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State aid highway bonds, accrued vacation pay and compensatory time off for governmental fund types, and other forms of long- term debt supported by general revenues which are obligations of the City as a whole and not its individual funds. Revenue Limitations Fiscal Disparities The State Legislature enacted a Fiscal Disparity Law in 1971, which was not implemented until taxes payable in 1975, due to constitutional challenge. The law provides for the pooling of forty percent of all new commercial and industrial property valuations in the seven county metropolitan area. In turn, valuations from this pool are to be redistributed to taxing jurisdictions according to specific criteria. Although it is difficult to determine the future impact of the Fiscal Disparity Law on the City, the law had the effect of reducing taxable valuation as follows: Assessed Value Real Estate Personal Property Area Wide Pool Contributed to pool Distributed from pool Net (loss) Net assessed value 1987 $354,265,348 6,010,884 5360 276.232 1987 $(41,253,858) 19,284,144 �121 969,714) R338 306 518 1986 $358,833,932 5 948,964 5364 782.896 1986 $(43,685,296j 17,697,644 �(25 987.652) 5338 795,244 Roseville's 1987 mill rate would have been 9.3% less without fiscal disparities. L� Limitations The Minnesota Levy Limitations Law was implemented in 1972 and restricts property tax increases each year. Since enactment, various amendments to the law have passed, but the basic principles still apply. The City is operating within the authorized levy limitations as shown in the following table. Pavable in 1987 Total Levy Less special levies Sond indebtedness New industrial commercial development Tax Increment $4,789,813 1,092,150 96,032 9 Pavable in 1986 $4,773,082 1,069,200 56,762 185.167