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City of Roseville — 2008 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 />Outstanding Bonded Debt Schedule <br />2008 2010 2012 2014 2016 2018 <br />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 debt limit is calculated as follows: <br />Estimated market value <br />$ 4,530,52700 <br />Debt Limit (2% of total estimated market value) <br />90,610,540 <br />Total Outstanding Debt <br />10,955,000 <br />Less amount backed by special assessments <br />(2,500,000) <br />Total net debt applicable to limit <br />$ 8,455,000 <br />As the table above indicates, the City is well below its allowable debt limit. <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 debt capacity. <br />The city's debt on a per capita basis at the end of 2007 will be $322. The debt repayment schedule <br />remains on a steady pace and the city is well below the median debt level as established by the rating <br />agencies. The median level is currently at $750 for cities the size of Roseville. <br />77 <br />