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2006 CAFR
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2006 CAFR
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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 $11,875,000; of which $2,875,000 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 $9,000,000 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 $938,869 for compensated absences and notes payable. <br />City of Roseville's Outstanding Debt <br />General Obligation Improvement Bonds, Long -Term Notes and Compensated <br />Absences <br />The City of Roseville maintains an Aal 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 $78,363,984. $9,000,000 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 63-65. <br />Economic Factors and next year's Budgets and Rates <br />• Due to property tax reforms and continued projected budget deficits at the State <br />Level, the City made efforts to provide for the reduction in State -aid and a shift in <br />overall tax burden <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 <br />These factors were considered when the City of Roseville prepared its 2007 budget. <br />22 <br />Governmental <br />Governmental <br />Business- <br />Business - <br />Activities <br />Activities <br />Type <br />Type <br />Total <br />Total <br />2005 <br />2006 <br />2005 <br />2006 <br />2005 <br />2006 <br />General Obligation <br />Improvement bonds <br />$3,58500 <br />$2,87500 <br />$ - <br />$ - <br />$3,58500 <br />$2,87500 <br />General Obligation <br />Municipal bonds <br />9,53500 <br />90000 <br />- <br />- <br />9,53500 <br />90000 <br />Long -term notes pay <br />9,163 <br />4,425 <br />- <br />- <br />9,163 <br />4,425 <br />Compensated absence1__$13,836,359 <br />707,196 <br />934,444 <br />- <br />- <br />707,196 <br />934,444 <br />Total <br />$12,81309 <br />$ - <br />$ - <br />$13,836,359 <br />$12,81309 <br />The City of Roseville maintains an Aal 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 $78,363,984. $9,000,000 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 63-65. <br />Economic Factors and next year's Budgets and Rates <br />• Due to property tax reforms and continued projected budget deficits at the State <br />Level, the City made efforts to provide for the reduction in State -aid and a shift in <br />overall tax burden <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 <br />These factors were considered when the City of Roseville prepared its 2007 budget. <br />22 <br />
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