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IV-30CITY OF ELK RIVER NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2019 NOTE 7 LONG-TERM DEBT (CONTINUED) A. Components of Long-Tenn Debt (Continued} Revenues Pledged: Landfill Generator Note: The City also issued a promissory note to provide for the construction of a landfill gas generator. The note is to be paid from revenue of the system and is secured by the facility. The City's outstanding note from direct borrowings related to governmental activities contain provisions that in an event of default, the note may be come due in full immediately. B. Changes In Long-Tenn Debt Long-term liability activity for the year ended December 31, 2019 was as follows: PRIMARY GOVERNMENT Governmental Aclivllln: General Obligation Bond1 General Obligation Sales Tax ............. Unamortized Bond Premiums Tota1Bonda Payable Compen--Total Governmental Adlvltlea Buelneee-Type Actlvtles: General Obllgatlon Revenue Bonds Revenue Bonds Unamortlad Bond Premiums Talal Bonda Payable Note from Direct Borrowing • Generator Nole Compenaaled Abaencea TotalBustnea.-TypeActivllle8 Total Prmary Govemment Beginning End of Due Within ~~~~~ $ 17,280,000 $ (1,315,000) $ 15,985,000 $ 1,350,000 32,716,000 32,715,000 560,000 ~~~~-----17,832,016 35,148,615 (1,390,418) 62,191,113 1,900,000 ~~~~~ 19,211,983 38,594,583 (2,007,829) 53,798,717 2,544,219 10,355,000 (780,000) 9,595,000 786,000 20,685,000 (880,000) 19,825,000 840,000 __S!!!... ----· ~ ~ -----31,910,336 (1,672,300) 30,238,036 1,625,000 820,608 (200,916) 819,692 203,952 ~~~~~ ~~~~~ ~ ~ $ (4,128,226) $ 85,147,810 ~ C. Future Minimum Debt Payments Annual debt service requirements to maturity for long-term obligations are as follows: Prima!} Government -Governmental Activities G.O. Bonds G.O. Sakts Tax Revenue Bonda Yy[ l;mtiag ggam!l!t 31 Principal Interest Prlncil?!I Interest 2020 $ 1,350,000 $ 388,883 $ 550,000 $ 1,367,205 2021 1,390,000 351,163 805,000 1,111,837 2022 1.430.000 312.262 845,000 1.071,588 2023 1.470,000 272.182 890,000 1,029,337 2024 925,000 242,563 935.000 984,838 202SC2D29 4,940,000 906,488 5,440,000 4,171,187 2030-2034 4,460,000 252,319 6,680.000 2,915,038 2035-2039 7.755.000 1.836.244 2040-2044 8,815,000 782,400 Total $_ 15,965,000 $ 2,725,820 $ 32,715,000 $ 15,271.674 CITY OF ELK RIVER NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2019 NOTE 7 LONG-TERM DEBT (CONTINUED) NOTES C. Future Minimum Debt Payments (Continued) Yaar Eodine Ptcmabec 31 2020 2021 2022 2023 2024 2026-2029 2030-2034 2035-2039 204().2044 2045-2049 Total FUND BALANCES Primary Government -Buslnees-Type Activities G.O. Revenue Bonde Revenue Bonds Notes Payable Principal lntereat Prtnclpal Interest Principal Interest $ 785,000 ~ $ 840,000 $652,431 ~ -.---810,000 258,875 885.000 621,431 208,818 835.000 233,933 900.000 589.081 209.124 580,000 214,016 680.000 560.531 485,000 200,018 705,000 535,906 2,520,000 801,013 3,905,000 2,320.556 2,945.000 371,337 4,515,000 1.711.981 855,000 11.483 3,160,000 1,016,081 2,200,000 611,656 2,055,000 ~--------$ 9.595,000 $ 2,367.458 $ 19.825.000 ~ $ 619,692 $ At December 31, 2019, a summary of the governmental fund balance classifications is as follows: Other Active ER Pavement Governmental General Fund Pr2i!!!!! Ma~ment Funds ---I!!!!! Nonspendabla Prepaidllafns $ 167,305 $ $ $ 82.017 ~322 Reetrlctedfor: Debt Service $ $ $ $ 2.206,522 $ 2.206,522 Park and Recreation Improvements 24.554,769 388,424 24,941,193 Landfill Mitigation 47,334 47,334 Economic Development 1,319.263 1,319,263 Law Enforcement 34,368 34,368 TotalRestriclad $ i 241554i769 $ $ 319931911 $ 28,548,680 Committed for: Library Operations $ $ $ $ 420,691 $ 420.691 Ice Arena 584,881 584,881 Economic Development 4,876,393 4,876,393 Insurance Reserve 46.ns 46,ns Street Improvements 4,253,959 4,253,959 Total Committed $ $ $ 4,253,959 $ 5.928.741 $ 10,1a2i700 Assigned for: LandfillMitlgaoon $ $ $ $ 947,217 $ 947,217 Law Enforcement 3,687 3,887 Economic Development 619,845 619,645 Capital Equipment 1,582,971 1,582,971 Building Construction/Improvements 2,695,583 2,695.583 street Improvements 787,544 787.544 Other Improvement Projects 6.398,880 6,398,880 Park Improvements 142,050 142,050 Total Assigned $ ii $ i 1311111sn s 13,1n1sn 178
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