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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 $1 0,955,000; of which $2,500,000 was for general <br />obligation improvement debt which has financed special assessment construction as part <br />of the City's paving management program, as well as $8,455,000 for the general <br />obligation municipal building debt which financed the construction of the expansion of <br />City Hall and the Public Works Building. In addition, the City also has long -term debt in <br />the amount of $991,802 for compensated absences and notes payable. <br />City of Roseville's outstanding Debt <br />General obligation Improvement Bonds, Long- Terra Notes and Compensated <br />Absences <br />The City of Roseville maintains an Aa 1 rating from Moody's and an AA 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 />2% of total Estimated Market.. Value. The current debt limitation for the City of Roseville <br />is $84,512,230. $8,455,000 of the City's outstanding debt is counted against the statutory <br />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 -G on pages 62-64. <br />Economic Factors and next year's Budgets and bates <br />The City made significant efforts to strengthen its asset replacement funding <br />mechanisms and reserve levels. <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 2008 budget. <br />22 <br />Governmental <br />Governmental <br />Business- <br />Business- <br />Activities <br />Activities <br />Type <br />Type <br />Total <br />Total <br />..2007 <br />2006 <br />2007 <br />2006 <br />2007 <br />2006 <br />General Obligation <br />Improvement bonds <br />$255003000 <br />$238755004 <br />$ - <br />$ - <br />$2,500,000 <br />$2,875,000 <br />General obligation <br />Municipal bonds <br />8,4555000 <br />93000,000 <br />- <br />- <br />8,455,000 <br />91000,000 <br />Long -term notes pay <br />43130 <br />45425 <br />- <br />- <br />41130 <br />4,425 <br />Compensated absences <br />9875672 <br />934,444 <br />- <br />- <br />987,672 <br />9343444 <br />Total <br />$115946,802 <br />$12,813,869 <br />$ - <br />$ - <br />$11,946,802 <br />$1258135869 <br />The City of Roseville maintains an Aa 1 rating from Moody's and an AA 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 />2% of total Estimated Market.. Value. The current debt limitation for the City of Roseville <br />is $84,512,230. $8,455,000 of the City's outstanding debt is counted against the statutory <br />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 -G on pages 62-64. <br />Economic Factors and next year's Budgets and bates <br />The City made significant efforts to strengthen its asset replacement funding <br />mechanisms and reserve levels. <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 2008 budget. <br />22 <br />