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The four utility funds are operating within budget. The Water fund is required to adopt <br /> conservation water rates for 2010 . There will be additional revenue generated based on <br /> current usage . The Sanitary Sewer proposed increase for 2010 is 2% or about $4 <br /> annually, and the Storm Water fund is proposed to increase $ 1 per quarter for residential <br /> properties or $4 per year. Most funds remain on target with their respective budgets . <br /> Investments : <br /> The City will experience lower investment income as a result of lower rates most likely <br /> through 2010 and into 2011 . Investment income for 2009 is $731 , 286 compared with <br /> $766 , 755 for the same period in 2008 . Our portfolio for September 30 , 2009 was <br /> 29 , 245 , 567 compared with $28 , 722 , 744 for 2008 . 1 have attached the September 30th <br /> investment statements and pooled cash report for you review. <br /> The Federal Open Market Committee ( FOMC) has maintained the current discount rate at <br /> 0% to . 25 % . The bias is neutral and dependant on future inflation , rates could start to rise <br /> in the second half of 2010 . Credit is still very tight and continues to be a concern for small <br /> businesses . There are some signs that the economy has started to improve but at a very <br /> slow pace . <br /> State unemployment has decreased , as of September 30th it was 7 . 3 % state-wide <br /> compared to national unemployment of 9 . 8% . Ramsey County unemployment stands at <br /> 8 . 3% . Economists see the national number going higher by the end of 2009 . The State <br /> number declined as a result of job seekers dropping out of the market or going back to <br /> school . The job market is a lagging indicator of an economic recovery so will be one of the <br /> last things to show improvement. <br /> Finance Department Operations — 4t" quarter: <br /> Finance staff will be busy during the fourth quarter finalizing the 2010 budget which will <br /> culminate with a truth-in-taxation hearing and adoption of the 2010 budget and tax levy in <br /> December. Delinquent utility bills , administrative offense fines , diseased tree charges and <br /> unpaid property charges were presented to the Council for certification and will be sent to <br /> the County at the end of November. Staff is currently working on our insurance policy <br /> renewal and we will begin preparations for the annual financial audit. <br /> Respectfully Submitted , <br /> Gas <br /> Mark Beer <br />