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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 $11,875,000; of which $2,875,000 was for general obligation improvement debt which has financed special assessment construction as part of the City's paving management program, as well as $9,000,000 for the general obligation municipal building debt which financed the construction of the expansion of City Hall and the Public Works Building. In addition, the City also has long -term debt in the amount of $938,869 for compensated absences and notes payable. City of Roseville's Outstanding Debt General Obligation Improvement Bonds, Long -Term Notes 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 2% of total Estimated Market Value. The current debt limitation for the City of Roseville is $78,363,984. $9,000,000 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 63-65. Economic Factors and next year's Budgets and Rates • Due to property tax reforms and continued projected budget deficits at the State Level, the City made efforts to provide for the reduction in State -aid and a shift in overall tax burden • 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 These factors were considered when the City of Roseville prepared its 2007 budget. 22 Governmental Governmental Business- Business - Activities Activities Type Type Total Total 2005 2006 2005 2006 2005 2006 General Obligation Improvement bonds $3,58500 $2,87500 $ - $ - $3,58500 $2,87500 General Obligation Municipal bonds 9,53500 90000 - - 9,53500 90000 Long -term notes pay 9,163 4,425 - - 9,163 4,425 Compensated absence1__$13,836,359 707,196 934,444 - - 707,196 934,444 Total $12,81309 $ - $ - $13,836,359 $12,81309 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 2% of total Estimated Market Value. The current debt limitation for the City of Roseville is $78,363,984. $9,000,000 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 63-65. Economic Factors and next year's Budgets and Rates • Due to property tax reforms and continued projected budget deficits at the State Level, the City made efforts to provide for the reduction in State -aid and a shift in overall tax burden • 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 These factors were considered when the City of Roseville prepared its 2007 budget. 22