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<br /> <br />TtheMinnesotaStateLegislatureenactedMarketValueHomesteadCreditreductionsto <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.For2022,thesalarieshavebeen <br />budgetedwitha3.0%COLAincreasefornonͲunionemployeesanda3.0%COLAincreaseunion <br />employees. <br /> <br />Thiswillbethefourthyearofthecity’shealthinsuranceplan.Theincreaseinpremiumsfor <br />2022isabout9.0%.Dentalwillbeincreasingby3.3%andtherearenochangestoLife,Short <br />TermorLongTermDisability. <br /> <br />Finally,thepopulationgrowthdoesnotonlyaffecttheCity’sGeneralfund,italsoaffectsthe <br />City’sWater,Sewer,andtheSurfaceWaterManagementoperatingfunds.Asthepopulation <br />hasincreased,sohasthenumberofutilitycustomers.Asthenumberofcustomersincrease,so <br />doestherevenue,thedemandforserviceandthecostofprovidingtheservice.Thechart <br />belowshowsthecustomerchangesoverthelastfiveyears. <br /> <br />18