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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 $13,120,000; of which $3,585,000 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 $9,535,000 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 $716,359 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 $61,499,242. $9,535,000 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 51 of this report, and Note 4 -0 on page 62.
<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 2006 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 />2005
<br />2004
<br />2005
<br />2004
<br />2005
<br />2004
<br />General Obligation
<br />finprovement bonds
<br />$3,5851000
<br />$4,475,000
<br />$ -
<br />$ -
<br />$3,5851000
<br />$4,47500
<br />General Obligation
<br />Municipal bonds
<br />9,535,000
<br />9170000
<br />-
<br />-
<br />9,53504
<br />9,700,000
<br />Long-term notes pay
<br />9,163
<br />251,001
<br />-
<br />-
<br />915163
<br />251001
<br />Compensated absences
<br />707,196
<br />70 1,582
<br />-
<br />-
<br />7071196
<br />70 11582
<br />Total
<br />$13,$36,359
<br />$14,901,583 $
<br />-
<br />$ -
<br />$13,836,359
<br />$14,901,583
<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 $61,499,242. $9,535,000 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 51 of this report, and Note 4 -0 on page 62.
<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 2006 budget.
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