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City of Roseville — 2004 Budget The following graph depicts the remaining balance of the City's outstanding debt by year. Outstanding Bonded Debt Schedule 20000 2016 2018 Legal Debt Limit Minnesota State Statutes Section 475.51 generally limits net debt to no more than two percent of the estimated market value of the taxable property within the municipality. A number of categories of debt are not included within the net debt calculation. The City's current outstanding debt is composed entirely of debt paid at least partially from special assessments levied on benefiting properties. This debt category is excluded from the debt limitation. Debt Retirement Strategy The City has established and is maintaining a rapid debt retirement schedule to provide both a better bond rating in the future (currently Aal Moody's and AA S &P) and to provide for future referendum capacity. The city's debt on a per capita basis at the end of 2003 will be $460. The debt repayment schedule has been on a very rapid pace and the city is now well below the median debt level as established by the rating agencies. The median level is currently at $800 for cities the size of Roseville. Capital Improvement Plan The following tables summarize the 2004 -2008 Capital Improvement Plan (CIP). The planned capital expenditures for the current year (2004) have been incorporated into the Budget. The remaining years are provided as estimates for planning purposes only. Only after incorporation within successive budgets or as approved separately by the City Council will these items be considered funded. Beyond 2004, purchases or projects are included in the CIP if they are somewhat expected to occur and for which cost estimates can be reasonably obtained. Under current budgetary restraints, the annual budget could not absorb all of the purchases noted in the CIP. Each individual purchase or project will be evaluated at a subsequent date, at which time it will be determined if it is financially feasible. Many of the items contained in the CIP will require on -going operational costs and in some cases produce operational savings. However, given the speculative nature of latter -year purchases, the exact costs cannot be reasonably quantified beyond next year. The additional net operating costs resulting from 2004 CIP items, is approximately $100,000. 72