|
CITY OF ROSEVILLE, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2016
<br />E. Interfund receivables, payables, and transfers
<br />The following is a schedule of interfund transfers as of December 31, 2016:
<br />Interfund transfers:
<br />Transfers Out
<br />General
<br />Debt Service
<br />Economic Increments Construction
<br />Street Con.�truction
<br />Non majar Governmental
<br />Sanitary Sewer
<br />Water
<br />Golf C ourse
<br />Storm Drainage
<br />Solid Waste Recycl�g
<br />Total
<br />Transfer[n
<br />Street Non-major
<br />General Construction Debt Service Governmental Total
<br />$ - $ 230,000 $ - $ - $ 230,000
<br />- 401,718 - - 401,718
<br />- - 152,768 - 152,768
<br />- - 505,359 - 505,�59
<br />384,000 - - 100,000 484,000
<br />285,000 - - - 285,000
<br />360,000 - - 25,000 385,000
<br />20,000 - - - 20,000
<br />100,000 - - - 100,000
<br />15,000 - - - 15,000
<br />$ 1,164,000 $ 631,718 $ 658,127 $ 125,000 $ 2,578,845
<br />Total transfers in/out are created to assist in financing various activities and/or projects.
<br />F. Tax Increment Financing
<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.
<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.
<br />One agreement exceeded 10% of the total tax increment generated throughout the year.
<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
<br />57
<br />
|