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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />Long-term liability activity for the year ended December 31, 2015 was as follows:
<br />Business -type activity
<br />long-term liabilities 18,615,036 3,973,168 (1,772,004) 20,816,200 1,690,040
<br />Total primary government
<br />long-term liabilities $ 57,118,179 $ 13,295,769 $ (5,040,514) $ 65,373,434 $ 7,349,686
<br />DISCRETE COMPONENT UNIT
<br />Housing and Redevelopment
<br />Authority
<br />Net pension liability $ - $ 43,920 * $ (4,396) $ 39,524 $ -
<br />* Includes 1/1/2015 pension liability balance related to GASB Statement No_ 68 implementation_ See Note 9 for
<br />further detail.
<br />-71-
<br />Beginning
<br />Ending
<br />Due Within
<br />PRIMARY GOVERNMENT
<br />Balance
<br />Additions
<br />Reductions
<br />Balance
<br />One Year
<br />GOVERNMENTAL ACTIVITIES
<br />Bonds payable
<br />General obligation bonds
<br />$ 33,515,000
<br />$ -
<br />$ (1,195,000)
<br />$ 32,320,000
<br />$ 3,385,000
<br />Special assessment bonds
<br />1,210,000
<br />-
<br />(310,000)
<br />900,000
<br />305,000
<br />Issuance premium
<br />545,528
<br />-
<br />(51,072)
<br />494,456
<br />-
<br />Total bonds payable
<br />35,270,528
<br />-
<br />(1,556,072)
<br />33,714,456
<br />3,690,000
<br />Contracts for deeds
<br />1,410,000
<br />-
<br />-
<br />1,410,000
<br />1,410,000
<br />Compensated absences
<br />1,504,686
<br />565,922
<br />(604,370)
<br />1,466,238
<br />559,646
<br />Net pension liability
<br />-
<br />8,744,979
<br />* (1,155,382)
<br />7,589,597
<br />-
<br />Net OPEB obligation
<br />317,929
<br />11,700
<br />47,314
<br />376,943
<br />-
<br />Governmental activity
<br />long-term liabilities
<br />38,503,143
<br />9,322,601
<br />(3,268,510)
<br />44,557,234
<br />5,659,646
<br />BUSINESS -TYPE ACTIVITIES
<br />Bonds payable
<br />G.O. revenue bonds
<br />12,835,000
<br />-
<br />(300,000)
<br />12,535,000
<br />705,000
<br />Revenue bonds
<br />3,585,000
<br />-
<br />(600,000)
<br />2,985,000
<br />620,000
<br />Issuance premium
<br />83,233
<br />-
<br />(17,999)
<br />65,234
<br />-
<br />Total bonds payable
<br />16,503,233
<br />-
<br />(917,999)
<br />15,585,234
<br />1,325,000
<br />Notes payable
<br />1,599,876
<br />-
<br />(191,508)
<br />1,408,368
<br />194,307
<br />Compensated absences
<br />410,814
<br />144,380
<br />(130,436)
<br />424,758
<br />170,733
<br />Net pension liability
<br />-
<br />3,810,879
<br />* (533,387)
<br />3,277,492
<br />-
<br />Net OPEB obligation
<br />101,113
<br />17,909
<br />1,326
<br />120,348
<br />-
<br />Business -type activity
<br />long-term liabilities 18,615,036 3,973,168 (1,772,004) 20,816,200 1,690,040
<br />Total primary government
<br />long-term liabilities $ 57,118,179 $ 13,295,769 $ (5,040,514) $ 65,373,434 $ 7,349,686
<br />DISCRETE COMPONENT UNIT
<br />Housing and Redevelopment
<br />Authority
<br />Net pension liability $ - $ 43,920 * $ (4,396) $ 39,524 $ -
<br />* Includes 1/1/2015 pension liability balance related to GASB Statement No_ 68 implementation_ See Note 9 for
<br />further detail.
<br />-71-
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