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Levy Limitations
<br />The Minnesota Levy Limitations Law was implemented in 1972 and restricts
<br />property tax increases each year. Since enactment, various amendments to the law
<br />have passed, but the basic principles still apply. The City is operating within
<br />the authorized levy limitations as shown in the following table:
<br />Total Levy
<br />Less special levies
<br />Bond indebtedness
<br />New industrial
<br />commercial development
<br />Subject to levy
<br />limitations
<br />Levy limitation
<br />Local Government
<br />Payable in 1984
<br />$ 4,248,975
<br />1,022,500
<br />152,959
<br />$ 3,073,516
<br />$ 3,283,512
<br />Payable in 1983
<br />$ 3,647,534
<br />839,450
<br />140,506
<br />$ 2,667,578
<br />$ 2,675,881
<br />The 1984 aid was reduced by $268,577 or 28.4% from 1983. This reduction was due
<br />to a new formula for distributing aids, which was passed by the State
<br />Legislature. The following summary shows actual local government aid as a
<br />percentage of budgeted general fund revenues:
<br />1984
<br />1983
<br />1982
<br />1981
<br />1980
<br />Debt Administration
<br />Budgeted General
<br />Fund Revenues
<br />$4,294,589
<br />4,082,045
<br />3,858,439
<br />3,550,468
<br />3,256,698
<br />Local
<br />Government Aid
<br />$676,863
<br />945,440
<br />817,712
<br />872,746
<br />915,732
<br />�
<br />1�.8
<br />23.2
<br />21.2
<br />24.6
<br />28.1
<br />Net bonded debt per capita, and the percentages of net debt to assessed value and
<br />to market value are useful indicators of the City's debt position. Debt
<br />statistics for the City as of December 31, 1984 are as follows:
<br />Percent of Percent of Debt Per
<br />Amount Assessed Value Market Value Capita
<br />Net Direct Debt
<br />Net Overlapping Debt
<br />Total 1984
<br />Total 1983
<br />$ 5,314,320 1.56
<br />9.135,240 2_69
<br />$14,449,560 4_25
<br />$13,847,991 4_33
<br />.40 $148.57
<br />.68 255.39
<br />1.08 403.96
<br />1_04 385.53
<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-rate share of
<br />bonded indebtedness for the county, schooi districts, and other governmental
<br />agencies that levy taxes within the City.
<br />During 1984, $1,360,000 of bonds were retired, leaving the total outstanding
<br />indebtedness for the City on December 31, 1984, at $12,880,000. Following is a
<br />tabulation of bonds issued since January l, 1970, and still outstanding.
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