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PAGE 6 <br />STREET IMPROVEMENT AND DEBT SERVICE PLAN <br />Plan reflects the current street improvement schedule. <br />o Plan has updated projections for future bond interest rates. <br />o Annual street improvements include a mixture of street, utility and storm water reconstruction, alley <br />improvements and mill and overlays. <br />The street improvement schedule and 2025 debt levy reduction program were presented to the City <br />Council at the 6/25/24 council work session and approved at the 9/10/24 City Council meeting. <br />Summary <br />The proposed 2025 Capital Funds budgets align revenue sources with appropriate needs to ensure sustainability <br />and sound financial reserves to safeguard the ability to maintain the City’s valuable assets. The budgets as <br />presented are intended to support the Cities present level of services and maintain the City’s infrastructure for <br />current and future community members. <br />FUND BALANCE TRANSFERS <br />Minnesota State Auditor’s office recommends that Cities maintain their unassigned General Fund balance at 35- <br />50%. Current City policy reflects State Auditor’s recommend range, as well as prioritizes excess fund balance to <br />be transferred to capital or special revenue funds. Action sought from Council is: <br />Approval of proposed transfers. <br />Excess Fund Balance Transfers approved along other fund transfers in December 2024. <br />Excess transfers will be retroactive to 1/1/2024. <br />The Financial Results slide below from the City’s contracted audit firm demonstrates the City’s Net unassigned <br />fund balance at 12/31/2023: <br />24