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The City has sufficient funds on hand to make all required bond payments, and anticipates an ongoing stream of revenue to make future bond payments. Additional details of the long-term debt activity for the year can be found in Note 5 of the notes to basic financial statements. Economic Factors and Next Year's Budgets and Rates • The unemployment rate for the City of Ramsey is currently 5.0%, which is a decrease from a rate of 5.2% a year ago. The state of Minnesota shows an average unemployment rate of 5.4%, whereas, nationally the unemployment rate is 6.7%. • The number of foreclosures in the City of Ramsey decreased from 146 units in 2012 to 49 in 2013. In comparison, the State of Minnesota saw a decrease in foreclosures from 17,895 in 2012 to 11,843 in 2013 • Inflationary trends in the region compare favorably to national indices. • The city is expecting steady residential and commercial growth within the next three years, spurred by the completion of the Ramsey Station for the Minnesota Northstar commuter rail. All of these factors were considered in preparing the City of Ramsey's budget for the 2014 fiscal year. The water and storm water utility rates were increased for the 2014 budget year. The water utility, which has a tiered rate structure, will increase by an average of 2% for all customers. The storm water utilities will increase an average of 2%. The increased rates are to not only offset current maintenance costs and depreciation, but to help finance a future water treatment plant and 2014 storm utility projects. REQUESTS FOR INFORMATION Questions concerning any of the information provided in this report or requests for additional information should be addressed by writing to the City of Ramsey, 7550 Sunwood Drive Northwest, Ramsey, MN 55303 or by calling (763) 427-1410. 36