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State unemployment for February was 3.6% which compares to national unemployment of 4.2%. <br />Nationally, inflation has come down from 5.0% in 2023 to 3.5% in 2024. The high was back in 2022 at <br />9.1 %. <br />At the state level, the legislature is working with a $3.7 billion surplus based on the February 2024 <br />forecast. The Legislature will need to adopt any budget amendments by May 201h or hold a special <br />session to complete any unfinished business. <br />Finance Department Operations: <br />The audit fieldwork is complete for the 2023 audit and MMKR will present their management report at an <br />upcoming Council meeting. Staff is working on the five year financial plan with adoption at a May Council <br />meeting. Staff has started work on the 2025 City budget. Budget work will continue thru the summer <br />and into the fall. <br />Recommendation <br />Staff recommends the City Council review and accept the quarterly report. <br />Respectfully Submitted, <br />Gayle Bauman, Finance Director <br />Attachments <br />Exhibit A — <br />General Fund <br />Exhibit B — <br />Other Governmental Funds <br />Exhibit C — <br />Water Fund <br />Exhibit D — <br />Sewer Fund <br />Exhibit E — <br />Street Lighting Fund <br />Exhibit F — <br />Surface Water Management Fund <br />