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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2010
<br />Note 3: DETAILED NOTES ON ALL FUNDS -CONTINUED
<br />Long-term liability activity for the year ended December 31, 2010 was as follows:
<br />PRIMARY GOVERNMENT
<br />GOVERNMENTAL ACTIVITIES:
<br />Bonds payable:
<br />General obligation bonds
<br />G.O. revenue bonds
<br />Lease revenue bonds
<br />Special assessment bonds
<br />Tax increment bonds
<br />Certificates of indebtedness
<br />Deferred amounts:
<br />Issuance premium
<br />On refunding
<br />Total bonds payable, net
<br />Capital lease
<br />Contracts for deeds
<br />Compensated absences
<br />Net OPEB obligation
<br />Governmental activity
<br />long-term liabilites
<br />BUSINESS-TYPE ACTIVITIES:
<br />Bonds payable
<br />G.O. revenue bonds
<br />Deferred amounts:
<br />Issuance premium
<br />On refunding
<br />Total bonds payable, net
<br />Notes payable
<br />Compensated absences
<br />Net OPEB obligation
<br />Business-type activity
<br />long-term liabilities
<br />Beginning Ending
<br />Balance Additions Reductions Balance
<br />
<br />0
<br />
<br />Due Within '
<br />One Year
<br />$ 16,677,757 $ 6,184,243 $ (860,000) $ 22,002,000 $ 1,326,000
<br />700,000 - (160,000) 540,000 170,000
<br />6,175,000 - (6,175,000) - -
<br />3,970,000 - (510,000) 3,460,000 505,000
<br />440,000 - (65,000) 375,000 70,000
<br />421,716 - (334,316) 87,400 87,400
<br />- 255,238 (13,346) 241,892 -
<br />- (463,897) 24,256 (439,641) -
<br />28,384,473 .5,975,584 (8,093,406) 26,266,651 2,158,400
<br />16,992 - (8,496) 8,496 8,496
<br />1,629,500 - (138,250) 1,491,250 81,250
<br />1,063,812 496,771 (362,098) 1,198,485 475,278
<br />91,619 - (117) 91,502 -
<br />
<br />$ 31,186,396 $ 6,472,355 $ (8,602,367) $ 29,056,384 $ 2,723,424
<br />$ 16,910,000 $ 1,265,000 $ (5,055,000) $ 13,120,000 $ 1,335,000
<br />- 53,550 (3,800) 49,750 -
<br />- (107,913) 7,659 (100,254) -
<br />$ 16,910,000 $ 1,210,637 $ (5,051,141) $ 13,069,496 $ 1,335,000
<br />2,524,646 - (179,328) 2,345,318 182,436
<br />340,037 293,482 (240,630) 392,889 204,775
<br />29,320 9,853 - 39,173 -
<br />$ 19,804,003 $ 1,513,972 $ (5,471,099) $ 15,846,876 $ 1,722,211
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<br />Total primary government
<br />long-term liabilities $ 50,990,399 $ 7,986.327 $(14,073,466) $ 44,903,260 $ 4.445.635
<br />COMPONENT UNIT
<br />Contract for deed
<br />
<br />$ 270,588 $ $ (270,588) $ $ -
<br />For the governmental activities, bonds payable can be summarized in the following categories:
<br />The general obligation bonds were used to construct a library, a recreation facility and fmance a street improvement ,
<br />project. The recreation facility is leased to the YMCA, which has pledged to pay one-third of the $11,510,000
<br />bonds outstanding. The bonds are general obligations of the City and are backed by its full faith and credit.
<br /> ,
<br />The general obligation revenue bonds were used for the expansion of an indoor ice arena. The bonds are payable
<br />from revenues of the ice arena but are backed by the full faith and credit of the City.
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