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2009_0209_Packet
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2009_0209_Packet
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2010 — 2019 Financial Plan <br />Executive Summary <br />Enclosed is the 2010-2019 Financial Plan as prepared in accordance with the goals and strategies <br />identified in the Imagine Roseville 2025 initiative and in consideration of the policies, goals and <br />objectives identified by the City Council. Like the Capital Improvement Plan (CIP), the <br />Financial Plan should not be construed as a request for funding; rather it is designed to serve as a <br />planning tool that can be used to make informed financial decisions. <br />The Financial Plan is segregated into two portions; operations and capital investments. While <br />both portions are crucial for maintaining services, the potential for alternative funding sources <br />and the flexibility in making operational adjustments can vary significantly for each. Therefore <br />they are looked at separately for financial planning purposes. <br />In addition, the Financial Plan makes the distinction between general-purpose operations that are <br />used to provide police, fire, streets, and parks & recreation, and are typically funded by property <br />t�es; and enterprise or business-type operations that are used to provide for water, sewer, storm, <br />and golf course operations which are typically funded by user fees. Each of these separate <br />categories is discussed in greater detail below. <br />If current operational trends continue and if the City makes all planned capital replacements over <br />the next 10 years, it will create a sizeable impact on Roseville property owners. In order to <br />maintain programs and services at existing levels and to replace infrastructure at the optimal <br />time, property t� levies will need to increase by 17% per year for the next 10 years. Water and <br />Sewer rates will need to increase by 10% per year during this same period. Under this scenario, <br />a typical single-family home will see their combined City property tax and utility bill increase <br />from $1,101 in 2009 to $ 3,018 in 2019, an increase of $192 per year. These impacts can be <br />lessened if the City chooses to eliminate programs, reduce service levels, or delay capital <br />replacements. <br />With these projections, Roseville would no longer be among the lowest t�ed cities in the Twin <br />Cities Metropolitan Area. It is estimated that Roseville will go from having the 7th lowest t�es <br />out of 60 comparative cities, to having the 25th to 30th lowest. This would place Roseville near <br />the median t�ation level. For comparison purposes, the cities currently near the median include: <br />Sloomington, St. Louis Park, Surnsville, New Srighton, and Mounds View. <br />The impacts noted above can also be portrayed as a percentage of household income. Sased on <br />the projections above, it is estimated that each household will pay 2.0-2.5% of their income to <br />the City for property taxes and their utility bill in 2019. Sy comparison, Roseville households <br />paid 1.5% of their income in 2002 and an estimated 1.3% in 2009. <br />More detailed information is presented below. <br />
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