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City of Ramsey
<br />Legal Debt Margin Information
<br />Last Ten Fiscal Years
<br />Fiscal Year
<br />2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
<br />Debt Limit $52,910,907 $59,662,374 $62,348,919 $65,840,919 $72,493,821 $77,913,726 $81,439,488 $87,330,236 $96,699,532 $120,961,681
<br />Total net debt applicable to limit 16,141,727 19,191,513 18,316,143 17,454,836 16,444,851 15,298,888 23,195,703 21,803,268 31,697,237 38,256,461
<br />Legal debt margin $36,769,180 $40,470,861 $44,032,776 $48,386,083 $56,048,970 $62,614,838 $58,243,785 $65,526,968 $65,002,295 $82,705,220
<br />Total net debt applicable to limit
<br /> as a percentage of debt limit 30.51%32.17%29.38%26.51%22.68%19.64%28.48%24.97%32.78%31.63%
<br />Taxable Market value $4,032,056,047
<br />Debt limit (3% of market value)120,961,681
<br />Debt applicable to limit:
<br />Total bonded debt and certificates $40,975,000
<br /> Less:
<br /> Obligations issued with special assessments (2,380,000)
<br /> Amounts available in respective Debt Service Funds (338,539)
<br /> Total deductions (2,718,539)
<br />38,256,461
<br />Legal debt margin $82,705,220
<br />Note: Under state finance law, the City of Ramsey's outstanding general obligation debt should not exceed 3 percent of total taxable market value. By law, the general obligation debt
<br />subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.
<br />Legal Debt Margin Calculation for Fiscal Year 2023
<br />151
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