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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2017
<br />54
<br />NOTE 7: LONG-TERM DEBT – CONTINUED
<br />B.Changes in Long-Term Debt
<br />Long-term liability activity for the year ended December 31, 2017 was as follows:
<br />Beginning Ending Due Within
<br />PRIMARY GOVERNMENT Balance Additions Reductions Balance One Year
<br />GOVERNMENTAL ACTIVITIES:
<br />Bonds payable:
<br />General obligation bonds 28,935,000$ -$ (10,375,000)$ 18,560,000$ 1,280,000$
<br />Special assessment bonds 595,000 - (300,000) 295,000 295,000
<br />Issuance premium 443,384 - (51,072) 392,312 -
<br />Total bonds payable 29,973,384 - (10,726,072) 19,247,312 1,575,000
<br />Compensated absences 1,494,429 710,917 (650,309) 1,555,037 586,661
<br />Total Governmental Activities 31,467,813 710,917 (11,376,381) 20,802,349 2,161,661
<br />BUSINESS-TYPE ACTIVITIES:
<br />Bonds payable
<br />General obligation revenue bonds 11,830,000 - (725,000) 11,105,000 750,000
<br />Revenue bonds 11,955,000 - (630,000) 11,325,000 640,000
<br />Issuance premium 536,331 - (51,625) 484,706 -
<br />Total bonds payable 24,321,331 - (1,406,625) 22,914,706 1,390,000
<br />Notes payable 1,214,076 - (195,216) 1,018,860 198,252
<br />Compensated absences 475,132 119,036 (162,494) 431,674 209,131
<br />Total Business-type Activities 26,010,539 119,036 (1,764,335) 24,365,240 1,797,383
<br />Total Primary Government 57,478,352$ 829,953$ (13,140,716)$ 45,167,589$ 3,959,044$
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