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CC_Minutes_2010_0426
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Roseville City Council
Document Type
Council Minutes
Meeting Date
4/26/2010
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Regular City Council Meeting <br />Monday, April 26, 2010 <br />Page 19 <br />Further discussion included financing options for major capital improvements, <br />such as bond financing and the commitment for paying off those bonds; availa- <br />bility of a more aggressive payment system and refunding than that obligated for <br />the bond terms; and reality of CIP funding gaps. <br />Additional discussion included retirement in 2011 of the $490,000 internal loan <br />from the City's PMP to take advantage of interest savings in paying off a bond is- <br />sue early; realistic goals for an annual allotment for rolling stock replacement <br />while recognizing previous deferrals for those replacements, with Mr. Miller tar- <br />getingbetween $400 - 900,000 as a specific priority for 2011. <br />Mr. Miller suggested a strong vehicle replacement program before adding to the <br />existing fleet; in addition to funding replacement of existing facilities prior to <br />building any new facilities; and to base those decisions on the City Council's and <br />community's priorities and preferred service levels to systematically drive CIP <br />needs and meet those service level goals. <br />Mayor Klausing noted the disconnect between expectations for a high level of <br />service versus the pain of increased property taxes, particularly during an eco- <br />nomic downturn. <br />b. Budgeting and Alternative Revenues and Preliminary Levy <br />Finance Director Miller provided a brief look at non-property tax revenues antic- <br />ipated in 2011, similar to 2010, for tax supported services (i.e., General and Parks <br />& Recreation Funds) for preliminary discussion points on tax levy target levels. <br />Mr. Miller noted the one glaring exception to that forecast was in interest rates, <br />having become stagnant over the last few years, and not anticipated to improve. <br />Mr. Miller noted that challenges will continue during the 2011 budgeting and pri- <br />oritization process for the City's core functions. <br />Councilmember Roe requested that staff keep the City Council aware of the pro- <br />jected residential property valuation from the Ramsey County Assessor's Office <br />when it becomes available, with preliminary residential values estimated to be re- <br />duced by approximately 4.5%. <br />Mr. Miller noted that the City would be decertifying Tax Increment Financing <br />(TIF) District No. 1 in 2011, which had a sizable balance, and which would pro- <br />vide some relief to taxing jurisdictions; however, he anticipated a slight reduction <br />in the City's overall tax base, with limited redevelopment coming on line in 2011, <br />and would require a determination from the City Council on how to appropriate <br />that one-time, approximate $1.25 million. <br />Discussion included actuarial analyses for a new funding base for the Fire Relief <br />Association, with the City Council requesting that staff provide that updated in- <br />formation at their earliest convenience. <br />
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