2022 CAFR - Laserfiche WebLink

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The City provides a variety of municipal services. These include a full-time police department, a volunteer fire department, engineering services, street and park maintenance, building inspections, planning and zoning, public improvements, general administrative services, and public water and sewer utilities in the urban service areas. The City adopts an annual budget for the General Fund and the EDA Special Revenue Fund. Legal level of control is at the function level. Department heads may transfer resources within a department as they see fit. Transfers between functions, however, need special approval from the City Council. LOCAL ECONOMY The City has an unemployment rate of 2.8% in comparison to the state average of 3.2%. Ramsey has an employed labor force of 16,461. Anoka County, in which Ramsey is located, has an employed labor force of 198,513 and an unemployment rate of 3.0%. There are approximately 7,571 detached single-family homes and 2,573 multifamily units located within the City. In addition, there were 90 single-family homes and 36 multi -family units constructed in 2022. Six hundred and ten businesses call Ramsey home; those businesses employ nearly 7,182 people. In 2022, approximately 323,000 square feet of industrial space was added in the City. Oppidan completed two industrial flex buildings totaling 258,300 square feet in 2022. Lexington Manufacturing is the first tenant to occupy this space. The third 147,000 square foot building in this industrial complex commenced construction in 2023 and will be completed in 2023. PSD, LLC completed construction of a 67,000 multi - tenant building in 2022. The main tenant is Integrity Engineering and Manufacturing. O'Reilly Auto Parts opened a 7,000 square foot retail building in 2022. NorthStar Marketplace completed construction of a 7,200 square foot multi -tenant retail building and will be leasing in 2023. The City has three major industrial districts containing multiple business parks with a combined capacity of over 500 acres and 70 industrial/office buildings. Bunker Lake Industrial Park, the newest 115-acre business park, west of Armstrong Boulevard, opened in 2018 and now has 732,800 square feet of industrial buildings constructed. Upon completion, this new business park is estimated to generate around three million dollars in annual property taxes and create about 1,500 jobs. In addition, the city is actively developing a city center known as The COR (Center of Ramsey). The development vision for this 400 acre area located in the heart of Ramsey is for it to become the region's center of retail, restaurants, service and office space, outdoor entertainment and parks, community amenities and housing. LONG-TERM FINANCIAL PLANNING The City of Ramsey prepares a ten-year capital improvement plan in an attempt to anticipate major capital expenditures in advance of the year in which they are budgeted. The City has a policy to maintain unrestricted General Fund balance in an amount equal to 50% of the following years adopted operating budget. This policy is designed to establish a fund balance at a level which is sufficient to avoid issuing debt to meet current operating needs. RELEVANT FINANCIAL POLICIES The City has a comprehensive set of financial policies that provide the basic framework for the overall fiscal management of the City. The City had no unusual occurrences affecting these policies. 16