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<br />Information technology costs (phones, computers, copiers, cameras, squad computers, network switches, desktop <br />services, virtual servers, internet, email, software, laserfiche, anti-virus, VPN connections, and facility WiFi) will <br />increase due to additional services and transition to a joint powers entity away from the City of Roseville. This <br />moves Roseville employees to the joint powers entity for long term stability and continuity. This continues to be <br />an excellent value for the City. <br /> <br />Fuel prices were budgeted at $3.25 unleaded and $4.00 for diesel for 2024. With the current economic conditions <br />staff is recommending the same amounts for 2025. <br /> <br />Overall most revenues that are tied to economic activity will be in flux depending on Federal Reserve rate <br />increases. Investment income will eventually increase as the city is able to recognize market value losses from <br />prior years. The franchise fee rate is at 4.00% with the revenue being split between the General fund and the <br />Street Improvement fund. <br /> <br />2023 General Fund unassigned fund balance is $5,273,021 and represents 60.4% of 2024 budgeted revenues and <br />transfers compared with 64.5% for the prior year. The General Fund also has Assigned fund balance for Levy <br />Reduction of $3,052,330, and $226,000 to balance the subsequent budget. It has been the Council’s policy to <br />draw down the levy reduction funds over time and the Council budgeted a $750,000 transfer out to other funds <br />in 2024 from Assigned fund balance. One of the City’s strategic goals is to develop a balanced budget and reduce <br />reliance on the Levy Reduction Assigned Fund balance by 5% to 8% for 2023 thru 2025. Based on very preliminary <br />projections, it appears the levy reduction funds could be fully drawn down by 2028. <br /> <br />Conclusion <br />Staff is looking for direction from the Council on priorities for the budget and property tax levy. The above items <br />are some of the issues that will drive the 2025 budget and are presented for your consideration. <br /> <br />Respectfully Submitted, <br /> <br /> <br />Gayle Bauman, Finance Director