Laserfiche WebLink
The North Suburban Cable Commission is a joint powera agency for <br />which the City provides investment eervices of their surplus <br />funda. <br />General Fixed Asset Accouxit Groun <br />General Fixed Assete are those fixed assete used in the <br />performance of general governmental functions and exclude fixed <br />assets of the enterprise funda. The City has chosen to report <br />all public domain fixed aseeta, euch ae streets, traffic control, <br />and aimilar aseets that are immovable and of value only to the <br />City. The City has started a program of reviewing the machinery <br />and equipment inventory. Adjustments have been made to the <br />iaventosy records, and are reflected in the addition and <br />deduction columns of the General Fixed Assets records. <br />General Lona-Term Debt Aceount Grouv <br />General long-term debt ie used to account for general obligation <br />bonds, general obligation tax incrament bonds, general obligation <br />State aid highway bonds, accrued vacation pay and compeneatory <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 funds. <br />Bevenue Liaitatiams <br />Fiecal Dis�aritiea <br />The State Legislature enacted a Fiscal Disparity Law in 1971, <br />which was not implemented until taxes payable in 1975, due to a <br />conetitutional challenge. The law provides for the pooling of <br />forty percent of all new commercial and induatrial property <br />valuations in the eeven county metropolitan area. In turn, <br />valuations from this pool are to be redietributed to taxing <br />juriedictions according to specific criteria. Although it ia <br />difficult to determine the future impact of the Fiscal Dispasity <br />Law on the City, the law had the effect of reducing taxable <br />valuation as follows: <br />Tax Capacitv <br />Real Estate <br />Peraonal Property <br />Area Wide Pool <br />Contributed to pool <br />Distributed from pool <br />Net (loss) <br />Net tax capacity <br />1991 <br />$47,021,196 <br />780,571 <br />$47 801,767 <br />1991 <br />$( 8,552,401) <br />3,440,053 <br />S( 5 112,348) <br />42 689 419 <br />1992 <br />$43,087,020 <br />767.721 <br />S43,654,741 <br />1992 <br />$( 8,642,634) <br />3.229,790 <br />S( 5 412 844) <br />38,441,897 <br />Roseville's 1992 tax capacity rate would have been 13� less <br />without fiecal disparitiea. <br />10 <br />