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related assets aze reported in the general fixed assets account group. All purchased fixed assets <br />aze valued at cost where historical records are available and at an estimated historical cost where <br />no lustorical records exist. Donated fixed assets aze valued at their estimated fair market value <br />on the date received. <br />�- . � . . <br />�� -- —_ -- — <br />General long-term debt is used to account for general obligation bonds, general obligation tax <br />increment bonds, general obligation State aid highway bonds, accrued vacation pay and <br />compensatory time off for governmental fund types, and other forms of long-term debt supported <br />by general revenues which aze obligations of the City as a whole and not its individual funds. <br />Revenue Limitations <br />The State Legisiature enacted a Fiscal Disparity Law in 1971, which was not implemented until <br />taxes payable in 1975, due to a constitutional challenge. The law provides for the pooling of forry <br />percent of all new commerciat and indus�ial praperry ealuations in the seven county mettopolitan <br />area. In tum, vatuations from this pool are to be redistributed to taacing jurisdictions according <br />to specific criteria. Although it is difficult to determine the future impact of the Fiscal Disparity <br />Law on the Ciry, the law had the effect of reducing taxable valuation as follows: <br />Real Estate <br />Personal Property <br />Area Wide Pool <br />Conuibuted to Pool <br />Distributed from Pool <br />Net (Loss) <br />Net Tax Capaciry <br />$ (7,906,948) <br />2,777.425 <br />R (5 1�9,�) <br />'�7_6'74_403 <br />Roseville's 1995 tax capacity rate would have been 11 % less without fiscal disparities. <br />L] <br />