|
CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2011
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />Long -term liability activity for the year ended December 31, 2011 was as follows:
<br />PRIMARY GOVERNMENT
<br />GOVERNMENTAL ACTIVITIES:
<br />Bonds payable:
<br />General obligation bonds
<br />G.O. 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 />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 />Total primary government
<br />long -term liabilities
<br />Beginning
<br />Ending
<br />Due Within
<br />Balance Additions
<br />Reductions
<br />Balance
<br />One Year
<br />$ 22,002,000 $ -
<br />$ (1,326,000)
<br />$ 20,676,000
<br />$ 1,317,000
<br />540,000 -
<br />(540,000)
<br />-
<br />-
<br />3,460,000 -
<br />(505,000)
<br />2,955,000
<br />505,000
<br />375,000 -
<br />(70,000)
<br />305,000
<br />70,000
<br />87,400 -
<br />(87,400)
<br />-
<br />-
<br />241,892 -
<br />(19,953)
<br />221,939
<br />-
<br />(439,641) -
<br />36,265
<br />(403,376)
<br />-
<br />26,266,651 -
<br />(2,512,088)
<br />23,754,563
<br />1,892,000
<br />8,496 -
<br />1,491,250 -
<br />1,198,485 555,664
<br />91,502 89,068
<br />(8,496) -
<br />(81,250) 1,410,000
<br />(475,278) 1,278,871
<br />(24,247) 156,323
<br />519,740
<br />$ 29,056,384 $ 644,732 $ (3,101,359) $ 26,599,757 1 $ 2,411,740
<br />$ 6,180,000 $ - $ (705,000) $ 5,475,000 $ 725,000
<br />6,940,000 - (630,000) 6,310,000 655,000
<br />49,750 - (4,094) 45,656 -
<br />(100,254) - 8,250 (92,004) -
<br />$ 13,069,496 $ - $ (1,330,844) $ 11,738,652 $ 1,380,000
<br />2,345,318 - (182,436) 2,162,882 183,444
<br />392,889 215,543 (204,775) 403,657 184,125
<br />39,173 15,653 (754) 54,072 -
<br />$ 15,846,876 $ 231,196 $ (1,718,809) $ 14,359,263 1 $ 1,747,569
<br />$ 44,903,260 $ 875,928 $ (4,820,1681 $ 40,959,020 $ 4,159,309
<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, a public safety facility and
<br />finance a street improvement project. The recreation facility is leased to the YMCA, which has pledged to pay one -
<br />third of the $11,510,000 bonds outstanding. The bonds are general obligations of the City and are backed by its full
<br />faith and credit.
<br />The general obligation revenue bonds were used for the expansion of an indoor ice arena, The bonds were payable
<br />from revenues of the ice arena but were backed by the full faith and credit of the City.
<br />The special assessment bonds are used to finance assessable improvements within the City. The bonds are payable
<br />primarily from special assessments levied against properties benefited by the improvements. In addition, the bonds
<br />are general obligations of the City and are backed by its full faith and credit.
<br />54
<br />
|