2012-11-27_PWETC_AgendaPacket - Laserfiche WebLink

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Page 3 of 4 81 82 For reference, with implementation of these recommendations, the current City property tax for 83 the median residential property in Roseville would increase from approximately $588 to $608, or 84 by $20 per year. (This estimate is based on a taxable value decrease of 3.7% (from $214,200 to 85 $206,300), a tax capacity decrease of 3.7 %, and the proposed 3.4% levy increase for capital 86 funding purposes.) 87 88 89 Utility (Water, Sanitary Sewer, and Storm Sewer) Needs. (The subcommittee is still working 90 on a recommendation with respect to the Utility Funds, which is expected to be made at the June 91 20, 2011, council meeting.) 92 93 94 Fire Station. The subcommittee did not make a specific recommendation as to funding a new 95 fire station, which has no currently programmed funding source. That is because the planning 96 for a new station is an ongoing process, and the likely primary funding source is borrowing 97 (bonding). The subcommittee notes for reference that the annual cost to repay a bond issue of 98 approximately $7 million over 15 years (assuming that bond amount and term, and assuming a 99 4% rate) is about $580,000 per year of additional tax levy and/or program reductions. 100 101 As an aside, the subcommittee notes that the Equipment and Facilities capital needs identified in 102 this report do not include capital funding for maintaining the use of any of the existing fire 103 stations. (In other words, there is not any "double- counting" in the area of fire station capital 104 funding.) 105 106 107 Parks & Pathways Capital Needs. Another very significant area of under- funding is the area of 108 Parks and Pathways. This has been the case for the last several years at least, and is projected to 109 be so into the future, especially as the new Parks & Recreation System Master Plan 110 implementation is begun. As stated earlier, because the review of the implementation of the 111 Master Plan is currently underway, the subcommittee did not make any specific 112 recommendations related to funding of Park and Pathway capital needs. (The subcommittee has 113 included pathway funding with park capital funding, citing the links between those areas that 114 were noted in the Master Plan.) 115 116 Until the Master Plan implementation process is complete, at a minimum the subcommittee 117 recommends maintaining the Parks Improvement Program (PIP) funding at its current tax - 118 supported level of $185,000 per year. 119 120 Additionally, the subcommittee recommends that the Master Plan implementation process take 121 into account the timing of the retirement (pay -off) of current City bond debt for the City Hall and 122 Public Works Building project, which is scheduled to occur in 2018. The retirement of that debt 123 will reduce the annual levy requirement for debt service by approximately $900,000 per year 124 from that time forward, potentially providing that amount of levy capacity for new borrowing at 125 that time for park needs. 126