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CITY OF ROSEVILLE, MINNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> December 31, 2016
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<br /> E. Interfund receivables, payables, and transfers
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<br /> The following is a schedule of interfund transfers as of December 31, 2016:
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<br />Interfund transfers:
<br />Street Non-major
<br />Transfers Out General Construction Debt Service Governmental Total
<br />General -$ 230,000$ -$ -$ 230,000$
<br />Debt Service - 401,718 - - 401,718
<br />Economic Increments Construction - - 152,768 - 152,768
<br />Street Construction - - 505,359 - 505,359
<br />Non-major Governmental 384,000 - - 100,000 484,000
<br />Sanitary Sewer 285,000 - - - 285,000
<br />Water 360,000 - - 25,000 385,000
<br />Golf Course 20,000 - - - 20,000
<br />Storm Drainage 100,000 - - - 100,000
<br />Solid Waste Recycling 15,000 - - - 15,000
<br />Total 1,164,000$ 631,718$ 658,127$ 125,000$ 2,578,845$
<br />Transfer In
<br />Total transfers in/out are created to assist in financing various activities and/or projects.
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<br />F. Tax Increment Financing
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<br />The City has entered into two Tax Increment Financing agreements, which meet the criteria for
<br />disclosure under Governmental Accounting Standards Board Statement No. 77 Tax Abatement
<br />Disclosures. The City's authority to enter into these agreements comes from Minnesota Statute 469.
<br />The City entered into these agreements for the purpose of economic development.
<br />Under each agreement, the City and developer agree on an amount of development costs to be
<br />reimbursed to the developer by the City though tax revenues from the additional taxable value of the
<br />property generated by the development (tax increment). A "pay-as-you-go" note is established for
<br />this amount, on which the City makes payments for a fixed period of time with available tax
<br />increment revenue after deducting for certain administrative costs.
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<br />During the year ended December 31, 2016, the City generated $1,677,742 in tax increment revenue
<br />and made $234,988 in payments to developers.
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<br />One agreement exceeded 10% of the total tax increment generated throughout the year.
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<br /> TIF District No. 19 was established in 2010 for the purpose of site improvements including
<br />landscaping, grading/earthwork, on site utilities, storm water ponding, etc... Under the
<br />agreement, up to $659,000 of development costs will be reimbursed through tax increment
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<br />Item 8: Attachment D
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