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Levy Limitation
<br />The Minnesota Levy Limitations Law was implemented in 1972 and restiicts property
<br />tax increases�to 6% per capita per year. The 1980 legistature increased this to
<br />8% per capit_a per year. Since enactment various amendments to the 1aw have passed,
<br />but the basic�principles sti11 apply. 'The City of operating within�the authorized
<br />levy limitation. For taxes collectible in the year 1979 the City was $449,678
<br />under the levy limitation.
<br />Fiscal Disparities
<br />The State Legislature enacted a Fiscal Disparity Law in I971 tiahich was not implemented
<br />until taxes payable in 1975 due to constitutional challen.ge. The law provides for
<br />the poolin.g of forty percent of all new commercial and indusLrial property valuations
<br />in the seven count'y metropolitan area. In turn, valuations Erom this pool are to
<br />be redistributed to taxing jurisdictions according to specific criteria. A1Chough
<br />it is difficult to determine the future impact of the Fiscal Disparity Law on the
<br />Citp, the 1aw had the effect of reducing taxable valuation as follows: �
<br />Assessed Value
<br />Real estate
<br />Personal property
<br />Tota1
<br />Area-wide Pool
<br />Coatributed to pool
<br />Distributed from pool
<br />Net gain (loss)
<br />Net assessed value
<br />bt Administration
<br />1979
<br />$188,783,719
<br />4,514,217
<br />$193,297,936
<br />$C 9,078,228)
<br />3.738.698
<br />$( 5,339,530)
<br />$187,958,406
<br />1978
<br />$179,233,526
<br />4.152.298
<br />$183,385,824
<br />$( 6,688,795)
<br />2.549.342
<br />$( 4,139,453)
<br />5179 246,371
<br />Net bonded debt per capita, and the percentages of net debt to assessed value and
<br />to market value are useful indicators of the City's debt position. Total outstanding
<br />indebtedness on December 31, 1979, was $11,765,000. Debt statistics for the City
<br />at December 31, 1979 are as follows:
<br />Percent of Percent of Debt Per
<br />Amount Assessed Value Market Value Capita
<br />Net direct debt $ 6,877,594
<br />Net overlapping debt 16,476,440
<br />To:a1 1979 23,354,034
<br />Tota1 1978 25,493,132
<br />3.66 .89 $180.46
<br />8.77 2.12 432.23
<br />12.42 3.01 612.65
<br />14.21 3.74 645.38
<br />� Net direct debt is based on Roseville's outstanding indebtedness less cash and
<br />�'� investments on hand. Net overlapping debt is Roseville's pro-rata share of bonded
<br />indebtedness for the county, school districts and other governmental agencies that
<br />'� levy taxes within the City. The City's current bond rating is Aa from Moody's
<br />I.. Investor Service and At from Standard & Poor's. These ratings have not changed
<br />since the sale of General Improvement Bonds Series 9 for $1,600,000 held on
<br />., October 31, 1977. As of December 31, 1979, no Industrial Revenue Bonds have been
<br />''� issued. On February 12, 1979, the City Council adopted a resolution which states
<br />- that all requests for financing industrial, commercial or business projects as
<br />permited under Minnesota Statuces, Chapter 474, will not be considered.
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