Annual_Report_1993_001 - Laserfiche WebLink

Home

financial statements, the combining and individual fund statements, account group statements and supplemental information. Section III ie the statistical section which includes the previous years' financial and nonfinancial data. Section IV contains the auditor reporte on compliance and inter- nal controls. The City's financial etatements include all funds, account groups, departments, agencies, boards, commissiona, and other organizatione over which City officials exercise oversight reaponsibility. Oversight responsibility includes such aspects as appointment of governing body meaibers, budget approval, approval of property tax levies, outstanding debt secured hy City full faith and credit or revenues, responeibility for funding deficits, and others. As a result of applying the criteria of GASB Statement 14, the Fire Relief Association and Independent School Districta #621 and #623 have been excluded from the City's Financial statements. Scoaa�ic Coadition aad'Outlook Sunimarv of Local Economv The economy of the metropolitan Twin City area experienced sig- nificant recovery during 1993. Unemployment ended the year at approximately 4.4� as compared to the U.S. average of 6.3�. Roseville, as part of suburban Ramsey County, had an unemployment rate of approximately 2.9�, a decrease from the 3.2� of 1992. Improvement in such rates continue to point to a significant stronger economy in our immediate trade and employment area. The most recent retail sales data indicates the City of Roseville is continuing to be one of the major retailing centers of the metropolitan area. Retail sales within the city have had a 9.3� compounded growth over the past 5 years. This rate compares to the state-wide avesage of 6.0�. Maior Industries NCR-Comten Corporation, through a buy-out in 1992, became part of AT&T. The effect at the Roaeville aite has been positive in that a number of additional manufacturing jobs were consolidated in the City. NCR-Comten employment has continued at the same level as in 1992. Unisys, the largeat single employer within the City has aeen their markets atrengthen in 1993. It was earlier anticipated em- ployment would decrease in 1993, however, employment actually stabilized at the Roseville aite thus providing a continuing 6ource of high quality joba.