Laserfiche WebLink
Long-term debt <br />. At the end of the current fiscal year, the City had total bonded debt outstanding of $9,294,981. While all of the <br /> credit of the City. The City will have 51 percent of its <br />principal debt retired within five years. <br />City of CentervilleOutstanding Debt <br />Governmental ActivitiesBusiness-type Activities <br />IncreaseIncrease <br />20122011(Decrease)20122011(Decrease) <br />General obligation bonds$ 9,294,981$ 9,325,585$ (30,604)$ -$ -$ - <br />Compensated absences payable 32,304 37,983 (5,679) 13,102 14,268 (1,166) <br />Total$ 9,327,285$ 9,363,568$ (36,283)$ 13,102$ 14,268$ (1,166) <br />Minnesota statutes limit the amount of net general obligation debt a City may issue to 3 percent of the market value of taxable <br />property within the City. Net debt is debt payable solely from ad valorem taxes. The taxable market value totals $312,695,800 which <br />calculates to a debt margin of $9,380,874 <br />debt limit, nor is debt financed by proprietary fund revenues. Currently the City has $1,024,980 of general obligation debt outstanding <br />leaving a debt margin of $8,355,894. <br /> <br />-term debt can be found in Note 3C starting on page 63 of this report. <br />Economic Factors and Next <br />Residential building activity is expected to show slight improvement as the overall housing market improves. <br /> <br />The discontinued Market Value Homestead Credit program will shift property tax burdens to higher valued parcels, but will <br />allow the City to receive all dollars levied. <br /> <br /> <br />Requests for Information <br />nances for all parties interested. Questions concerning <br />any of the information provided in this report or requests for additional financial information should be addressed to the City <br />Administrator, City of Centerville, 1880 Main Street, Centerville, Minnesota, 55038. <br />-23- <br /> <br />