2002 Comprehensive Annual Finanical Report (CAFR)

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Long -term debt. At the end of the current fiscal year, the City of Roseville had total long -term debt outstanding of $7,560,000, all of which was for general obligation improvement debt which has financed special assessment construction as part of the City's paving management program. In addition, the City also has long -term debt in the amount of $7,251 for the improvement of energy efficiency in the governmental buildings, and $495,672 for compensated absences. City of Roseville's Outstanding Debt General Obligation Improvement Bonds, General Obligation Tax Increment Bonds, Long -Term Notes and Compensated Absences The City of Roseville maintains an Aal rating from Moody's and an AA from Standard and Poor's on all of its general obligation debt. State statutes limit the amount of general obligation debt a Minnesota city may issue to 2% of total Estimated Market Value. The current debt limitation for the City of Roseville is $52,994,918. None of the City's outstanding debt is counted within the statutory limitation as the debt is either wholly or partially financed by revenues other than a general tax levy. Additional information on the City of Roseville's long --term debt can be found in Note I- D on page 51 of this report. Economic Factors and next years Budgets and Rates • Due to property tax reforms and projected budget deficits at the State Level, the City made efforts to provide for the potential reduction in State -aid and a shift in overall tax burden. • Recreation program fees were increased to reflect the rising costs of individual programs. In addition, user charges for proprietary funds were also changed to reflect current and anticipated conditions These factors were considered when the City of Roseville prepared its 2003 budget. 22 Governmental Activities 2401 Governmental Activities 2002 Business- Type 2001 Business - Type 2002 Total 2001 Total 2002 General obligation Improvement bonds $11,055,000 $7,560,000 $ - $ - $119055,000 $79560,000 General obligation Tax increment bonds 118151000 -- - - 1,815,000 - Lon -term notes pay__ 571786 605376 - 73251 57,786 679627 Severance pay - - - - - - Compensated absences 4861081 4955672 - - 4861081 495,672 Total $1334137567 $871163048 $ - $ 7,251 $131413,867 $8,1235299 The City of Roseville maintains an Aal rating from Moody's and an AA from Standard and Poor's on all of its general obligation debt. State statutes limit the amount of general obligation debt a Minnesota city may issue to 2% of total Estimated Market Value. The current debt limitation for the City of Roseville is $52,994,918. None of the City's outstanding debt is counted within the statutory limitation as the debt is either wholly or partially financed by revenues other than a general tax levy. Additional information on the City of Roseville's long --term debt can be found in Note I- D on page 51 of this report. Economic Factors and next years Budgets and Rates • Due to property tax reforms and projected budget deficits at the State Level, the City made efforts to provide for the potential reduction in State -aid and a shift in overall tax burden. • Recreation program fees were increased to reflect the rising costs of individual programs. In addition, user charges for proprietary funds were also changed to reflect current and anticipated conditions These factors were considered when the City of Roseville prepared its 2003 budget. 22