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Long-term debt. At the end of the current fiscal year, the City of Roseville had total long-term debt outstanding of $37,135,000. In March, 2013 the City issued $3.98 million in general obligation refunding bonds to refinance the debt originally issued to construct an expansion of City Ha1L In addition, the City also has long-term liabilities in the amount of $1,481,262 for compensated absences and $687,076 for the net obligation for OPEB. City of Roseville's Outstanding Debt - General Obligation Improvement Bonds and Certificates of Indebtedness General obligation Improvement bonds General obligation Municipal bonds Cexrificates of lndebtedness Tota1 Outstanding Debt Governmental Governmental Business-Type Business-Type Acrivities Acriviries Acriviries Activiries Total Total 2013 2012 2013 2012 2013 2012 $ 225,000 $ 435,000 $ 35,385,000 32,150,000 - $ 225,000 $ 435,000 - 35,385,000 32,150,000 1,525,000 1,800,000 - - 1,525,000 1,800,000 $ 37,135,000 $ 34,385,000 $ - $ - $ 37,135,000 $ 34,385,000 The City of Roseville maintains an Aaa rating from Moody's and an AAA from Standard and Poor's on all of its general obligation debt. Minnesota State statutes limit the amount of general obligation debt a ciry may issue to 3% of total Estimated Market Value. The current debt limitation for the City of Roseville is $112,055,907. $35,755,000 of the Ciry's outstanding debt is counted against the statutory limitation as the debt is wholly financed by a general tax levy. Additional information on the Ciry of Roseville's long-term debt can be found in Note 1- D on page 50 of this report, and Note 4-G on pages 61-63. Economic Factors and next year's Budgets and Rates A number of local economic factors played a role in setting next year's Budget and utility rates: ❖ The City made operational adjustments in recognition of declining interest earnings and stagnant non-tax revenues. ❖ 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 and asset replacement needs. These factors were considered when the City of Roseville prepared its 2014 budget. 24