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approved in 2013. The approval includes three outlots for development. In conjunction with this development the Village upgraded in 2013 1320 lineal feet of Port Washington Road to a four lane highway at a cost of 1581564. In the Villages South Commercial District Cornerstone Community Bank purchased property located next to their existing building renovated one building and razed another building. Burlo Pet Services purchased an empty industrial building renovated the building and opened for business during 2014. NAPA purchased existing commercial space renovated and relocated their business during 2014. Residential development increased in 2014 with the issuance of 23 building permits for new single family units. There were 13 building permits issued in 2013 for new single family units. FOR THE FUTURE The Lumberyard Site Master Plan which was completed in 2010 has provided a blueprint for redevelopment opportunities. The Community Development Authority purchased three lots in 2013 and two lots in 2014 in anticipation of this redevelopment. A developer submitted plans in 2015 for the construction of a 16.6 million mixed use project which will be developed over the next three years. Development projects in the South Commercial District include the approval of Village Pointe Commons a 22 million proposal for the 2015 construction of senior housing and care camps south of the new Pick n Save Store. FINANCIAL MANAGEMENT Budgetary controls. The objective of budgetary controls is to ensure compliance with legal provisions embodied in the annual budget approved by the Village Board. Activities of the general fund special revenue funds debt service fund capital improvement funds Enterprise funds and a permanent fund are included in the annual appropriated budget. The budget is adopted at the functional level of expenditure however it is monitored by department heads at the departmental level within an individual fund. As demonstrated by the statements and schedules included in the financial section of this report the Village continues to meet its responsibility for sound financial management. AWARDS AND ACKNOWLEDGEMENTS Over the past year the Village received two awards. The Village received the Certificate of Achievement for Excellence in Financial Reporting for the 2013 Comprehensive Annual Financial Report CAFR and the Distinguished Budget Presentation Award for the 2014 Program Budget from the Government Finance Officers Association. We wish to thank the Village President and the Village Board whose leadership and continued support made the preparation of this report possible. Preparation of this report was also made possible with the assistance of Baker Tilly Virchow Krause LLP. Special appreciation is also 6