|
CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2003
<br />
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />
<br />Business-Type Activities
<br />
<br /> G.O. Revenue Bonds Certific~es of Indebtedness Notes Payable
<br /> Principal Interest Principal Interest Principal Interest
<br />2004 $ 1,335,000 $ 507,064 $125,000 $ 21,437 $ 122,484 $ ~
<br />2005 870,000 487,569 125,000 15,312 124,919
<br />2006 920,000 448,680 125,000 9,188 127,274
<br />2007 910,000 408,140 125,000 3,062 129,554
<br />2008 755,000 371,494 131,945
<br />2009-2013 3,630,000 1,367,960 694,061
<br />2014-2018 2,380,000 641,560 749,928
<br />2019-2023 1,630,000 182,802 695,259
<br />
<br />Total $12.430.00__.~0 $ 4.415.26____~9 $ 500.000 $ 48.99___~9 $ 2:775.424 $ -
<br />
<br />Long-term liability activity for the year ended December 31, 2003 was as follows:
<br />
<br />Beginning Ending Due Within
<br />Balance Additions Reductions Balance One Year
<br />
<br />Governmental activities:
<br /> Bonds payable:
<br /> G.O. bond $ 1,605,000 $ $ (110,000) $ 1,495,000 $ 115,000
<br /> G.O. revenue bonds 10,575,000 (260,000) 10,315,000 560,000
<br /> Special assessment bonds 7,450,000 1,255,000 (1,185,000) 7,520,000 1,060,000
<br /> PIR bonds 1,575,000 (270,000) 1,305,000 285,000
<br /> Tax increment bonds 1,477,500 (125,000) 1,352,500 236,500
<br /> Certificates of indebtedness 661,650 357,100 (405,800) 612,950 237,983
<br />
<br />Total bonds payable 23,344,150 1,612,100 (2,355,800) 22,600,450 2,494,483
<br />
<br />Contract for deed 148,808 (100,832) 47,976 47,976
<br />Compensated absences 394,399 270,396 (244,568) 420,227
<br /> Governmental activity
<br /> long-term liabilities 5; 23.887.35'7 $ 1.882.49~6 $ (2.701.200~ $ 23.068.65~3 $ 2.542.459
<br />
<br />Business-type activities:
<br />Bonds payable:
<br />G.O. revenue bonds $ 11,050,000 $ 1,995,000 $ (615,000) $ 12,430,000 $ 2,320,000
<br /> Certificates of indebtedness 500,000 500,000 125,000
<br />
<br />Total bonds payable 11,550,000 1,995,000 (615,000) 12,930,000 2,445,000
<br />
<br />Notes payable 2,854,536 (79,112) 2,775,424 122,484
<br />Compensated absences 235,519 40,573 (23,117) 252,975
<br /> Business-type activity
<br /> long-term liabilities $ 14.640.05_~5 $ 2.035.57.._~3 $ (717.229_~~ $ 15.958.39_~9 $ 2.567.48._~4
<br />
<br />For the governmental activities, bonds payable can be summarized in the following categories:
<br />
<br /> The general obligation bonds were used for the construction and expansion of an indoor ice arena. The bonds are
<br /> payable from ice arena revenues but are backed by the full faith and credit of the City.
<br />
<br /> The general obligation revenue bonds were used for the construction and expansion of city hall and a public safety
<br /> building. The bonds are payable from annual lease payments received by the EDA from the City.
<br />
<br />49
<br />
<br />
<br />
|