The 20-year park plan is a historic agreement between the city of Minneapolis and the Minneapolis Park and Recreation Board. Concurrent ordinances were adopted in 2016 that established the plan and provided an additional almost $11 million a year for 20 years for neighborhood park maintenance, rehabilitation, and capital improvements.

We have indicated that every park that we have, including both developed and undeveloped parks, will have improvements during the term of the 20-year park plan. Um, in fact, as I was mentioning to President Brandt, we will likely get through the first round of parks, including every park, by 2034, 2035, which means that some parks may receive a second uh improvement through this process.

So, the North Commons project is not just a benefit for um the the North Side community, but it's also allowed us to catch up on things we've been behind on, and it may be part of the reason that there are so many openings happening this summer.

So far when we consider all funds, we are seeing that expenses continue to grow faster than revenues. So we see expense growth at 3.1% and revenue growth at 2.6%. As we narrow down into the general fund, you can see that's more pronounced. So expenses growing at 5.1% while revenues are growing at 1.9%.

Growth in fringe expenses is outpacing growth in salary expenses with growing healthcare employer costs driven by a rise in the cost of medical care as is well as is budging for costs associated with the state's new paid family medical leave program.

The bottom line takeaway is that moderating lost revenue growth combined with uh diminishing downtown assets means downtown assets to general fund transfer will likely not be sustainable at the current level.

I am proposing that we use $132,287 in reserve funds. So we consider we continue to spend that on those reserve funds. I'll talk a little bit more about why in the next slide. There's two different best practices that you can look to. The city financial policy is keeping a minimum of 70 17% of the BET's total budget and reserve funds.

The amount of the BET levies in 2028 will I have here likely increase. I can almost certainly guarantee you that at this time next year, I will be asking you to increase the BET's portion of the levy for 2028. Um, just because we're going to, if we continue with this plan, as I propose, we're going to continue spending down that reserve fund and then it'll be time to increase starting next year for 2028.