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81
<br />82 For reference,, with implementation of these recommendations, the current City property tax for
<br />83 the median residential property in Roseville would increase from approximately $,588 to $,608, or
<br />84 by $,20 per year. (This estimate is based on a taxable value decrease of 3.7% (from. $,214,200 to
<br />85 $,206,,300)1,, a tax capacity decrease of 3.7%, and the proposed 3.4% levy increase for capital
<br />86 funding purposes.),
<br />87
<br />88
<br />89 Utility (Water, 'Van itary 'Yewer, anal ,'Ytorm,'Yewer) Needs. The subcommittee is still working
<br />90 on a recommendation with respect to the Utility Funds, which is expected to be made at the June
<br />91 20p 011, council meeting.),
<br />92
<br />93
<br />94 Fire,'Ytation. The subcommittee did not make a specific recommendation as to funding a new
<br />95 fire station,, which has no currently programmed funding source. That is because the planning
<br />96 for a new station is an ongoing process, and the likely primary funding source is borrowing
<br />97 (bonding). The subcommittee notes for reference that the annual cost to repay a bond issue of
<br />98 approximately $,7 million over 15 years (assuming that bond amount and term, and assuming a
<br />99 4% rate), is about $,580,000 per year of additional tax levy and/or program reductions.
<br />100
<br />101 As an aside,, the subcommittee notes that the Equipment and Facilities capital needs identified in
<br />102 this report do not include capital funding for maintaining the use of any of the existing fire
<br />103 stations. In other words, there is not any "double - counting "' in the area of fire station capital
<br />104 funding.),
<br />105
<br />106
<br />107 Parks & Pathways Capital Needs. Another very significant area of under-funding is the area of
<br />108 Parks and Pathways. This has been the case for the last several years at least, and is projected to
<br />109 be so into the future, especially as the new Parks & Recreation System Master Plan
<br />110 implementation is begun. As stated earlier, because the review of the implementation of the
<br />III Master Plan is currently underway, the subcommittee did not make any specific
<br />112 recommendations related to funding of Park and Pathway capital needs. (The subcommittee has
<br />113 included pathway funding with park capital funding, citing the links between those areas that
<br />114 were noted in the Master Plan.)
<br />115
<br />116 Until the Master Plan implementation process is complete, at a minimum the subcommittee
<br />117 recommends maintaining the Parks Improvement Program (PIP), funding at its current tax-
<br />118 supported level of $,185,000 per year.
<br />119
<br />120 Additionally, the subcommittee recommends that the Master Plan implementation process take
<br />121 into account the timing of the retirement (pay -offl of current City bond debt for the City Hall and
<br />122 Public Works Building project, which is scheduled to occur in 2018. The retirement of that debt
<br />123 will reduce the annual levy requirement for debt service by approximately $,900,000 per year
<br />124 from that time forward, potentially providing that amount of levy capacity for new borrowing at
<br />125 that time for park needs.
<br />126
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