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Page 3 of 4 <br /> 81 <br /> 82 For reference, with implementation of these recommendations,the current City property tax for <br /> 83 the median residential property in Roseville would increase from approximately$588 to $608, or <br /> 84 by$20 per year. (This estimate is based on a taxable value decrease of 3.7% (from $214,200 to <br /> 85 $206,300), a tax capacity decrease of 3.7%, and the proposed 3.4%levy increase for capital <br /> 86 funding purposes.) <br /> 87 <br /> 88 <br /> 89 Utility (Water,Sanitary Sewer, and Storm Sewer)Needs. (The subcommittee is still working <br /> 90 on a recommendation with respect to the Utility Funds, which is expected to be made at the June <br /> 91 20, 2011, council meeting.) <br /> 92 <br /> 93 <br /> 94 Fire Station. The subcommittee did not make a specific recommendation as to funding a new <br /> 95 fire station, which has no currently programmed funding source. That is because the planning <br /> 96 for a new station is an ongoing process, and the likely primary funding source is borrowing <br /> 97 (bonding). The subcommittee notes for reference that the annual cost to repay a bond issue of <br /> 98 approximately$7 million over 15 years (assuming that bond amount and term, and assuming a <br /> 0 <br /> tax levy and/or program reductions. <br /> 99 4/o rate) is about $580,000 per year of additional to y p gr <br /> 100 <br /> 101 As an aside, the subcommittee notes that the Equipment and Facilities capital needs identified in <br /> 102 this report do not include capital funding for maintaining the use of any of the existing fire <br /> 103 stations. (In other words, there is not any"double-counting" in the area of fire station capital <br /> 104 funding.) <br /> 105 <br /> 106 <br /> 107 Parks&Pathways Capital Needs. Another very significant area of under-funding is the area of <br /> 108 Parks and Pathways. This has been the case for the last several years at least, and is projected to <br /> 109 be so into the future, especially as the new Parks &Recreation System Master Plan <br /> 110 implementation is begun. As stated earlier,because the review of the implementation of the <br /> 111 Master Plan is currently underway, the subcommittee did not make any specific <br /> 112 recommendations related to funding of Park and Pathway capital needs. (The subcommittee has <br /> 113 included pathway funding with park capital funding, citing the links between those areas that <br /> 114 were noted in the Master Plan.) <br /> 115 <br /> 116 Until the Master Plan implementation process is complete, at a minimum the subcommittee <br /> 117 recommends maintaining the Parks Improvement Program (PIP) funding at its current tax- <br /> 118 supported level of$185,000 per year. <br /> 119 <br /> 120 Additionally,the subcommittee recommends that the Master Plan implementation process take <br /> 121 into account the timing of the retirement (pay-off) of current City bond debt for the City Hall and <br /> 122 Public Works Building project, which is scheduled to occur in 2018. The retirement of that debt <br /> 123 will reduce the annual levy requirement for debt service by approximately$900,000 per year <br /> 124 from that time forward, potentially providing that amount of levy capacity for new borrowing at <br /> 125 that time for park needs. <br /> 126 <br />