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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 $15,495,000; of which $5,795,000 was for general obligation improvement debt which has financed special assessment construction as part of the City's paving management program, as well as $9,700,000 for the general obligation municipal building debt which financed the construction of the expansion of City Hall and the Public Works Building. In addition, the City also has long -term debt in the amount of $45,378 for the improvement of energy efficiency in the governmental buildings, and $5W x611 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 $59,084,800. $9,700,000 of the City's outstanding debt is counted against the statutory limitation as the debt is wholly financed by 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, and Note 4 -G on page 61. Economic Factors and next year's Budgets and Rates Due to property tax reforms and continued projected budget deficits at the State Level, the City made efforts to provide for the 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 2004 budget. 22 Governmental Activities 2003 Governmental Activities 2002 Business- Type 2003 Business - Type 2002 Total 2003 Total 2002 General Obligation Improvement bonds $5,7959000 $79560,000 $ - $59795,000 $79560,000 General Obligation Municipal bonds 917005000 91700,000 Lon -term notes pay 455378 60,376 79251 1 459378 67,627 Severance a - - - - - - Compensated absences 595 611 495 672 595,611 495,672 Total $16,135,989 $8,116,048 $ - $ 7,251 $16,135,989 $8,123,299 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 $59,084,800. $9,700,000 of the City's outstanding debt is counted against the statutory limitation as the debt is wholly financed by 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, and Note 4 -G on page 61. Economic Factors and next year's Budgets and Rates Due to property tax reforms and continued projected budget deficits at the State Level, the City made efforts to provide for the 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 2004 budget. 22