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<br /> 77
<br />City of Elk River
<br />Notes to Basic Financial Statements
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<br />NOTE 9 – LONG-TERM DEBT (CONTINUED)
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<br />C. Changes in Long-Term Liabilities
<br />Long-term liability activity for the year ended December 31, 2023, was as follows:
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<br />Primary Government
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<br />Beginning Ending Due Within
<br />Balance Additions Reductions Balance One Year
<br />Governmental activities
<br />Bonds payable
<br />General obligation bonds 25,760,000$ -$ (2,075,000)$ 23,685,000$ 1,470,000$
<br />General obligation revenue bonds 30,515,000 - (890,000) 29,625,000 935,000
<br />Unamortized bond premiums 4,572,375 - (251,933) 4,320,442 -
<br />Total bonds payable 60,847,375 - (3,216,933) 57,630,442 2,405,000
<br />Lease liability 407,831 - (112,697) 295,134 113,628
<br />Compensated absences payable 1,866,430 902,039 (775,591) 1,992,878 917,398
<br />Governmental activities
<br /> long-term liabilities 63,121,636$ 902,039$ (4,105,221)$ 59,918,454$ 3,436,026$
<br />Business-type activities
<br />Bonds payable
<br />General obligation revenue bonds 8,765,000$ -$ (580,000)$ 8,185,000$ 580,000$
<br />Revenue bonds 28,875,000 - (915,000) 27,960,000 955,000
<br />Unamortized bond premiums 1,468,489 - (68,974) 1,399,515 -
<br />Total bonds payable 39,108,489 - (1,563,974) 37,544,515 1,535,000
<br />Lease liability 41,895 - (9,216) 32,679 9,481
<br />Compensated absences payable 635,154 610,436 (571,868) 673,722 610,843
<br />Business-type activities
<br /> long-term liabilities 39,785,538$ 610,436$ (2,145,058)$ 38,250,916$ 2,155,324$
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