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Trust and AQency Fund <br />The Northwest Youth Service Bureau is a separate nonprofit <br />organization �hich was established under a joint powers agreement <br />between the City of Roseville and other governmental units. �n <br />accordance with the terms o£ the agreement, the City provides <br />accounting services to the Bureau. <br />The Grass Lake Water Management Organization is a separate <br />nonprofit organization which was established under a joint powers <br />agreement between the City of Roseville and the Cits of <br />Shoreview. In accordance with the terms of the agreement, the <br />City provides accounting services to the Organization. <br />The Deferred Compensation fund is to account for those funds <br />which are held in trust by trustees for future retirement <br />benefits for City employees. <br />General Fixed Asset Account Group <br />General Fixed Assets are those fixed assets used in the <br />performance of general governmental functions and exclude fixed <br />assets of the enterprise funds. The City has chosen to report <br />all public domain fixed assets, such as streets, tra£fic control, <br />and similar assets that are immovable and of value only to the <br />' City. <br />General Lona Term Debt Account Group <br />General long-term debt is used to account for general obligation <br />bonds, general obligation tax increment bonds, general obligation <br />State aid highway bonds, accrued vacation pay and compensatory <br />time off for governmental fund types, and other forms of long- <br />term debt supported by general revenues which are obligations of <br />the City as a whole and not its individual iunds. <br />Revenue Li_mitations <br />Fiscal Disparities <br />The State Legislature enacted a Fiscal Disparity Law in 1971, <br />which was not implemented until taxes payable in 1975, due to <br />constitutional challenge. The law provides for the pooling of <br />forty percent of all new commercial and industrial property <br />valuations in the seven county metropolitan area. In turn, <br />valuations from this pool are to be redistributed to taxing <br />jurisdictions according to specific criteria. Although::it is <br />difficult to determine ihe future impact of the Fiscal Disparity <br />Law on the City, the law had the effect of reducing taxable <br />valuation as follows: <br />9 <br />