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Management Discussion and Analysis -Continued <br />June 3, 2009 <br />Economic Factors and Next Year's Budgets and Rates <br />• Residential building activity is expected to continue its slowdown reflecting the metropolitan twin cities area <br />construction downturn. Building permit revenue held up in 2008 and to a lesser degree will remain substantial in 2009 <br />due to permits for storm damage repairs to roofs and siding. <br />• Levy limits and reduced payments from the State of Minnesota will cause more difficulty in providing services at current <br />levels. <br />• Participation in the cost of street reconstruction projects in 2009 and downtown redevelopment projects. Debt service for <br />2009 Improvements will begin in 2010 causing increasing tax rates, in spite of lower general fund spending and levy <br />limits. <br />All of these factors were considered in preparing the City's budget for the 2009 fiscal year. <br />Requests for Information <br />This financial report is designed to provide a general overview of the City's finances for all those with an interest in the City's <br />finances. Questions concerning any of the information provided in this report or requests for additional financial information <br />should be addressed to the City Administrator, City of Centerville, 1880 Main Street, Centerville, Minnesota, 55038. <br />-XI- <br />