|
�ze Firemen's Relief Association is an independent entity as authorize� by
<br />Minnes-ota Statute. Wlien property taxes are levied for the Association, the
<br />collections received are remitted to the Association. As �� independent
<br />entity, the Association maintains its oian accounts and funds, has an independent
<br />audit, and reports its financial affairs separately from the City to the State.
<br />The City provides a full range of municipal services as authorized hy State
<br />statute. This includes General Government, Public Safety, Public Wor]<s, and Parks
<br />and Recreation.
<br />City Financial Highlights During 1982
<br />1. The City Council on October 13, 1982 adopted the City's first resolution
<br />in Forming A Development District And Two Tax Increment Financing Districts.
<br />2. $3,000,000 - Commercial Development Revenue Notes of 1982, Series A and B
<br />were issued to HHCO, Inc., as permitted under blinnesota Statutes, Chapter
<br />474, for financing industrial and commercial projects.
<br />3. The Municipal Finance Officers Association o£ the United States and Canada
<br />awarded a Certi£icate of Cenformance in Financial Reporting to the City for
<br />its comprehensive annual £inancial report for the fiscal year 1981.
<br />Impact of State Law on blunicipal Taxes
<br />Fiscal Disparities
<br />The State Legislature enacted a Fiscal Disparity Law in 1971, which ivas not
<br />implemented until taxes payable in 1975 due to constitutional challenge.
<br />The law provides for the pooling of forty percent of all new commercial and
<br />industrial property valuations in the seven-county metropolitan area. In
<br />turn, valuations from this pool are to be redistricted to taxing jurisdictions
<br />according to specific criteria. Although it is difficult to determine the
<br />future impact of the Fiscal Disparity Law on the City, tlle Law had the effect
<br />of reducing taxable valuation as follows:
<br />Assessed Value
<br />Real estate
<br />Personal Property
<br />Total
<br />Area-wide Pool
<br />Contributed to pool
<br />Distributed from pool
<br />Net (loss)
<br />Net assessed value
<br />1982
<br />$309,608,147
<br />5,212,827
<br />�314,320,974
<br />;p (26,242, 787)
<br />8,547,105
<br />$(17,395,682)
<br />�'�'297,425,292
<br />19 31
<br />�273,886,801
<br />4,965,013
<br />$273,851,314
<br />$(15,292,014)
<br />6,388,496
<br />1950
<br />�"216,425,909
<br />4,743,674
<br />$221,169,583
<br />$(11,659,977)
<br />5,1"s9,181
<br />�� a,�os,sis> �� �,szo,��6�
<br />�269,948,296 5214,G43,737
<br />Roseville's 1982 mill rate �aould ]iave been 5.6°� less wit}iout fiscal disparities.
<br />- 3-
<br />
|