2009 CAFR - Laserfiche WebLink

Home

Long -term debt. At the end of the current fiscal year, the City of Roseville had total long -term debt outstanding of $12,765,000; of which $1,750,000 was for general obligation improvement debt which has financed special assessment construction as part of the City's paving management program, $8,465,000 for the general obligation municipal building debt which financed the construction of the expansion of City Hall and the Public Works Building, and $2,550,000 to finance the replacement of the Ice Arena refrigeration system. In addition, the City also has long -term debt in the amount of $1,256,553 for compensated absences. City of Roseville's Outstanding Debt General Obligation Improvement Bonds, Certificates of Indebtedness, and Compensated Absences The City of Roseville maintains an Aal rating from Moody's and an AA from Standard and Poor's on all of its general obligation debt. State statutes limit the amount of general obligation debt a Minnesota city may issue to 3% of total Estimated Market Value. The current debt limitation for the City of Roseville is $133,654,878. $11,015,000 of the City's outstanding debt is counted against the statutory limitation as the debt is wholly financed by 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 62 -64. Economic Factors and next year's Budgets and Rates • The City made operational adjustments in recognition of the expected loss of state -aid and declining interest earnings. • 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 2010 budget. ON Governmental Governmental Business- Business - Activities Activities Type Type Total Total 2009 2008 2009 2008 2009 2008 General Obligation Improvement bonds $197509000 $291309000 $ - $ - $197509000 $291309000 General Obligation Municipal bonds 894659000 798909000 - - 894659000 798909000 Certificates of Indebtedness 295509000 295509000 - - 295509000 295509000 Compensated absences 192569553 192029978 - - 192569553 192029978 Total 1490219553 $1397729978 $ - $ - $1490219553 $1397729978 The City of Roseville maintains an Aal rating from Moody's and an AA from Standard and Poor's on all of its general obligation debt. State statutes limit the amount of general obligation debt a Minnesota city may issue to 3% of total Estimated Market Value. The current debt limitation for the City of Roseville is $133,654,878. $11,015,000 of the City's outstanding debt is counted against the statutory limitation as the debt is wholly financed by 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 62 -64. Economic Factors and next year's Budgets and Rates • The City made operational adjustments in recognition of the expected loss of state -aid and declining interest earnings. • 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 2010 budget. ON