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