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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 $20,135,000. Of this amount; $890,000 was for general obligation improvement debt which financed a part of the City's paving management program, $6,080,000 for the general obligation debt for the construction of the expansion of City Hall and the Public Works Building, $2,070,000 to finance the replacement of the Ice Arena refrigeration system, and $1,095,000 for housing improvements. In December, 2011 the City issued $10 million in general obligation debt to finance the 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 $1,384,178 for compensated absences and $464,729 for the net obligation for OPEB. City of Roseville's Outstanding Debt - General Obligation Improvement Bonds and Certificates of Indebtedness The City of Roseville maintains an Aal rating from Moody's and an AAA 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 $119,552,196. $18,090,000 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 52 of this report, and Note 4 -G on pages 61 -63. Economic Factors and next year's Budgets and 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 2012 budget. 22 Governmental Governmental Business- Business - Activities Activities Type Type Total Total 2011 2010 2011 2010 2011 2010 General Obligation Improvement bonds $89000 $1,33000 $ - $ - $89000 $1,33000 General Obligation Municipal bonds 17,17500 70000 - - 17,17500 70000 Certificates of Indebtedness 2,07000 2,33000 - - 2,07000 2,330,000 Total $20,13500 $11,520,000 $ - $ - $20,135,000 $11,520,000 The City of Roseville maintains an Aal rating from Moody's and an AAA 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 $119,552,196. $18,090,000 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 52 of this report, and Note 4 -G on pages 61 -63. Economic Factors and next year's Budgets and 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 2012 budget. 22