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• CITY OF FALCON HEIGHTS, MINNESOTA
<br />MANAGEMENT'S DISCUSSION AND ANALYSIS
<br />December 31, 2003
<br />City of Falcon Heights' Capital Assets
<br />(Net of Depreciation)
<br /> Governmental Business-type
<br /> Activities Activities Total
<br /> 2003 2002 2003 2002 2003 2002
<br />Land $ 419,707 $ 416,707 $ - $ - $ 419,707 $ 416,707
<br />Building and System 665,806 700,903 652,865 688,173 1,318,671 1,389,076
<br />Improvements Other
<br />than Buildings 16,264 19,569 - - 16,264 19,569
<br />Machinery and Equipment 527,387 536,157 - - 527,387 536,157
<br />Infrastructure 4,703,061 4,703,061 - - 4,703,061 4,703,061
<br />Total $ 6,332,225 $ 6,376,397 $ 652,865 $ 688,173 $ 6,985,090 $ 7,064,570
<br />Additional information on the City of Falcon Heights' capital assets can be found in note 3C on
<br />pages 54-55 of this report.
<br />Long-term Debt - At the end of the current fiscal year, the City of Falcon Heights had total
<br />• bonded debt outstanding of $ 2,440,000. This amount decreased by $ 520,000 or 17.6% during
<br />the 2003 fiscal year, which represented scheduled bond payments. There were no new bonds
<br />issued in 2003.
<br />City of Falcon Heights' Outstanding Debt
<br />General Obligation and Revenue Bonds
<br />U
<br />General Obligation Bonds
<br />Genera] Obligation Tax
<br />Increment Financing Bonds
<br />Total
<br />Governmental Business-type
<br />Activities Activities Tota]
<br />2003 2002 2003 2002 2003 2002
<br />$ 1,085,000 $ 1,470,000 $ - $ - $ 1,085,000 $ 1,470,000
<br />1,355,000 1,490,000 - - 1,355,000 1,490,000
<br />$ 2,440,000 $ 2,960,000 $ - $ - $ 2,440,000 $ 2.960,000
<br />The City of Falcon Heights maintains an "A-1"rating from Moody's on all of its general
<br />obligation debt.
<br />State statutes Limit the amount of general obligation debt a governmental entity may issue to a
<br />percentage of its total assessed valuation. The current debt limitation for the City of Falcon
<br />Heights is $ 5,393,592, which is in excess of the City of Falcon Heights' outstanding general
<br />obligation debt.
<br />Additional information on the City of Falcon Heights' long terra debt can be found in note 3E on
<br />pages 56-57 of this report.
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