2011 Annual Audit - Laserfiche WebLink

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Long-term debt . At the end of the current fiscal year, the City had total bonded debt outstanding of $9,325,585. While all of the City’s bonds have revenue streams, they are all backed by the full faith and credit of the City. The City will have 41 percent of its principal debt retired within five years. City of Centerville’s Outstanding Debt Governmental ActivitiesBusiness-type Activities IncreaseIncrease 20112010(Decrease)20112010(Decrease) General obligation bonds$ 9,325,585$ (1,483,854)10,809,439$$ -$ -$ - Compensated absences payable 37,983 43,147 (5,164) 14,268 13,897 371 Total$ 9,363,568$ (1,489,018)10,852,586$$ 14,268$ 13,897$ 371 Minnesota statutes limit the amount of net general obligation debt a City may issue to 3 percent of the market value of taxable property within the City. Net debt is debt payable solely from ad valorem taxes. The taxable market value totals $356,139,100 which calculates to a debt margin of $10,684,173. Debt financed partially or entirely by special assessments is not applied against the City’s debt limit, nor is debt financed by proprietary fund revenues. Currently the City has $560,585 of general obligation debt outstanding leaving a debt margin of $10,123,588. Additional information on the City’s long-term debt can be found in Note 3D starting on page 62 of this report. Economic Factors and Next Year’s Budgets and Rates Residential building activity is expected to show slight improvement as the overall housing market improves. The discontinued Market Value Homestead Credit program will shift property tax burdens to higher valued parcels, but will allow the City to receive all dollars levied. All of these factors were considered in preparing the City’s budget for the 2012 fiscal year. Requests for Information This financial report is designed to provide a general overview of the City’s finances for all those with an interest in the City’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the City Administrator, City of Centerville, 1880 Main Street, Centerville, Minnesota, 55038. óîìó