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CC_Minutes_2011_1205
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12/27/2011 1:40:35 PM
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Roseville City Council
Document Type
Council Minutes
Meeting Date
12/5/2011
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Regular City Council Meeting <br /> Monday, December 05, 2011 <br /> Page 9 <br /> Looking at the siphon issues of residents even with some credit for usage cost; and does <br /> the CIP look at repairs/replacements to address those <br /> At the request of Mayor Roe, Finance Director Miller responded that future CIP projects <br /> would address those installation issues; however, he noted that those corrections may also <br /> require residents to replace their individual lateral service lines that would add to their <br /> homeowner costs. <br /> Mayor Roe noted that another resource for funding sewer and water infrastructure was <br /> the property tax levy. Finance Director Miller concurred. <br /> Mayor Roe noted that some of those costs would be programmed into the next twenty <br /> (20) years' CIP to address siphon issues for the City's portion of those lines. <br /> When will cost show up to taxpayers for bonding <br /> Mayor Roe noted that there was a bond issue proposed in 2013 and another in 2014; and <br /> current estimates were $3 per month for the fire station and $7 per month for the park and <br /> recreation portion for an average single-family homeowner <br /> Why not use reserves and why was the City using the most regressive form of taxation <br /> Mayor Roe noted that the legislature dictated or mandated how a City could fund its op- <br /> erations; and further noted that the City would need legislative approval to impose a local <br /> option sales tax. Mayor Roe also noted that state law prohibited cities from levying a lo- <br /> cal income tax, which some consider a more progressive form of taxation than property <br /> or sales taxes. <br /> At the request of Mayor Roe, Finance Director Miller briefly reviewed the purpose of re- <br /> serves; one of which was in the frequent review by bond rating agencies of the City's <br /> credit rating status. Mr. Miller noted that the City of Roseville currently ranked among <br /> the top 5% nation-wide for its financial strength; and by keeping itself in that position, it <br /> commanded lower interest rates when issuing bonds, based in large part on the strength <br /> of its reserves. If the City was to draw down reserves for operating costs, Mr. Miller ad- <br /> vised that it would put itself in jeopardy; as the reserves did double duty in the City's <br /> day-to-day operations reliance on using interest earnings from those investments to pro- <br /> vide for current operations in the General Fund. If the funds were spent, Mr. Miller noted <br /> that there would be nothing left from which to earn any interest. <br /> Mayor Roe further noted that there were some funds (e.g. Water Fund) that had insuffi- <br /> cient reserve levels to spend on any CIP projects; and even if the Pavement Management <br /> Program (PMP) Fund was spent down, projections were that it could be spent down with- <br /> in five (5) years with money no longer in reserve for street projects, requiring a tax in- <br /> crease simply deferred until that time. <br /> $3 million expenditure policy and voter referendum on higher expenditures <br /> Mayor Roe advised that the City Council had made the decision to proceed with the bond <br /> issue based on timing; and noted that while the City Council did have a policy in place, it <br />
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