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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 $34,385,000. In November, 2012 the City issued $17 million in general obligation debt to finance the remaining construction of a new fire station and to make various park improvements. In addition, the City also has long -term liabilities in the amount of $1,488,677 for compensated absences and $564,044 for the net obligation for OPEB. City of Roseville's Outstanding Debt - General Obligation Improvement Bonds and Certificates of Indebtedness General obligation Improvement bonds General obligation Municipal bonds Certificates of Indebtedness Total Outstanding Debt Governmental Governmental Business -Type Business -Type Activities Activities Activities Activities Total Total 2011 2012 2011 2012 2011 2012 $ 89000 $ 43500 $ - $ 17,175,000 32,150,000 - 2,07000 1,80000 - $ 89000 $ 43500 17,175,000 32,150,000 2,07000 1,80000 $ 20,13500 $ 34,38500 $ - $ - $ 20,13500 $ 34,38500 The City of Roseville maintains an Aaa rating from Moody's and an AA from Standard and Poor's on all of its general obligation debt. Minnesota State statutes limit the amount of general obligation debt a city may issue to 3% of total Estimated Market Value. The current debt limitation for the City of Roseville is $112,558,872. $32,795,000 of the City's outstanding debt is counted against the statutory limitation as the debt is wholly financed by a general tax levy. Additional information on the City of Roseville's long -term debt can be found in Note 1- D on page 50 of this report, and Note 4 -G on pages 60 -63. Economic Factors and next year's Budgets and Rates A number of local economic factors played a role in setting next year's Budget and utility rates: ❖ The City made operational adjustments in recognition of declining interest earnings and stagnant non -tax revenues. ❖ 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 and asset replacement needs. These factors were considered when the City of Roseville prepared its 2013 budget. 24