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Budget Message, Page 2 December 21,2006 . General Fund Under state law it is required that all municipalities such as Ramsey approve an annual general operating budget. In addition to that, the Ramsey City Council passes upon budgets for its non- general fund enterprises including municipal utility operations, the Housing and Redevelopment Authority, and the Economic Development Authority (which is the development arm of the City). The Enterprise Funds budgets are enclosed. The budget process, subsequent financial audits, and supporting financial policies are of utmost importance to the operations of the City of Ramsey. As a result of stringent fiscal measures and some of the activity noted above, Ramsey taxpayers have received significant financial benefit. Ramsey's efforts were recognized in 1993 by becoming one of only a few metro area communities or cities of similar size throughout the state with a Moody's bond rating as high as "AI". The City's ability to efficiently deliver services is tied in large part to these financial measures as well as the productivity and commitment of its staff and the direction and leadership provided by the City Council. The 2007 budget continues programs and trends developed over the past several years. City Council will need to continue to monitor which services are to be maintained, increased or reduced in the future as the City continues to grow within an era of uncertainty . . The State Legislature implemented mandatory levy limits in 1997 which artificially constrain both tax revenues and service delivery. It remains the position of the City to keep taxes at moderate levels while providing services and programs desired by the public. Levy limits have severely restricted the City's flexibility. The City faced levy limits for years 2002, 2003 and 2004 payable and saw the removal of levy limits for years 2005, 2006 and 2007 payable. In Ramsey, the threat of limited future funds will require continued close City Council review of City priorities. The City will have to evaluate personnel needs, equipment needs, service demands, and public improvements for future years. The demands placed upon Ramsey by the public for fulfilling local needs will also increase in the future as the population continues to grow. The challenges for Ramsey are immense and the City has made appropriate fiscal plans to meet these challenges. .