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Long-Term Financial Planning <br /> The City maintains a bond rating of AA, which was confirmed as part of financing upgrades to the water <br /> treatment processes and facilities; this continues to reflect the City's favorable financial position. This <br /> would provide a lower interest rate should the City desire to use long-term borrowing for future capital and <br /> infrastructure improvements. The greatest infrastructure need facing the City is the condition of its utility <br /> infrastructure. The City has made significant improvements to the water treatment system beginning in <br /> 2020 and running through 2023.In addition,the City is completing the replacement of its 27-year-old water <br /> meters. The City issued bonds to finance the improvements. The City completed a 10-year street <br /> improvement program in 2017 that rehabilitated 25.9 miles of streets. The City continues reconstruction of <br /> streets that were not part of the 10-year street improvement program. The next streets being considered for <br /> improvement are Mounds View Drive, Edgewood (from Mounds View Boulevard to County Rd I) and <br /> County Road H2 (from Mounds View Boulevard to Program). <br /> Future street reconstruction will be financed by a combination of different revenue sources: franchise taxes, <br /> municipal state aid, and a general property tax levy will serve as the main sources. Making street <br /> reconstruction affordable for citizens was a goal of the City. The City continues to develop a long-term <br /> street maintenance program to finance future street maintenance. <br /> State funding to cities has stabilized in recent years, but the state is forecasting a budget deficit in future <br /> years. The City Council and the City's staff will need to continue to make difficult choices in determining <br /> the manner in which to finance services provided to citizens. <br /> The City continues to work on redevelopment opportunities in parts of the City that will enhance the tax <br /> base, increase job opportunities,and provide amenities desired by the residents. <br /> Relevant Financial Policies <br /> In past years,the state has reduced aid to local governments during economic downturns. The City's policy <br /> is to not anticipate full payment of future aid and plans to construct future budgets with reduced amounts <br /> of aid payments. <br /> Major Initiatives <br /> The major economic development initiative continues to be the upgrading of Mounds View Boulevard. <br /> Ramsey County will be adding J-turns to Mounds View Boulevard with the objective of improving traffic <br /> flow and safety on the major corridor through the City's main commercial district. This is a multi-year <br /> project and achieving this should trigger new interest in development and redevelopment of commercial <br /> properties along the corridor. <br /> The City is working with a developer on a housing development known as Long Lake Woods that would <br /> add 12 to 14 buildable lots.The City is also researching wetland banking instead of a market rate townhome <br /> development in the Arden Park area. There is a 4-unit townhome project moving forward in 2026 and a <br /> developer is looking at a potential 4-story boutique hotel. There are also some major changes proposed for <br /> Mounds View Square and a few smaller commercial properties in the process of either renovation or being <br /> acquired for a new business. <br /> -iii- <br />