|
City of Elk River Capital Assets
<br />(Net of Depreciation)
<br />Governmental
<br />Activities
<br />Business -type
<br />Activities
<br />Total
<br />Additional information on the City's capital assets can be found in Note 3D on pages 48 - 49 of this report.
<br />Long -term debt. At the end of the current fiscal year, the City had total long -term debt outstanding of $40,959,020, a
<br />decrease of $3,944,240 from 2010. General obligation improvement bonds ($20,676,000) were issued to finance the
<br />construction of a library, a recreation facility, a public safety /city hall facility, and a street corridor project. General
<br />obligation revenue bonds ($5,475,000) were used to finance sewer and water systems. Revenue bonds ($6,310,000) were
<br />used to finance the construction of a liquor store and electric system improvements. Special assessment bonds ($2,955,000)
<br />financed improvement projects within the City and are assessed to the benefiting properties. Tax increment bonds
<br />($305,000) financed the City's economic development program.
<br />City of TJk River Outstanding Debt
<br />Governmental Business -type
<br />Activities Activities
<br />Total
<br />2011
<br />2010
<br />2011
<br />2010
<br />2011
<br />2010
<br />Land
<br />$ 37,694,632
<br />$ 37,469,632
<br />$ 1,516,631
<br />$ 1,516,631
<br />$ 39,211,263
<br />$ 38,986,263
<br />Construction in progress
<br />2,180,426
<br />-
<br />205,726
<br />418,985
<br />2,386,152
<br />418,985
<br />Buildings
<br />25,151,074
<br />26,491,458
<br />11,642,403
<br />12,290,251
<br />36,793,477
<br />38,781,709
<br />Other improvements
<br />2,307,354
<br />2,530,725
<br />-
<br />-
<br />2,307,354
<br />2,530,725
<br />Equipment
<br />3,537,075
<br />3,799,930
<br />1,309,392
<br />1,182,440
<br />4,846,467
<br />4,982,370
<br />Infrastructure
<br />38,730,959
<br />41,728,743
<br />59,752,600
<br />60,979,345
<br />98,483,559
<br />102,708,088
<br />Total
<br />$109,601,520
<br />$ 112,020,488
<br />$ 74,426,752
<br />$ 76,387,652
<br />$184,028,272
<br />$ 188,408,140
<br />Additional information on the City's capital assets can be found in Note 3D on pages 48 - 49 of this report.
<br />Long -term debt. At the end of the current fiscal year, the City had total long -term debt outstanding of $40,959,020, a
<br />decrease of $3,944,240 from 2010. General obligation improvement bonds ($20,676,000) were issued to finance the
<br />construction of a library, a recreation facility, a public safety /city hall facility, and a street corridor project. General
<br />obligation revenue bonds ($5,475,000) were used to finance sewer and water systems. Revenue bonds ($6,310,000) were
<br />used to finance the construction of a liquor store and electric system improvements. Special assessment bonds ($2,955,000)
<br />financed improvement projects within the City and are assessed to the benefiting properties. Tax increment bonds
<br />($305,000) financed the City's economic development program.
<br />City of TJk River Outstanding Debt
<br />Governmental Business -type
<br />Activities Activities
<br />Total
<br />Additional long -term debt in the amount of $1,410,000 is for a contract for deed, $2,162,882 is for notes payable,
<br />$1,682,528 is for compensated absences, and $210,395 is for other postemployment benefits obligations.
<br />The City maintains a bond rating of AA+ from Standard & Poor's for general obligation debt.
<br />18
<br />2011
<br />2010
<br />2011
<br />2010
<br />2011
<br />2010
<br />Bonds payable:
<br />G.O. bonds
<br />$ 20,676,000
<br />$ 22,002,000
<br />$ -
<br />$ -
<br />$ 20,676,000
<br />$ 22,002,000
<br />G.O. revenue bonds
<br />-
<br />540,000
<br />5,475,000
<br />6,180,000
<br />5,475,000
<br />6,720,000
<br />Revenue bonds
<br />-
<br />-
<br />6,310,000
<br />6,940,000
<br />6,310,000
<br />6,940,000
<br />Special assessment bonds
<br />2,955,000
<br />3,460,000
<br />-
<br />-
<br />2,955,000
<br />3,460,000
<br />Tax increment bonds
<br />305,000
<br />375,000
<br />305,000
<br />375,000
<br />Certificates of indebtedness
<br />-
<br />87,400
<br />-
<br />87,400
<br />Unamortized premium and
<br />deferred amount on refunding
<br />(181,437)
<br />(197,749)
<br />(46,348)
<br />(50,504)
<br />(227,785)
<br />(248,253)
<br />Total bonds payable, net
<br />23,754,563
<br />26,266,651
<br />11,738,652
<br />13,069,496
<br />35,493,215
<br />39,336,147
<br />Capital leases
<br />-
<br />8,496
<br />-
<br />-
<br />-
<br />8,496
<br />Contracts for deeds
<br />1,410,000
<br />1,491,250
<br />-
<br />-
<br />1,410,000
<br />1,491,250
<br />Notes payable
<br />-
<br />-
<br />2,162,882
<br />2,345,318
<br />2,162,882
<br />2,345,318
<br />Compensated absences
<br />1,278,871
<br />1,198,485
<br />403,657
<br />392,889
<br />1,682,528
<br />1,591,374
<br />Net OPEB obligation
<br />156,323
<br />91,502
<br />54,072
<br />39,173
<br />210,395
<br />130,675
<br />Total
<br />$ 26,599,757
<br />$ 29,056,384
<br />$ 14,359,263
<br />$ 15,846,876
<br />$ 40,959,020
<br />$ 44,903,260
<br />Additional long -term debt in the amount of $1,410,000 is for a contract for deed, $2,162,882 is for notes payable,
<br />$1,682,528 is for compensated absences, and $210,395 is for other postemployment benefits obligations.
<br />The City maintains a bond rating of AA+ from Standard & Poor's for general obligation debt.
<br />18
<br />
|