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City of Roseville — 2005 Budget <br />The following graph depicts the remaining balance of the City's outstanding debt by year. <br />Legal Debt Limit <br />20000 <br />0 <br />10000 <br />WOM <br />Outstanding Bonded Debt Schedule <br />2004 2006 2008 2010 2012 2014 2016 2018 <br />El General Obligation Debt <br />Minnesota State Statutes Section 475.51 generally limits net debt to no more than two percent of the <br />estimated market value of the taxable property within the municipality. A number of categories of debt <br />are not included within the net debt calculation. The City's current outstanding debt is composed <br />entirely of debt paid at least partially from special assessments levied on benefiting properties. This <br />debt category is excluded from the debt limitation. <br />Debt Retirement Strategy <br />The City has established and is maintaining a rapid debt retirement schedule to provide both a better <br />bond rating in the future (currently Aal Moody's and AA S &P) and to provide for future referendum <br />capacity. <br />The city's debt on a per capita basis at the end of 2004 will be $420. The debt repayment schedule has <br />been on a very rapid pace and the city is now well below the median debt level as established by the <br />rating agencies. The median level is currently at $750 for cities the size of Roseville. <br />Impact on Operations <br />The City's property tax levy has stabilized at $1,625,000 annually and is expected to remain at this level <br />until 2010. Absent the issuance of any additional property tax - supported debt, the debt levy is expected <br />to slowly decline beginning in 2011 to a level of $875,000 in 2015. All existing debt will be retired no <br />later than 2019. <br />Future Debt Issuance <br />The City has no immediate plans to issue new debt. <br />new debt is not expected to occur until 2007 or later. <br />Absent any refunding opportunities, the issuance of <br />74 <br />