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<br /> CITE'OF ELK RIVER,MINNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> DECEMBER 31,2012
<br /> Note 4: OTHER INFORMATION—CONTINUED
<br /> As a result of the restatement of beginning balances,the following schedule reconciles the previously reported December
<br /> 31,2011 balance to the December 31,2012 financial statements:
<br /> Net Position
<br /> December 31,2011 Net Position
<br /> as Previously January 1,2012
<br /> Reported (1)Restatement as Restated
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<br /> Govennnental activities $ 120,356,425 $ (48,871) $ 120,307,554
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<br /> Business-type activities 80,873.307 12 503) 80,670,804
<br /> Proprietary finds
<br /> Municipal Liquor 4,109,133 (1,274) 4,107,859
<br /> Garbage 567,590 - 567,590
<br /> Sewer 26,982,691 (10,716) 26,971,975
<br /> Water 21,497,788 (87,647) 21,410,141
<br /> Electric 27,716,105 (102,866) 27,613,239
<br /> Total business-type activities $ 80,873,307 $ (202,503) $ 80,670,804
<br /> (1) Write-off of unamortized bond issuance cost balances at December 31,2011.
<br /> J. Subsequent Events
<br /> On February 12,2013,the City issued$9,685,000 General Obligation Refunding Bonds,. The$9,685,000 General
<br /> Obligation Refunding Bonds were issued to redeem the 2018 through 2033 maturities of the$10,000,000 General
<br /> Obligation Bonds,Series 2007. The bonds were issued in advance of the call date and placed in an escrow account
<br /> which will be used to pay interest on the Series 2013A Bonds through February 1,2017; and to pay the callable principal
<br /> on the Series 2007 Bonds on February 1,2017. The City will continue to pay principal and interest on the Series 2007
<br /> Bonds until the call date. The new refunding bonds have an average coupon rate of 2.3 percent and will mature on
<br /> February 1,2033. The net cash flow savings is calculated at$1,001,112.
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