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I I I comparison is presented in the required supplementary information and the governmental fund subsection of this report, shown on pages 72-74, and 80-83. I I Factors Affecting Financial Condition The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the City of IRoseville operates. Local Economy. The recent nationwide economic downturn did have some effects on the City I of Roseville including a slight decline in jobs and overall tax base. However, the City of Roseville has seen strong improvement of these local indicators during the past few years. The region, while noted for a strong retail sector, enjoyed modest re-development in recent years. I The re-development consisted of varied retail that added to the relative stability of the unemployment rate. Major industries with headquarters or divisions located within the government's boundaries or in close proximity include computer hardware and software I manufacturers, electrical controls and medical services, and several divisions of state government departments which administer the state highway system and the State's educational administration of K-12 operations. IThe City of Roseville area has an employed labor force of approximately 40,000 which is anticipated to remain steady for the foreseeable future. IBecause of the fully developed nature of the community, the opportunity for new and expanded housing is limited. The city's emphasis has been, in recent years, on assisting homeowners to redevelop and remodel the current available housing so that as the change-over from older Iresidents occurs, younger families will continue to be attracted to Roseville. Long-term Financial Planning. The city council annually participates in the development of I the City's long-term goals and objectives. Recently adopted goals include; establishing adequate funding mechanisms for infrastructure replacement, redeveloping the City's housing options, and securing funds for new initiatives. IThe city is also working closely with state, federal and neighboring communities to improve the area's state and county transportation network, which includes upgraded highways and I strategically-placed pathways. Funding for most of the transportation improvements will need to come from state, county and federal sources, with a smaller portion supported by the local taxpayers. IRelevant Financial Policies. As part of the annual budget process,the City reviews a number of fiscal and budget policies. There have been no significant changes to these policies from the I previous year. However, the City's policy on cash reserve levels for some operating funds is not being met based on current reserve levels. Future compliance is expected through planned systematic operating surpluses. IMajor Initiatives. In 2006-2007, the City conducted a long-term community visioning process. This process resulted in the establishment of 15 distinct goals and strategies that have been used I I3