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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 2.5% in comparison to the state average of 2.9%. Ramsey has an employed labor force of 15,014. Anoka County, in which Ramsey is located, has an employed labor force of 197,151 and an unemployment rate of 3.0%. There are approximately 7,113 detached single-family homes and 1,572 multifamily units located within the City. In addition, there were 148 single-family homes constructed in 2018. A senior living facility with 173 market -rate units began construction in the fall of 2018. The City has two major industrial districts containing multiple business parks with a combined capacity of 320 acres and 25 businesses. A new 115 acre business park, west of Ainistrong Boulevard has begun construction. A 20-year build -out of this park is estimated to generate about two million dollars in total annual property taxes and create about 3,000 jobs. Approximately 250 new jobs and approximately 800 construction jobs were created in 2017 and 2018 as a result of this business park. There was nearly 100,000 square feet of commercial and industrial space constructed in 2018 for businesses that included Adrenaline Sports Center, Northwoods Machine and 401 Manufacturing. 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. MAJOR INITIATIVES The extension of Riverdale Drive between Traprock Street and Ramsey Boulevard was completed in 2018. Work began in 2018 on the Ramsey Gateway Project which is to develop a singular plan with the State, County and City for improving Highway 10 through the City of Ramsey. 16