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Long -term debt. At the end of the current fiscal year, the City of Roseville had total
<br />long -term debt outstanding of $11,520,000. Of this amount; $1,330,000 was for general
<br />obligation improvement debt which has financed special assessment construction as part
<br />of the City's paving management program, $6,705,000 for the general obligation
<br />municipal building debt which financed the construction of the expansion of City Hall
<br />and the Public Works Building, $2,330,000 to finance the replacement of the Ice Arena
<br />refrigeration system, and $1,155,000 for housing improvements. In addition, the City
<br />also has long -term liabilities in the amount of $1,308,604 for compensated absences and
<br />$350,737 for the net pension obligation for OPEB.
<br />City of Roseville's Outstanding Debt
<br />General Obligation Improvement Bonds, and Certificates of Indebtedness
<br />The City of Roseville maintains an Aal rating from Moody's and an AAA from Standard
<br />and Poor's on all of its general obligation debt.
<br />State statutes limit the amount of general obligation debt a Minnesota city may issue to
<br />3% of total Estimated Market Value. The current debt limitation for the City of Roseville
<br />is $11907,142. $9,035,000 of the City's outstanding debt is counted against the
<br />statutory limitation as the debt is wholly financed by general tax levy.
<br />Additional information on the City of Roseville's long -term debt can be found in Note 1-
<br />D on page 52 of this report, and Note 4 -H on pages 62 -64.
<br />Economic Factors and next year's Budgets and Rates
<br />• The City made operational adjustments in recognition of the expected loss of
<br />state -aid and declining interest earnings.
<br />• Recreation program fees were increased to reflect the rising costs of individual
<br />programs. In addition, user charges for proprietary funds were also changed to
<br />reflect current and anticipated conditions and asset replacement needs.
<br />These factors were considered when the City of Roseville prepared its 2011 budget.
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<br />Governmental
<br />Governmental
<br />Business-
<br />Business -
<br />Activities
<br />Activities
<br />Type
<br />Type
<br />Total
<br />Total
<br />2009
<br />2010
<br />2009
<br />2010
<br />2009
<br />2010
<br />General Obligation
<br />Improvement bonds
<br />$1,750,000
<br />$1,33000
<br />$ -
<br />$ -
<br />$1,750,000
<br />$1,33000
<br />General Obligation
<br />Municipal bonds
<br />8,46500
<br />70000
<br />-
<br />-
<br />8,46500
<br />70000
<br />Certificates of
<br />Indebtedness
<br />2,55000
<br />2,33000
<br />-
<br />-
<br />2,55000
<br />2,33000
<br />Total
<br />$ 12,76500
<br />$11,520,000
<br />$ -
<br />$ -
<br />$12,76500
<br />$11,520,000
<br />The City of Roseville maintains an Aal rating from Moody's and an AAA from Standard
<br />and Poor's on all of its general obligation debt.
<br />State statutes limit the amount of general obligation debt a Minnesota city may issue to
<br />3% of total Estimated Market Value. The current debt limitation for the City of Roseville
<br />is $11907,142. $9,035,000 of the City's outstanding debt is counted against the
<br />statutory limitation as the debt is wholly financed by general tax levy.
<br />Additional information on the City of Roseville's long -term debt can be found in Note 1-
<br />D on page 52 of this report, and Note 4 -H on pages 62 -64.
<br />Economic Factors and next year's Budgets and Rates
<br />• The City made operational adjustments in recognition of the expected loss of
<br />state -aid and declining interest earnings.
<br />• Recreation program fees were increased to reflect the rising costs of individual
<br />programs. In addition, user charges for proprietary funds were also changed to
<br />reflect current and anticipated conditions and asset replacement needs.
<br />These factors were considered when the City of Roseville prepared its 2011 budget.
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