A Scorecard on Roseville Tax Levy from Bond Sales
City Finance Director Chris Miller pulls together the numbers in a memo to the Council members.
This past Monday, the Roseville City Council approved selling $17 million in bonds for the construction of a new fire station and a series of park maintenance and improvement projects.
That's in addition to the $10 miillion the city issued last year for water and sewer infrastructure projects.
So what does it mean for Roseville taxpayers and homeowners?
Chris Miller, Roseville city finance director, put together a memo on this for Council members. Here is his memo:
"The Council authorized $10 million in bonds last year. The debt service on the bonds is $835,000 annually which comes on-line in 2013. If we do (did) nothing more, this represents a 5.6% increase in the City’s tax levy from the previous year.
IF, on the other hand, the Council authorizes another $17 million in bonds tonight then there will be additional impacts in 2013 and 2014. We’re suggesting that the impacts be staggered so that $815,000 comes on-line in 2013, and $560,000 (estimated) comes on-line in 2014. Under this scenario, the 2013 additional tax levy for debt service now becomes $1,650,000 ($835,000 plus $815,000). This represents an 11.0% increase over the previous year.
Under this same scenario, the 2014 additional tax levy for debt service is $560,000 (estimated). This would represent an increase of 3.4% over the 2013 levy (which assumes the $17 million in bonds have been issued).
If you prefer to look at the combined impacts of both bond issues over a 2-year period, the total increase in the debt levy is $2,210,000. This represents an increase of 14.8% over the 2012 total City tax levy.
If you prefer to isolate just the impacts of the $17 million bond over 2 years, then the overall tax increase for this issue is $1,375,000 ($815,000 plus $560,000). This represents a 9.2% over the 2012 City tax levy amount."
All of the levies described above would remain in place for 15 years.