Ramsey Resident - 2019 - March/April

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Pavement Management & Funding in Ramsey Currently, the City operates under the following pavement management practices: crack seal, seal coat, for crack seal and seal coat projects. Streets are seal coated every 7 years and the City seal coats 13 - 23 miles of roadway per year. Current Funding Method Annual Road Cost Funding Summary - Current Road Funding Scenario: Based on 2015-2018 Activity 25 percent of the eligible project costs and the Special remaining 75 percent is General Assessment Property Fund Per Property Tax Levy* funded through the tax Sealcoating: $500,000 -- -- levy (in which the City Mill and Overlays: -- $700 - $1,425 See Total Below issues bonds/accrues debt). Reconstruction: Residential Properties: $1,400 - $6,636 See Total Below it was determined that our Commercial Properties: $6,500 - $33,364 See Total Below current method could not Property Tax Levy for Road Debt $473,332 keep up with the need to * construct and repair Ram- Estimated Road Funding Scenario - Future Years: of Road Re- seys 178 miles of roadway. construction Estimated Annual Needs: $3,014,452 If the City continues its Bonds has a Annual General Fund Budget: $500,000 current practice, property cumulative Shortfall $2,514,452 taxes will increase over the Issuance of Road Reconstruction Bonds - Principal Only $2,591,800 next ten years before stabi- property tax Estimated Assessments To Private Properties (annual levy) $43,992 lizing at a higher level. levy Estimated Annual Additional Property Tax Levy* $170,584 $500,000 $2.5 178 allocated annually for maintenance Ramsey has million is the miles of roadway estimated annual that it maintains shortfall Ramsey Resident March/April 2019 13