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City of Roseville — 2009 Budget <br />The following graph depicts the remaining balance of the City's outstanding debt by year. <br />$15 <br />$10 <br />0 <br />$5 <br />Outstanding Bonded Debt Schedule <br />2009 2011 2013 2015 2017 2019 <br />General Obligation Debt <br />Legal Debt Limit <br />Minnesota State Statutes Section 475.51 generally limits net debt to no more than two percent of the <br />estimated market value of the taxable property within the municipality. A number of categories of debt <br />are not included within the net debt calculation. The City's debt limit is calculated as follows: <br />Estimated market value <br />$ 4922596119500 <br />Debt Limit (2% of total estimated market value) <br />8495129230 <br />Total Outstanding Debt <br />1295709000 <br />Less amount backed by special assessments <br />(2,130,000) <br />Total net debt applicable to limit <br />$ 1094409000 <br />As the table 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 2008 will be $373. 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 />