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Long-term debt. At the end of the current fiscal yeaz, the City of Roseville had total long-term debt outstanding of $12,870,000. $11,055,000 was for general obligation improvement debt which has financed special assessment construction as part of the City's paving management program. $1,815,000 was for general obligation tax increment debt which financed the City' economic development program and park improvements. In addition, the City also has long-term debt in the amount of $57,786 for the improvement of energy efficiency in the governmental buildings, and $486,081 for compensated absences. City of Roseville's Outstanding Debt General Obligation Improvement Bonds, General Obligation Taa Increment Bonds, Long-Term Notes and Compensated Absences The City of Roseville maintains an Aal rating from Moody's and a AA from Standard and Poor's on a11 of its general obligation debt. State statutes limit the amount of general obligation debt a Minnesota city may issue to 2% of total Estimated Mazket Va1ue. The current debt limitation for the City of Roseville is $48,246,670. None of the City's outstanding debt is counted within the statutory limitation as the debt is either wholly or partially financed by revenues other than a general tax levy. Additional information on the City of Roseville's long-term debt can be found in Note IV-D on pages 43-44 of this report. Economic Factors and nezt year's Budgets and Rates • Due to property tax reforms and projected budget deficits at the State Level, the City made efforts to provide for the potential 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 prepazed its 2002 budget. �g