Annual_Report_1988_001 - Laserfiche WebLink

Home

General Fixed Asset Account Group General Fixed Assets are those fixed assets used in the performance of general governmental functions and exclude fixed assets of the enterprise funds. The City has chosen to report all public domain fixed assets, such as streets, traffic control, and similar assets that are immovable and of value only to the City. The City has started a program of reviewing the machinery and equipment inventory. Adjustments have been made to the inventory records, and are reflected in the addition and deduction columns of the General Fixed Assets records. General Lona-Term Debt Account Group General long-term debt is used to account for general obligation bonds, general obligation tax increment bonds, general obligation 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 •:: $364,022,149 6,253,834 S370,275,983 $(49,927,271) 22,975,300 �(26,951,971) 5343,324,012 1987 $354,265,348 6,010,884 S360.276.232 $(41,253,858) 19,284,144 S(21,969,714) S338,306,518 Roseville's 1988 mill rate would have been 8.1� less without fiscal disparities.