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funds, and the related assets are reported in the general fixed assets account group. All purchased fixed assets aze valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets aze valued at their estimated fair mazket value on the date received. -�� ..�� - v �-� . � � . General long-term debt is used to account for general obligation improvement bonds, general obligation ta�c increment bonds, accrued vacation pay and compensatory time off for govemmental 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 The State Legislature enacted a Fiscal Disparity I.aw in 1971, which was not implemented unul ta�ces payabie in 19'75, due to a constitutional challenge. The 3aw provides ioe t5e pooling of forty percent of all new commercial and industrial property valuations in the seven county metropolitan area. In tum, valoations 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 foliows: � Real Estate Personal Froperty Area Wide Pool Contributed to Pool Distributed from Pool Net Incomz (I.oss) Net T�c Capacity 1421 $ 43,944,585 ��1KI�J 1 ' 'i 122$ $ 41,896,429 _�42.13� ¢.�4 .,7'i8 5� $ (7,238,32'n �r�'��1�Cn � Roseville's 1998 tax capacity rate would have been 14.6% less without fiscal dispariti�s. The following s�mmary shows actual local government aid as a percentage of budgeted general fund revenues and how the yeady amounts vary due to changes in the formulas distributing the aids.