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<br />CITY OF ELK RNER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2004
<br />
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />
<br />Long-term liability activity for the year ended December 31, 2004 was as follows:
<br /> Beginning Ending Due Within
<br /> Balance Additions Reductions Balance One Year
<br />Governmental activities:
<br />Bonds payable:
<br />G.O. revenue bonds $ 2,045,000 $ - $ (195,000) $ 1,850,000 $ 205,000
<br />Lease revenue bonds 9,765,000 (480,000) 9,285,000 500,000
<br />Special assessment bonds 7,520,000 (1,060,000) 6,460,000 925,000
<br />PIR bonds 1,305,000 (285,000) 1,020,000 85,000
<br />Tax increment bonds 1,352,500 (236,500) 1,116,000 143,500
<br />Certificates of indebtedness 612.950 331.000 (237.983) 705.967 315.766
<br />Total bonds payable 22,600,450 331,000 (2,494,483) 20,436,967 2,174,266
<br />Contract for deed 47,976 (47,976)
<br />Compensated absences 420.227 309.411 (264.004) 465.634 298.205
<br />Governmental activity
<br />long-term liabilities $ 23 068 653 $ 640411 $ (2806463) $ 20902601 $ 2472 471
<br />Business-type activities:
<br />Bonds payable:
<br />G.O. revenue bonds $ 12,430,000 $ 940,000 $ (2,320,000) $ 11,050,000 $ 710,000
<br />Certificates of indebtedness 500.000 (125.000) 375.000 125.000
<br />Total bonds payable 12,930,000 940,000 (2,445,000) 11,425,000 835,000
<br />Notes payable 2,775,424 (112,279) 2,663,145 124,919
<br />Compensated absences 252.975 53.532 (23.518) 282.989 26.718
<br />Business-type activity
<br />long-term liabilities $ 15958399 $ 993 532 $ (2 580 797) $ 14 371 134 $ 986 637
<br />
<br />For the governmental activities, bonds payable can be summarized in the following categories:
<br />
<br />The general obligation revenue bonds were used for the construction of various drainage projects and expansion of
<br />an indoor ice arena. The bonds are payable from revenues but are backed by the full faith and credit of the City.
<br />
<br />The lease revenue bonds were used for the construction of city hall and a public safety building and the expansion of
<br />city hall. The bonds are payable from annual lease payments received by the EDA from the City.
<br />
<br />The special assessment bonds are used to finance assessable improvements within the City. The bonds are payable
<br />primarily from special assessments levied against properties benefited by the improvements. In addition, the bonds
<br />are general obligations of the City and are backed by its full faith and credit.
<br />
<br />The permanent improvement revolving bonds are used to fmance assessable improvements within the City. The
<br />bonds are payable primarily from special assessments levied against properties benefited by the improvements. In
<br />addition, the bonds are general obligations of the City and are backed by its full faith and credit.
<br />
<br />The tax increment bonds are used to finance land acquisition and other public costs to facilitate development within
<br />the tax increment district. The bonds are payable from tax increment revenues generated by existing and 'new
<br />development within the district. In addition, the bonds are general obligation of the City and are backed by its full
<br />faith and credit.
<br />
<br />The certificates of indebtedness are used to finance the purchase of capital equipment. The certificates are general
<br />obligations backed by the full faith and credit of the City.
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