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2015_Approved Budget and CIP.pdf
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2015_Approved Budget and CIP.pdf
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City of Roseville — 2015 Budget <br />Financial Plan — Executive Summary <br />Enclosed is the 2015-2024 Financial Plan as prepared in accordance with the goals and strategies <br />identified in the Imagine Roseville 2025 initiative and in consideration of the policies, goals and <br />objectives identified by the City Council. Like the Capital Improvement Plan (CIP), the Financial Plan <br />should not be construed as a request for funding; rather it is designed to serve as a planning tool that can <br />be used to make informed financial decisions. <br />The Financial Plan is segregated into two portions; operations and capital investments. While both <br />portions are crucial for maintaining services, the potential for alternative funding sources and the <br />flexibility in making operational adjustments can vary significantly for each. Therefore they are looked <br />at separately for financial planning purposes. <br />In addition, the Financial Plan makes the distinction between general-purpose operations that are used to <br />provide police, fire, streets, and parks & recreation, and are typically funded by property taxes; and <br />enterprise or business-type operations that are used to provide for water, sewer, storm, and golf course <br />operations which are typically funded by user fees. Each of these separate categories is discussed in <br />greater detail below. <br />If current operational trends continue and if the City makes all planned capital replacements over the <br />next 10 years, it will create a sizeable impact on Roseville property owners. In adopting the 2015 <br />Budget, the City Council recognized this impact and instituted increases in the water and sewer rates as <br />well as the property tax levy. This resulted in substantial improvement in the City's asset replacement <br />funding mechanisms <br />However, in order to maintain programs and services at existing levels and to replace infrastructure at <br />the optimal time, property tax levies will need to increase by 3-5°/o per year for the next 10 years. Water <br />and Sewer rates will need to increase by 3-3.5% per year. Under this scenario, a typical single-family <br />home will see their combined City property tax and utility bill increase from $1,466 in 2014 to $2,389 in <br />2024. These impacts can be lessened if the City chooses to eliminate programs, reduce service levels, or <br />delay capital replacements. <br />With these projections, it is estimated that Roseville will go from having the 19th lowest taxes out of <br />60th comparative cities, to having the 20th to 25th lowest. This would place Roseville closer to the <br />median taxation level. For comparison purposes, the cities currently near the median include: <br />Bloomington, St. Louis Park, Burnsville, and Maplewood. <br />The impacts noted above can also be portrayed as a percentage of household income. Based on the <br />projections above, it is estimated that each household will pay approximately L4% of their income to <br />the City for property taxes and their utility bill in 2024. By comparison, Roseville households paid 1.5% <br />of their income in 2002 and an estimated 1.3% in 2013. <br />More detailed information is presented below. <br />: <br />
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