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REPORTING ENTITY The funds and entities related to the City of Ramsey included in our Comprehensive Annual Financial Report are those for which the City is financially accountable. The criteria used in determining the reporting entity are consistent with those established by the Governmental Accounting Standards Board. Based on these criteria, all funds and account groups, depait,nents and commissions of the City of Ramsey and the Ramsey Economic Development Authority, which is a blended component unit, are included in this report. GOVERNMENTAL STRUCTURE, LOCAL ECONOMIC CONDITION AND OUTLOOK Ramsey is located in the southwestern part of Anoka County and is situated approximately 25 miles from Minneapolis. The City has 28.8 square miles within its corporate boundaries and is bordered by two major rivers, the Mississippi River along the southern border and the Rum River along the east. Ramsey incorporated as a City in 1974, and is organized as a Home Rule City under a City Charter originally adopted in 1984. The City Council consists of a Mayor and four Councilmembers, and is elected at large on a nonpartisan basis. Elections are held in November of each even numbered year. The terms of office are four years for the Mayor and four years for Councilmembers, but not more than two Councilmembers' terms expire in any one year. The Council is responsible for enacting ordinances, resolutions, and regulations governing the City, and appointing the City Administrator, City Attorney, and members of the various advisory boards and commissions. The City provides a variety of municipal services. These include a full -time police department, a volunteer fire depaitment, 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 State of Minnesota is facing a 4.3 billion dollar budget deficit for the upcoming biennium beginning July 1, 2003. Under the Governor's proposal, aid to Cities would be severely cut. For the City of Ramsey, that would mean a total loss of Local Government Aid in the amount of $303,000 and a cut in Market Value Homestead Credit of $174,000. To compensate for the reduction in aids, the City is reappraising its rates and fee structure and examining other possible revenue sources. For 2003, the City has repositioned its 2003 budget to meet the demands of the proposed aid cuts. The City of Ramsey has a varied residential and commercial/industrial base. During the 1990's, the AEC Energy Park and the Ramsey Business Park were developed and are currently operating at full capacity with a labor force of approximately 1,200 employees. The City is currently involved in the development of what will be termed "Ramsey Towne Center ". The Towne Center will consist of approximately 322 acres of mixed -use development, which will include 2,200 units of high - density residential, and one hundred acres of commercial /industrial developments. Groundbreaking of the Towne Center is slated for the fall of 2003. The City of Ramsey has an unemployment rate of 3.9 percent in comparison to the state's average of 4.0 percent and a national average of 5.7 percent. Anoka County, in which Ramsey is located, has an employed labor force of approximately 182,000. v