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<br /> <br />TheMinnesotaStateLegislatureenactedMarketValueHomesteadCreditreductionsto <br />propertyownersin2003Ͳ2004.Thiscreditwasnotreimbursedtolocalgovernments,whichin <br />effectreducedtaxrevenuessolocalgovernmentsdidnotreceivethefullamountoftheir <br />certifiedlevies.In2005thelegislaturereinstatedthesecreditreductionsfor2005and2006. <br />Thecreditswerereinstatedin2007.However,duetothecurrenteconomicconditions,the <br />secondhalfpaymentfor2008andallofthe2009and2010paymentswereunallottedbythe <br />Governor.Allofthe2011paymentswereunallotted.The2011legislatureeliminatedthe <br />programfor2012andreplaceditwiththeMarketValueExclusionprogrampreviously <br />discussed,takinglocalgovernmentsoutoftheformula.TheCitybeganreceivingitsfulllevyin <br />2012,however,thefulleffectwasseenin2013asFiscalDisparitiescaughtupwiththechange. <br /> <br />Currentlythereislittlelandavailableforresidentialdevelopmentandnewhomeconstruction <br />withintheCityexceptwiththeadditionoftheTCAAPproperty.Mostdevelopmentis <br />commercial/industrialandastheseareasaredevelopedtherewillbeadeclineofpermit <br />revenuesinthefuture.Thisisexpectedtoincreaseinthefuturedependingonthetimingof <br />howtheTCAAPpropertydevelops. <br /> <br />TheCitypoolsitscashreservesforinvestmentpurposes. <br /> <br />OneoftheCity’slargestexpenditureclassificationsispersonnelservices.Personnelservices <br />includesalariesandfringebenefitsforallemployees.For2021,thesalarieshavebeen <br />budgetedwitha2.0%COLAincreasefornonͲunionemployeesanda3.0%COLAincreaseunion <br />employees. <br /> <br />Thiswillbethethirdyearofthecity’shealthinsuranceplan.Theincreaseinpremiumsfor <br />2021isabout9.5%.TherearenochangestoDental,Life,ShortTermorLongTermDisability. <br /> <br />Finally,thepopulationgrowthdoesnotonlyaffecttheCity’sGeneralfund,italsoaffectsthe <br />City’sWater,Sewer,andtheSurfaceWaterManagementoperatingfunds.Asthepopulation <br />hasincreased,sohasthenumberofutilitycustomers.Asthenumberofcustomersincrease,so <br />doestherevenue,thedemandforserviceandthecostofprovidingtheservice.Thechart <br />belowshowsthecustomerincreasesoverthelastfiveyears. <br /> <br />2600 <br />2610 <br />2620 <br />2630 <br />2640 <br />2650 <br />2660 <br />2015 2016 2017 2018 2019 2020 <br />#ofUtilityCustomers <br />Water Sewer Storm <br />18