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City of Roseville — 2010 Budget <br />The following graph depicts the remaining balance of the City's outstanding debt by year. <br />$15 <br />r_0 $10 <br />0 <br />$5 <br />$- <br />2010 2012 2014 2016 2018 2020 2022 2024 <br />Outstanding Bonded Debt Schedule <br />Legal Debt Limit <br />Minnesota State Statutes Section 475.51 generally limits net debt to no more than three 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 />$ 4952293759200 <br />Debt Limit (3% of total estimated market value) <br />13596719256 <br />Total Outstanding Debt <br />1297659000 <br />Less amount backed by special assessments <br />(1,750,000) <br />Total net debt applicable to limit <br />$ 1190159000 <br />As shown in the above table, the City is well below its allowable debt limit. <br />Debt Retirement Strategy <br />The City has established and is maintaining a relatively rapid debt retirement schedule to provide both a <br />better bond rating in the future (currently Aal Moody's and AA S &P) and to provide for future debt <br />capacity. The city's debt on a per capita basis at the end of 2009 will be $378. The debt repayment <br />schedule remains on a steady pace and the city is 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 />77 <br />