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CC_Minutes_2012_0827
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Roseville City Council
Document Type
Council Minutes
Meeting Date
8/27/2012
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Regular City Council Meeting <br /> Monday,August 27,2012 <br /> Page 18 <br /> Mr. Miller responded that either situation could impact the City's credit rating; <br /> however, he noted that the credit rating industry concerns were mainly based on <br /> how much debt load a city carried compared to its ability to pay it back. Mr. <br /> Miller noted that the low tax rate in this area of the City's financial picture bod- <br /> ed well for its ability to increase the levy to pay for its debt service; with the <br /> credit rating industry looking at how well the City managed its debt over time. <br /> Mr. Miller advised that they were fully cognizant of the City's issuing a lot of <br /> debt in a short period of time (e.g. $27 million), but noted that they also were <br /> cognizant that the City of Roseville was in a better position to handle that debt <br /> load, with a clear plan in place to do so. Mr. Miller advised that they would <br /> consider the City's CIP program, community initiatives, projected debt load in <br /> the next 5-10 years, and its long term plan; with review of annual and long-term <br /> plans. <br /> Regarding the portion of staff's debt service memo specific to reserve funds, <br /> Councilmember Willmus asked that future columns include whether or not ac- <br /> counts had an overage, an underage, or were on target; and how funds were al- <br /> located for any accounts showing an overage (Table on page 2 of RCA). Coun- <br /> cilmember Willmus noted that the General Fund showed just over $900,000 <br /> over the target of 45% for reserve funds. <br /> Mr. Miller advised that those reserves were earmarked for General Fund pro- <br /> grams (e.g. Police, Fire, Streets and General Government) and this was how <br /> much available to provide for unforeseen circumstances of contingencies and to <br /> cover the City in between revenue collections. Mr. Miller reminded all that the <br /> General Fund was largely funded through property tax collections, with those <br /> payments received from Ramsey County annually in June and December. Mr. <br /> Miller noted that, come January 1 of the next year, the City needed 40-45% of <br /> that reserve level to get through until the next tax levy collection was received. <br /> At the request of Councilmember Willmus, Mr. Miller clarified that the City <br /> was at 40-45% of its target for reserve funds; and at the moment were sitting <br /> quite well in relationship to the City Council adopted policy. However, Mr. <br /> Miller noted that General Fund budgets generally increase, so the reserve level <br /> needed to increase correspondingly as well. <br /> Councilmember McGehee referenced several items brought up during public <br /> comment; and opined that she personally shared the comments of one speaker <br /> encouraging a broader view by the City Council, rather in their current myopic <br /> way. While the City continues to talk about sustainability, it was also looking at <br /> a decrease in its tax base of 10% with no plan on how to reach that sustainabil- <br /> ity without increasing its tax base. As a newer Councilmember, Councilmem- <br /> ber McGehee opined that she found it puzzling to see the number of initiatives <br /> for amenities and the "wish list," but no initiatives for how to improve the <br /> City's tax base. Councilmember McGehee stated that this was an important <br />
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