Laserfiche WebLink
As previously noted, the City recorded a change in accounting principle in the current year for reporting the <br /> City's participation in the PERA pension plan. Information needed to restate previous periods was not readily <br /> available;therefore,prior period amounts were not restated. <br /> State statutes limit the amount of general obligation debt a governmental entity may issue to three percent of its <br /> total assessed valuation. The current legal debt margin for the City is$40,470,861. <br /> The City has sufficient funds on hand to make all required bond payments,and anticipates an ongoing stream of <br /> revenue to make future bond payments. <br /> Additional details of the long-term debt activity for the year can be found in Note 5 of the notes to basic financial <br /> statements. <br /> Economic Factors and Next Year's Budgets and Rates <br /> • The unemployment rate for the City of Ramsey is currently 3.8%, which is a decrease from a rate of <br /> 5.3% a year ago. The state of Minnesota shows an average unemployment rate of 3.7%, whereas, <br /> nationally the unemployment rate is 4.9%. <br /> • The number of foreclosures in the City of Ramsey decreased from 35 units in 2014 to 27 in 2015. In <br /> comparison,the State of Minnesota saw a decrease in foreclosures from 8,309 in 2014 to 7,212 in 2015. <br /> • Inflationary trends in the region compare favorably to national indices. <br /> • The city is expecting steady residential and commercial growth within the next three years, spurred by <br /> access to the Ramsey Station for the Minnesota Northstar commuter rail and continued development <br /> with The COR. <br /> All of these factors were considered in preparing the City of Ramsey's budget for the 2016 fiscal year. <br /> The water,sewer and storm water utility rates were increased for the 2016 budget year. The water utility,which <br /> has a tiered rate structure,will increase by an average of 2%for all customers. Sewer utility rates will increase <br /> by 3% and storm water utilities will increase an average of 10%. The increased rates are to not only offset <br /> current maintenance costs and depreciation,but to help finance future utility improvements that are documented <br /> in the City's five-year Capital Improvement Plan. <br /> REQUESTS FOR INFORMATION <br /> Questions concerning any of the information provided in this report or requests for additional information should <br /> be addressed by writing to the City of Ramsey, 7550 Sunwood Drive Northwest, Ramsey, MN 55303 or by <br /> calling(763)427-1410. <br /> 36 <br />