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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> NOTES TO THE FINANCIAL STATEMENTS
<br /> DECEMBER 31,2015
<br /> Note 2: DETAILED NOTES ON ALL FUNDS-CONTINUED
<br /> The annual debt service requirements to maturity for the generator note are as follows:
<br /> Year Ending
<br /> December 31, Principal Interest Total
<br /> 2016 $ 194,307 $ - $ 194,307
<br /> 2017 195,216 - 195,216
<br /> 2018 198,252 - 198,252
<br /> 2019 200,916 - 200,916
<br /> 2020 203,952 - 203,952
<br /> 2021-2022 415,725 - 415,725
<br /> Total $ 1,408,368 $ - $ 1,408,368
<br /> Changes in long-term liabilities
<br /> Long-term liability activity for the year ended December 31,2015 was as follows:
<br /> Beginning Ending Due Within
<br /> Balance Increases Decreases Balance One Year
<br /> Business-type activities
<br /> Bonds payable
<br /> General obligation
<br /> revenue bonds $ 2,835,000 $ - $ (300,000) $ 2,535,000 $ 305,000
<br /> Revenue bonds 3,585,000 - (600,000) 2,985,000 620,000
<br /> Unamortized premium
<br /> on bonds 83,233 - (17,999) 65,234
<br /> Total bonds payable,net 6,503,233 - (917,999) 5,585,234 925,000
<br /> Notes payable 1,599,876 - (191,508) 1,408,368 194,307
<br /> Compensated
<br /> absences payable 302,286 173,269 (163,016) 312,539 169,557
<br /> Net pension liability
<br /> GERF - 2,913,612 * (436,368) 2,477,244
<br /> OPEB liability 54,932 10,260 (2,151) 63,041
<br /> Business-type activity
<br /> long-term
<br /> liabilities $ 8,460,327 $ 3,097,141 $(1,711,042) $ 9,846,426 $ 1,288,864
<br /> * Includes 1/1/2015 pension liability balance related to GASB Statement No. 68 implementation. See Note 6
<br /> for further deatil.
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