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LT SMP Costs & Funding Options) <br />Estimated SMP Funding Shortfall - <br />• We estimate an annual $1,700,000 shortfall for funding our SMP over <br />the next 5 years, assuming we continue to budget $500,000 annually <br />through our general levy. <br />• The two most sustainable long-term alternative funding options <br />include a general tax increase and/or implementation of franchise <br />fees. If both options are implemented, we could quit using special <br />assessments. While these are still widely used, special assessments <br />have been contested by taxpayers more vigorously in recent years, <br />resulting in significant project delays and/or cancellations which <br />negatively impact the effectiveness of long-term street <br />maintenance programs. And due to our Charter, the city of Ramsey <br />faces extra hardships in applying special assessments due to the <br />ability of taxpayers to more easily petition against street <br />improvement projects. <br />City of I,. <br />RAMSEY <br />August 27, 2013 CC Workshop <br />