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1/2/2025 <br />14 <br />Contributing Factors to Financial Challenges <br />•Slowing real estate development activity <br />•Declining retail sales activity, including at the Stoneridge Shopping Center <br />•Reduced and not yet recovered hotel tax revenue <br />•Phasing out of federal COVID-response stimulus funds <br />•Increasing insurance costs <br />•Increasing operating supplies and materials costs <br />•Increasing contract service costs <br />•Growing number of unfunded mandates from the State <br />•Rising personnel costs, including pensions, competitive salaries, and benefits <br />27 <br />Contributing Factors to Financial Challenges (cont.) <br />•Addition of new programs and services without full consideration of long-term <br />costs <br />•Lack of pre-planning and funding for medium- and long-term community needs <br />•Lack of community engagement and deeper dialogue regarding the City’s <br />financial situation <br />•Focus on a “pay-go” model of operating the City as capital funding didn’t keep <br />up and needs stacked up <br />28 <br />27 <br />28 <br />Page 98 of 109