAR TREE 9.25 Decor for part-time picnic PARK & REC 05/18/2026 AMAZON.COM 13.49 Treks & Trails Balloons for graduation PARK & REC 05/18/2026 TARGET 49.49 Treks & Trails End of the year supply PARK & REC 05/18/2026 ALDI SOUTH 22.56 Part Time Staff Picnic Food and Prizes PARK & REC 05/18/2026 COSTCO WHOLESALE 156.14 PT Staff Appreciation Picnic Food and Prizes PARK & REC 05/19/2026 TARGET 91.35 Prizes for part-time staff picnic PARK & REC 05/19/2026 COSTCO WHOLESALE 71.66 Office Supplies, Dishwasher Pods, and Batteries PARK & REC 05/19/2026 FACEBOOK 2.00 Chaska Rocks Facebook Ads PARK & REC 05/19/2026 WAL-MART 12.58 Treks & Trails Bubbles & PT Staff Appreciation Food PARK & REC 05/19/2026 SAMS CLUB 168.71 PT Staff Appreciation Food PARK & REC 05/19/2026 LITTLE CAESARS PIZZA 6.50 Parents Morning Break Pizza Lunch PARK & REC 05/20/2026 FACEBOOK 2.00 Chaska Rocks Facebook Ads PARK & REC 05/20/2026 CHASKA COMMUNITY CENTER -4.50 Finnly Misc/Refund PARK & REC 05/20/2026 CHASKA COMMUNITY CENTER 7.20 Finnly Misc/Refunds PARK & REC 05/20/2026 CHASKA COMMUNITY CENTER 7.30 Finnly Misc Refunds PARK & REC 05/20/2026 CHASKA COMMUNITY CENTER 7.40 Finnly Test Transaction PARK & REC 05/20/2026 CHASKA COMMUNITY CENTER 3.40 Finnly Misc/Refunds PARK & REC 05/20/2026 CHASKA COMMUNITY CENTER 2.00 Finnly Sock Test Purchase PARK & REC 05/20/2026 CHASKA COMMUNITY CENTER 4.50 Finnly Test Misc/Refunds PARK & REC 05/20/2026 COSTCO WHOLESALE 4.69 PT Staff Appreciation Food PARK & REC 05/21/2026 AMAZON.COM 8.99 Bag for Mah Jongg Set at The Lodge PARK & REC 05/21/2026 FACEBOOK 3.00 Chaska Rocks Facebook Ads PARK & REC 05/22/2026 BDH ACQUISITIONS LLC 792.00 Lunches on a Trip to St. Cloud for The Lodge PARK & REC 05/22/2026 CHASKA COMMUNITY CENTER 6.80 Finnly Misc / Refunds PARK & REC 05/22/2026 LITTLE CAESARS PIZZA 26.00 Parents Night Out Pizza PARK & REC 05/23/2026 FACEBOOK 3.00 Chaska Rocks Facebook Ads PARK & REC 05/24/2026 FACEBOOK 3.00 Chaska Rocks Facebook Ad PARK & REC 05/25/2026 FACEBOOK 3.00 Chaska Rocks Facebook Ad PARK & REC 05/26/2026 AMAZON.COM 360.28 Bags-Farmers Market PARK & REC 05/26/2026 CHASKA COMMUNITY CENTER 3.40 Finnly Test/Misc Refunds PARK & REC 05/26/2026 LITTLE CAESARS PIZZA 6.50 Parents Morning Break Pizza Lunch PARK & REC 05/27/2026 FACEBOOK 3.00 Chaska Rocks Facebook Ads PARK & REC 05/27/2026 CHASKA COMMUNITY CENTER -3.40 Finnly Refund PARK & REC 05/27/2026 CHASKA COMMUNITY CENTER 5.01 Finnly Test Transaction PARK & REC 05/27/2026 CHASKA COMMUNITY CENTER 5.01 Finn Test Misc/Refund PARK & REC 05/27/2026 CHASKA COMMUNITY CENTER 5.01 Finnly Test / Misc Refund PARK & REC 05/28/2026 FACEBOOK 3.00 Chaska Rocks Facebook Ad PARK & REC 05/28/2026 TARGET T-1352 21.95 Extreme Kids Snacks & Prizes PARK & REC 05/29/2026 FACEBOOK 3.05 Chaska Rocks Facebook Ad PARK & REC 05/30/2026 AMAZON.COM 461.96 Extreme Kids Cereal PARK & REC 05/31/2026 FACEBOOK 10.00 Chaska Rocks Facebook Ad PARK & REC 06/01/2026 COGNITO-PRO 9.50 Subscription to Cognito for online forms PARK & REC 06/01/2026 AMAZON.COM 13.99 Socks for front desk PARK & REC 06/01/2026 BIOGRAPHYAPPAREL 412.50 Part time staff t-shirts PARK & REC 06/01/2026 BCHEXBACKGROUND CHECKS 296.64 Youth Sports Background Checks PARK & REC 06/02/2026 COSTCO WHOLESALE 252.03 Napkins, coffee, desserts, prizes, & fruit PARK & REC 06/02/2026 AMAZON.COM 62.85 Extreme Kids Cereal PARK & REC 06/02/2026 AMAZON.COM 235.09 Walled Tent For Special Events Page 4 of 7 Page 429 of 436 PURCHASE CARD TRANSACTIONS JUNE 2026 STATEMENT Department Transaction Date Merchant DBA Name Amount Charge Desc. PARK & REC 06/03/2026 SAMS CLUB 29.96 Extreme Kids Snacks PARK & REC 06/03/2026 SAMS CLUB 239.00 Extreme Kids Snacks PARK & REC 06/03/2026 FACEBOOK 10.00 Chaska Rocks Facebook Ad PARK & REC 06/03/2026 INTERNATIONAL E Z UP INC. 1365.72 Park and Rec Tent & Table Cloth PARK & REC 06/04/2026 AMAZON.COM 11.37 Microphone cable PARK & REC 06/04/2026 AMAZON.COM 101.97 Extreme Kids Colored Pencils and Markers PARK & REC 06/04/2026 AMAZON.COM 71.84 Extreme Kids Table Cover for Classroom PARK & REC 06/04/2026 LOWRY NATURE CENTER 204.00 Treks & Trails Field Trip PARK & REC 06/05/2026 AMAZON.COM 30.13 Frames and chalk markers for front desk communication board PARK & REC 06/05/2026 AMAZON.COM 5.69 Extreme Kids Sticker Gems for Sunglasses PARK & REC 06/05/2026 TARGET T-1352 173.86 Extreme Kids Week 1 supply PARK & REC 06/05/2026 SKYWAY CLASSIC EVENTS 950.00 Fire and Ice Tent Deposit PARK & REC 06/06/2026 AMAZON.COM 29.58 Extreme Kids Sunglasses PARK & REC 06/06/2026 FACEBOOK 10.00 Chaska Rocks Facebook Ad PARK & REC 06/07/2026 AMAZON.COM 17.98 Standoffs for CCC permanent signage PARK & REC 06/08/2026 AMAZON.COM 113.99 Magnetic whiteboard for CCC front desk PARK & REC 06/08/2026 TAHO SPORTSWEAR 252.28 Prizes for B-Day Party PARK & REC 06/08/2026 FH 102.30 Kids Day Out Deposit 12/28/26 PARK & REC 06/08/2026 DISCOUNTSCH 8006272829 103.73 Extreme Kids Craft Supply PARK & REC 06/09/2026 AMAZON.COM 9.99 Supply for Open Art PARK & REC 06/09/2026 COSTCO WHOLESALE 27.99 Cake for June Birthday Party at The Lodge PARK & REC 06/09/2026 FACEBOOK 10.00 Chaska Rocks Facebook Ad PARK & REC 06/10/2026 AMAZON.COM 4.99 Supplies for Open Art PARK & REC 06/10/2026 QUILL CORPORATION 999.51 Office Supplies PARK & REC 06/10/2026 AMAZON.COM 103.96 Farmers Market Sunflower Stakes PARK & REC 06/10/2026 TARGET T-1352 41.19 Parents Night Out Pizza Dinner PARK & REC 06/10/2026 LITTLE CAESARS PIZZA 123.50 Extreme Kids Pizza Lunch PARK & REC 06/11/2026 AMAZON.COM 25.99 Step ladder PARK & REC 06/11/2026 AMAZON.COM 16.37 Extreme Kids Craft Supply PARK & REC 06/11/2026 QUILL CORPORATION 6.16 Office Supplies PARK & REC 06/11/2026 AMAZON.COM -149.94 Youth Sports - Soccer - Nets PARK & REC 06/12/2026 AMAZON.COM 50.08 Sports equipment wall organizer and magnets for front desk board PARK & REC 06/12/2026 AMAZON.COM 9.99 Grip tape for CCC racquets PARK & REC 06/12/2026 FACEBOOK 10.00 Chaska Rocks Facebook Ad POLICE 05/07/2026 HILTON 780.99 Lodging for Social Media Conference - #413 POLICE 05/13/2026 AMAZON.COM 39.70 Drawer organizer POLICE 05/15/2026 ULINE 372.98 Utility Stand for Evidence Processing - FF&E POLICE 05/15/2026 FLAGS USA 8003698085 201.00 2X3 CPD Flag POLICE 05/15/2026 EXECUTIVE OFFICE OF THE S 90.00 POST Renewal #430 POLICE 05/18/2026 BCA TRAINING EDUCATION 300.00 Organizational and Employee Wellness Training - #411 POLICE 05/19/2026 AMAZON.COM 23.99 Door Chime POLICE 05/20/2026 COSTCO WHOLESALE 889.13 Storage for CPD Drone Team - FF&E POLICE 05/21/2026 AMAZON.COM 61.42 Rechargeable batteries and charge for chip readers POLICE 05/21/2026 AFFINIPAY 25.00 OSINT and Modern Methods for Online Information Training - Brinkhaus POLICE 05/22/2026 HOME DEPOT 6.26 Wall Anchors POLICE 05/22/2026 TARGET 91.48 Cat and dog food for impounded animals - ICR#26-6323 POLICE 05/22/2026 FARM & FLEET 60.13 Cat and Dog Food and Supplies - ICR#26-6317 POLICE 05/22/2026 AMAZON.COM 7.59 Sign Here Flags POLICE 05/22/2026 AMAZON.COM 17.98 Lanyards for Visitor Passes POLICE 05/23/2026 GALLS INC 111.99 Sample of Uniform Shirt POLICE 05/26/2026 HOME DEPOT -0.48 REFUND on tax for wall anchors POLICE 05/26/2026 AMAZON.COM 13.68 Paper Towels POLICE 05/26/2026 AMAZON.COM 68.22 Linnertz Uniform Shirts POLICE 05/26/2026 KWIK TRIP 34.60 Fuel for a Squad POLICE 05/26/2026 SPYPOINT 30.00 Subscription to Trail Camera System POLICE 05/27/2026 AMAZON.COM 36.00 Linnertz Uniform Shirts POLICE 05/27/2026 CK HOLIDAY 66.49 Fuel for a Squad POLICE 05/28/2026 AMAZON.COM 100.69 Floor Fan - Fitness Room POLICE 05/29/2026 AMAZON.COM 176.58 Swag - Bike to School and Fishing Contest Events POLICE 05/30/2026 HARBOR FREIGHT TOOLS 379.99 Tool Chest - Evidence Processing - FF&E POLICE 05/31/2026 HOME DEPOT 14.87 Batteries POLICE 05/31/2026 MARIE RIDGEWAY LICSW 1480.00 Officer Wellness POLICE 06/02/2026 HOTELPLANNER 656.79 Lodging for BCA Conference - Schneck POLICE 06/02/2026 TRANSUNION 129.60 Data Processing POLICE 06/02/2026 AMAZON.COM 79.90 Visitor Badges POLICE 06/02/2026 BCA TRAINING EDUCATION 300.00 BCA Conference Registration - Schneck POLICE 06/02/2026 AFFINIPAY 795.00 FBI LEEDA Course - #413 POLICE 06/02/2026 ADOBE SYSTEMS 21.66 Adobe Subscription POLICE 06/03/2026 AMAZON.COM 49.99 Safety Camp Supplies POLICE 06/03/2026 BREEZY POINT - HOTEL 202.94 Lodging - Crime Prevention Conference POLICE 06/04/2026 CIRCLE K 25.00 Fleet Car Wash POLICE 06/04/2026 AMAZON.COM 45.49 Bug Spray - KPMG Tournament POLICE 06/04/2026 AMAZON.COM 73.18 Tent Weights - CPS POLICE 06/04/2026 AMAZON.COM 31.99 Dance Party - Safety Camp POLICE 06/04/2026 COSTCO WHOLESALE 314.04 Refreshments - Safety Camp Page 5 of 7 Page 430 of 436 PURCHASE CARD TRANSACTIONS JUNE 2026 STATEMENT Department Transaction Date Merchant DBA Name Amount Charge Desc. POLICE 06/04/2026 OFFICE MAX 10.18 Safety Camp Supplies POLICE 06/04/2026 AMAZON.COM 19.77 Power Cables POLICE 06/05/2026 AMAZON.COM 56.99 Step Ladder - FF&E POLICE 06/08/2026 COPQUEST INC 91.00 Mobile Field Force Uniform Items POLICE 06/08/2026 KWIK TRIP 124.27 Refreshments - Safety Camp POLICE 06/08/2026 AMAZON.COM 128.29 Sanitizer Wipes, Sunscreen, Bullhorns - KPMG and Door Hanger Signs POLICE 06/08/2026 CUB FOODS 29.98 Refreshments - Safety Camp POLICE 06/08/2026 LITTLE CAESARS PIZZA 273.00 Pizza - Safety Camp POLICE 06/08/2026 FLAGS USA 8003698085 230.00 3X5 CPD Flag POLICE 06/09/2026 CARIBOU COFFEE - 124 39.98 Coffee - Safety Camp POLICE 06/09/2026 CUB FOODS 23.48 Refreshments - Safety Camp POLICE 06/09/2026 JERSEY MIKE'S 749.84 Sandwiches - Safety Camp POLICE 06/10/2026 GALLS INC -93.34 REFUND- Uniform Pants POLICE 06/10/2026 CARIBOU COFFEE - 124 33.27 Coffee - Safety Camp POLICE 06/10/2026 GOVX 162.49 Replacement sunglasses - Broke during ICR#26-7083 POLICE 06/11/2026 GALLS INC -8.66 REFUND - Shipping label to return uniform pants PUBLIC WORKS 05/12/2026 HOME DEPOT 68.48 VAN SUPPLIES-MAINTENANCE PUBLIC WORKS 05/12/2026 HOME DEPOT 68.73 VAN STOCK SUPPLIES PUBLIC WORKS 05/12/2026 U OF M CONTLEARNING OL 140.00 S. SELKEN PESTICIDE SAFETY ONLINE RECERTIFICATION PUBLIC WORKS 05/12/2026 HOME DEPOT 18.31 TOGGLE BOLTS & WASHERS PUBLIC WORKS 05/12/2026 AMAZON.COM 111.14 MEADOW PK POWER POST PUBLIC WORKS 05/16/2026 AMAZON.COM 79.99 LED LIGHT DRIVER PUBLIC WORKS 05/18/2026 FARM & FLEET 71.98 PAINTING SUPPLIES FOR PARKS PUBLIC WORKS 05/18/2026 HOME DEPOT 10.56 PAINTING SUPPLIES FOR PARKS PUBLIC WORKS 05/18/2026 HOME DEPOT 10.00 GAS CONNECTION PARTS PUBLIC WORKS 05/18/2026 HOME DEPOT 70.42 HOSE BUNDLE HANGERS PUBLIC WORKS 05/18/2026 DEPT HEALTH MORTUARY SCI 80.00 2026 PESTICIDE RE-CERT (MULTIPLE) PUBLIC WORKS 05/18/2026 DEPT OF AGRICULTURE FEE 1.72 PESTICIDE RE-CERT FEE PUBLIC WORKS 05/18/2026 HOME DEPOT 71.28 COPPER PIPE PUBLIC WORKS 05/18/2026 HOME DEPOT 23.96 HOOKS PUBLIC WORKS 05/18/2026 FARM & FLEET 95.15 PARTS/ACCESSORIES TO WATER FLOWERS PUBLIC WORKS 05/18/2026 AMAZON.COM 23.79 FIRE EXT PLACARD & MOUNT PUBLIC WORKS 05/19/2026 HOME DEPOT 9.95 RUBBER GLOVES PUBLIC WORKS 05/19/2026 HOME DEPOT 77.82 VAN STOCK PUBLIC WORKS 05/19/2026 HOME DEPOT 49.32 EYE BOLTS FOR HANGING BASKETS PUBLIC WORKS 05/19/2026 HOME DEPOT 34.68 POTTING MIX/SOIL FOR FLOWERS PUBLIC WORKS 05/19/2026 HOME DEPOT 34.11 CAUTION TAPE & SCREWS PUBLIC WORKS 05/20/2026 HOME DEPOT 29.97 SCREWS FOR DOCK BOARDS-WALDEN PK PUBLIC WORKS 05/20/2026 HOME DEPOT 223.58 ELEC PARTS AND CAULK PUBLIC WORKS 05/21/2026 COUNTRYSIDE FLAGPOLE 1605.00 NEW FLAGS FOR VETERANS PARK PUBLIC WORKS 05/21/2026 COUNTRYSIDE FLAGPOLE 1555.00 NEW FLAGS VETERANS PARK PUBLIC WORKS 05/21/2026 CAMFIL USA INC 486.08 HVAC FILTERS PUBLIC WORKS 05/21/2026 THE MUSTARD SEED 230.00 SOD FOR VETS PARK PUBLIC WORKS 05/22/2026 HOME DEPOT 5.21 PS TRAINING TOWER EXHAUST FAN-FIRE PUBLIC WORKS 05/22/2026 HOME DEPOT 11.99 TOGGLE SWITCH COVER-VAN MAINT STOCK PUBLIC WORKS 05/22/2026 HOME DEPOT 229.00 NEW BATTERY FOR PARK CORDLESS TOOLS PUBLIC WORKS 05/22/2026 ACE HARDWARE 32.00 PS KEYS PUBLIC WORKS 05/22/2026 ULINE 2411.91 CITY HALL ELECTION SECURITY WALL PUBLIC WORKS 05/22/2026 HOME DEPOT 39.96 PARK MAINTENANCE-RUST REMOVER PUBLIC WORKS 05/25/2026 AMAZON.COM 25.99 FRAMES FOR BOILER LICENSE DISPLAY PUBLIC WORKS 05/26/2026 HOME DEPOT 549.00 PUSH MOWER PUBLIC WORKS 05/27/2026 HOME DEPOT 23.53 OUTLET SUPPLIES PUBLIC WORKS 05/27/2026 HOME DEPOT 163.93 STOCK MAINTENANCE SUPPLIES PUBLIC WORKS 05/28/2026 FARM & FLEET 31.19 KEROSENE FOR PRESSURE WASHER PUBLIC WORKS 05/28/2026 HOME DEPOT 25.61 PVC CEMENT, CLEANER AND PIPE PUBLIC WORKS 05/28/2026 HOME DEPOT 10.47 BRUSH PUBLIC WORKS 05/29/2026 FARM & FLEET 78.99 WALDEN PK METER SOCKET REPLACEMENT PUBLIC WORKS 05/29/2026 HOME DEPOT 308.16 VETS PARK REPAIRS PUBLIC WORKS 05/29/2026 BACKFLOW SUPPLY 300.96 BACKFLOW REPAIRS PUBLIC WORKS 05/29/2026 HOME DEPOT 9.62 LODGE COFFEE MAKER PUBLIC WORKS 05/29/2026 WINSUPPLY EDEN PRAIRIE MN 280.00 WIRE FOR STOCK PUBLIC WORKS 05/30/2026 AMAZON.COM 18.98 SECURITY SCREWS PUBLIC WORKS 05/30/2026 AMAZON.COM 319.96 ENTRY FLOOD LIGHTS LED DRIVERS PUBLIC WORKS 06/01/2026 HOME DEPOT -208.00 METER SOCKET RETURN PUBLIC WORKS 06/01/2026 HOME DEPOT 15.54 MEADOW PARK ROUND VALVE BOX PUBLIC WORKS 06/02/2026 CAMFIL USA INC 1822.85 HVAC FILTERS PUBLIC WORKS 06/02/2026 AMAZON.COM 91.82 BOLLARD/COVERS FOR PARKS STORAGE PUBLIC WORKS 06/03/2026 HOME DEPOT 145.00 DOOR LOCK PUBLIC WORKS 06/04/2026 FARM & FLEET 34.87 DEVICES FOR HERBICIDE PUBLIC WORKS 06/04/2026 ACE HARDWARE 5.99 KEYS PUBLIC WORKS 06/04/2026 HOME DEPOT 15.34 TAPCONS PUBLIC WORKS 06/05/2026 HOME DEPOT 254.80 VAN STOCK-PRESSURE WASHER & LEVEL PUBLIC WORKS 06/05/2026 HOME DEPOT 15.98 LIGHT BULBS FOR VAN STOCK PUBLIC WORKS 06/05/2026 HOME DEPOT 12.47 SPRAY TANK FOR PARKS PUBLIC WORKS 06/05/2026 AMAZON.COM 135.62 BOLLARDS/COVERS FOR PARKS STORAGE Page 6 of 7 Page 431 of 436 PURCHASE CARD TRANSACTIONS JUNE 2026 STATEMENT Department Transaction Date Merchant DBA Name Amount Charge Desc. PUBLIC WORKS 06/05/2026 AMAZON.COM 109.81 UTILITY CART PUBLIC WORKS 06/08/2026 HOME DEPOT 9.98 SPRAY PAINT PUBLIC WORKS 06/08/2026 FARM & FLEET 38.97 COMPONENTS FOR PAINT STRIPING CART PUBLIC WORKS 06/09/2026 CAMFIL USA INC 380.63 WTP HVAC FILTERS PUBLIC WORKS 06/09/2026 HOME DEPOT 49.94 HAMMER DRILL CHISEL BITS/PVC PIPE PUBLIC WORKS 06/09/2026 HOME DEPOT 64.94 CARPET GLUE AND TROWEL PUBLIC WORKS 06/09/2026 HOME DEPOT 9.94 GLUE TROWELS PUBLIC WORKS 06/09/2026 WINSUPPLY EDEN PRAIRIE MN 417.00 LED BULBS FOR STOCK PUBLIC WORKS 06/10/2026 HOME DEPOT 66.36 CONCESSION STAND & LOCK BOX PUBLIC WORKS 06/11/2026 AMAZON.COM 164.96 TRIMMER HEADS/EXT CORD PUBLIC WORKS 06/11/2026 FARM & FLEET 28.77 BOAT BUMPERS THE LOOP 05/11/2026 HOME DEPOT 53.36 WOOD POSTS FOR SIGNS HOLES #3/#8/#9 THE LOOP 05/21/2026 HOME DEPOT 119.86 LOOP FLOWERS THE LOOP 05/22/2026 ATINSPO LLC 939.12 VERTA CAT - REPAIR THE LOOP 05/26/2026 HOME DEPOT 16.47 SHEPARDS HOOK THE LOOP 06/05/2026 COSTCO WHOLESALE 389.63 LOOP RESALE THE LOOP 06/09/2026 PEPSI 609.28 PEPSICO - LOOP RESALE THE LOOP 06/10/2026 COSTCO WHOLESALE 272.25 LOOP RESALE TOWN COURSE 05/12/2026 PITCHFIX GOLF 505.00 PITCHFIX - DIVOT REPAIR TOOLS TOWN COURSE 05/14/2026 CUB FOODS 47.97 COFFEE TOWN COURSE 05/14/2026 HOME DEPOT 43.09 EXTENSION CORD/HOSE SPRAYER/KLEENEX TOWN COURSE 05/15/2026 PRINTASTIK 436.10 ENGRAVING ON RESALE WATER BOTTLES TOWN COURSE 05/15/2026 SIGNS NOW PLYMOUTH 122.96 SCOREBOARD DECALS TOWN COURSE 05/15/2026 MOTOROLA SOLUTIONS ONLIN 175.00 COURSE RADIOS TOWN COURSE 05/17/2026 COSTCO WHOLESALE 37.91 SUNSCREEN FOR STAFF TOWN COURSE 05/18/2026 HOME DEPOT 160.93 STAPLE GUN & STAPLES TOWN COURSE 05/19/2026 CHANHASSEN VACUUM SALES 489.94 NEW VACUUM TOWN COURSE 05/20/2026 CULLIGAN WATER 66.52 CTC MAINTENANCE WATER TOWN COURSE 05/20/2026 CULLIGAN WATER 23.32 LOOP MAINTENANCE WATER TOWN COURSE 05/22/2026 OFFICE MAX 39.26 OFFICE SUPPLIES TOWN COURSE 05/22/2026 COSTCO WHOLESALE 15.96 BOTTLED WATER TOWN COURSE 05/26/2026 HOME DEPOT 62.74 CLUBHOUSE IRRIGATION TOWN COURSE 05/26/2026 GOOGLE 59.59 OAK 19 YOUTUBE TV TOWN COURSE 05/26/2026 RANGE SERVANT 1287.00 RANGE TOKENS TOWN COURSE 05/27/2026 HOME DEPOT 9.53 CLUBHOUSE IRRIGATION TOWN COURSE 05/27/2026 CUB FOODS 20.95 BOTTLED WATER TOWN COURSE 06/02/2026 PARSONS XTREME GOLF LLC 180.00 LOOP RESALE-PXG GOLF BALLS TOWN COURSE 06/04/2026 LIFE SUPPORT INNOVATI 650.00 LIFE SUPPORT INNOVATIONS-DEFIB TRAINING SESSION 2 TOWN COURSE 06/09/2026 AMAZON.COM 186.89 JUNIOR GOLF GAMES TOWN COURSE 06/09/2026 OFFICE DEPOT 325.11 OFFICE CHAIR TOWN COURSE 06/10/2026 HOME DEPOT 22.38 ANT POISON TOWN COURSE 06/10/2026 AMAZON.COM 8.99 NAME TAG STICKERS TOWN COURSE 06/10/2026 PARSONS XTREME GOLF LLC -205.00 CREDIT TOWN COURSE 06/11/2026 AMAZON.COM 148.50 LOPPERS WATER/SEWER 05/12/2026 HOME DEPOT 39.97 WTP-WEED WHIP HEAD WATER/SEWER 05/15/2026 AMAZON.COM 44.99 SAFETY CLOTHING WATER/SEWER 05/18/2026 HOME DEPOT 114.54 LOCATING SUPPLIES WATER/SEWER 05/20/2026 HOME DEPOT -27.97 KNIFE RETURN WATER/SEWER 05/20/2026 HOME DEPOT 27.97 FOLDING KNIFE WATER/SEWER 05/20/2026 HOME DEPOT 27.97 KNIFE WATER/SEWER 05/27/2026 HOME DEPOT 2.38 PLUG FOR A JETTER NOZZLE WATER/SEWER 06/01/2026 HOME DEPOT 541.44 #86 PARTS FOR NEW UNIT WATER/SEWER 06/01/2026 HOME DEPOT 59.94 MOUSE POISON & REPELLANT FOR LIFT STATION GENERATORS WATER/SEWER 06/04/2026 AMAZON.COM 276.65 TOILET TABS WATER/SEWER 06/10/2026 FARM & FLEET 174.95 M. HAMMERS MUCK BOOTS-CITY ISSUE WATER/SEWER 06/10/2026 FARM & FLEET 179.95 L. WECKMAN MUCK BOOTS-CITY ISSUED 44.50 PLUS CREDITS FROM PREVIOUS MONTH -7177.29 LESS PENDING REBATES 127,750.89 Page 7 of 7 Page 432 of 436 Biweekly Report July 20, 2026 By: Matt Podhradsky COUNCIL MEETING/WORK SESSION SCHEDULE Below is a list ofMatt the upcomingPodhradsky Council Meetings and Work Sessions to plan for: July 20th: We will be having a Work Session on Monday night from 5:30-7 pm in the Council Chambers to talk about the final recommended plans for SW Community Park. In this meeting we will talk about what Staff’s final recommendations are, what recommendations/feedback is coming out of the Park Board, what budget we have targeted for this project, and also talk about the proposed timeline for getting this park built. Our hope would be to get final feedback from the Council and if people seem to be in general agreement to have an item that we would bring back to one of our August meetings to formally approve the plan and budget, authorizing Staff to move forward with putting together construction documents for the plan, and to start planning for grading of the site, which could come as quickly as October. Besides this, we will have a number of items on the Council agenda for Monday night including our annual Auditor’s Report, two Planning cases coming forward, additional Economic Development Work on our new Industrial Park as well as several smaller items. August 3rd: Prior to the Council meeting on August 3rd, from 5:30-7 in the Council Chambers, we will be having our first work session to address our 2027 budget. Specifically, our first meeting will focus on our proposed tax levy (as we do need to establish the preliminary tax levy in September) and will also look generally at trends we are seeing that affect revenues going into the 2027 year. Following this work session we will have a regular Council meeting, which will include the final financing package for the construction of the new Water Treatment Plant facility. August 17th: At this time we are not planning on having a Work Session on this night. We will have a regular meeting starting at 7 pm where we will be considering all of the Planning Items coming out of the planning commission, among other regular items. August 31st: Prior to this Council meeting, from 5:30-7 in the City Council Chambers, we will be holding a work session. The purpose of this work session revolves around continuing our budget discussions, both reviewing what we discussed at the August 3rd meeting, and including more focus on what we have budgeted to change within our 2027 General Fund Budget. Again, this meeting is helping to prepare us for September when we will have to establish our Preliminary Tax Levy for 2027. In September, if we need one additional meeting to discuss, we would be able to do that at the September 14th meeting, with establishment of the Preliminary Page 433 of 436Levy then occurring at our meeting on September 21st. We will determine whether that 3rd Work Session is necessary after our second meeting in August. Just a reminder that with the Memorial Day holiday falling on the first Monday of September, that we will not have a meeting that night, but that our two meetings in September will fall on September 14th and 21st. Just let me know if you are unable to attend any of these meetings. MSB CONSTRUCTION UPDATE If you were to drive out to the site now, you would see that two main activities are occurring. First, the mass grading of the site is being completed to prep for both the parking lot and the building itself. The site was already relatively ready for the building when we purchased it, so this grading activity is limited. At the same time, the contractor did start pouring concrete for the footings and foundation of the building. Based on schedule, the contractor needs to be ready to accept the wall sections for the building the first week of October, with there being approximately 4 weeks of putting up wall sections after that. If we are able to meet that schedule, this should allow us to enclose the building prior to winter setting in. While weather did have some initial impacts on slowing things down because of the very wet conditions, that has clearly changed over the last week and a half where we are seeing hot and dry weather. This is good weather to help us keep the project on schedule. If you have any questions on the project, please let me know. CITY HALL PLAZA Starting on July 27th, you will see work start on the City Hall Plaza reconstruction. The focus of the work at the beginning will be working on the plaza sections located on either side of the History Center Building on the south end of the block. During this time period, the Library’s main entrance will be unusable. We have worked with the library to move their temporary entrance to the door on the south side of the building right off of 4th Street. While this is not ideal, it will allow everyone to still enter the library space throughout the duration of the project. As we move north through the project, it will also eventually affect City Hall’s main entrance. With the old Police entrance available, and the sidewalk leading to it needing to remain in tact throughout the entire project, we feel comfortable we will be able to navigate that. Beyond those entrances, we are also working with the businesses on the plaza to talk about how to maintain entrance into their buildings while still getting the work complete. We do expect that given the timing of our start on this project that we should be able to get all hardscape portions of the project completed before winter, including the heated sidewalk component, which will make this sidewalk much safer during the winter. We would plan on completing the landscaping/plantings in the Spring to give them the best chance for survival. If you have any questions about this project, please let me know. CLOVER RIDGE TREE REMOVAL/REPLACEMENT PROGRAM While the responsibility of maintaining/replacing trees in the boulevards of the Clover Ridge Neighborhood is the responsibility of the Jonathan Association, I thought I should let you know about a large project they will be undertaking next week, as I suspect it will get a lot of Page 434 of 436attention. Specially, next week the Jonathan Association has contracted with a company to remove all trees that are diseased or deceased from the Emerald Ash Borer Disease. If you were to drive through the neighborhood now, you would see several trees marketed with a red “X” that are planned to be removed. While this is an absolutely necessary project as these trees become public safety hazards if they are not removed, it will certainly garner a lot of attention given the sheer numbers of trees that are slated for removal. It will definitely have a visual impact in the neighborhood. Jonathan’s plan at this point is to have their contractor remove the trees throughout the remainder of this month, with them planned to come back and grind stumps in August, and then in September move to replace all of the trees that were removed. The City does have an agreement with Jonathan that was established back in 2002 that defines how they approach maintenance of trees and what their responsibilities are for replacement of removed trees. I mention this to you because you may receive questions about this, and may have residents thinking that it is City crews working on this operation. I wanted to make sure that you had the latest on this, and know that if you have any questions come up on this that you can pass them along to me. Let me know if you have any questions regarding this item. BAVARIA ROAD UPDATE As you are likely aware, we are in the middle of our overlay project on Bavaria Road. This project is stretching from the Victoria Border all the way down the roundabout at Pioneer Trail. When setting up the project, we broke it into 3 equal sections starting with the north section and moving south. The plan was to have each section done in 3 weeks. While the first section was completed successfully and on time, the second section became much more difficult because of the extreme hot weather we experienced this past week, pushing out the completion of the second section into next week. This means that the third section will be completed the week of July 27th instead of next week. While it will take a little longer, we have been able to keep traffic open at all times to residents in the area, so we hope we are having as little disruption as possible. It should be noted that our project costs came in less than what we budgeted. Because of that, we area looking at doing an overlay of Bavaria Road south of Hundertmark Road down to Engler. This would happen later in the summer. If you have any questions about this, please let me know. This will be a drastic improvement over the conditions of this road up until now. Upcoming Activities Farmer’s Market: We have had good crowds since the start, with us getting up to 35 vendors at the last market! This will continue every Thursday evening on the paseo between the Chaska Depot Building and City Square Park where there will be music every Thursday night. Page 435 of 436River City Days: This will happen the weekend of July 24-26th, with this being their 50th anniversary. They will once again be in Lion’s Park Night to Unite: This will happen on Tuesday August 4th, with several block parties scheduled around the community. We will make sure to get you the list of parties, and just let us know if you would like to ride with someone. Page 436 of 436