Annual_Budget_1994_001 - Laserfiche WebLink

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TaZ II�C� � POLICIBS pQBPOSS The objectives of tax increment in Roseville have been clearly etated both by law and policy "...to provide employment opportu- nitiea, to improve the tax base and to improve the general econo- my of the State (City)." �, To support those objectives, a financial policy ie neceasary to ' aseist in an orderly process of budgeting and planning to fulfill ' legal and operating requirements. Such a policy will provide fiscal guidance for staff, council and the community in priori- � tizing and meeting the needs of the citizens in a methodical and ' financially prudent mans'ier. S_c e All tax increment revenues, after annual debt service require- mente have been met, are included within this policy. Policv . A apecial permanent reserve of 5� of increment revenuea after debt service ehall be established. The reserve will provide additional taxpayer protection by providing funding in the event there ehould be aubstan- tial negative changes in the local economy euch as property devaluationa, or it could be used to provide for defeaeance or call of tax increment debt in the future. , An Economic\Housing Development fund of 75� of increment revenues after debt service ahall be estab- liahed to asaist in maintaining the community's tax base, provide for economic atability and growth, to provide for maintaining and creating quality housing stock, and to enhance job creation within the communi- ty. An infrastructure Improvement Fund of 15� of increment revenues after debt service shall be estab- liahed to assist the City in providing needed public facilities on a non-general obligation debt basis. An infrastructure Maiatenance Fund of 5� of increment revenues after debt eervice shall be eatab- liehed to provide for future maintenanee aad replace- ment of public facility infrastructure. B -15