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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
<br />
<br />
<br />
<br />(55)
<br />
<br />NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
<br />B. Changes in Long-Term Debt
<br />Long-term liability activity for the year ended December 31, 2015 was as follows:
<br />
<br />Beginning End of Due Within
<br />of Year Additions Retirements Year One Year
<br />Governmental Activities:
<br />General Obligation Bonds 3,400,000$ 1,335,000$ (145,000)$ 4,590,000$ 140,000$
<br />Tax Increment Bonds 3,225,000 - (295,000) 2,930,000 280,000
<br />Improvement Bonds 2,230,000 - (220,000) 2,010,000 230,000
<br />Plus: Unamortized Premiums 86,436 21,847 (10,540) 97,743 -
<br />Total Bonds Payable 8,941,436 1,356,847 (670,540) 9,627,743 650,000
<br />Canabury Condos Note 84,904 - (11,636) 73,268 11,838
<br />Canabury Square Condos Note 71,832 - (6,120) 65,712 6,398
<br />Fleur Royale Note 74,613 - (13,014) 61,599 13,239
<br />Net Pension Liability 587,611 104,219 (105,584) 586,246 -
<br />Compensated Absences 112,413 6,358 (14,821) 103,950 27,772
<br />Total Governmental Activities 9,872,809 1,467,424 (821,715) 10,518,518 709,247
<br />Business-Type Activities:
<br />Net Pension Liability 394,166 69,909 (70,825) 393,250 -
<br />Compensated Absences 69,478 5,820 - 75,298 8,100
<br />Total Business-Type Activities 463,644 75,729 (70,825) 468,548 8,100
<br />Total Debt 10,336,453$ 1,543,153$ (892,540)$ 10,987,066$ 717,347$
<br />Compensated absences are generally liquidated in the General Fund for governmental
<br />activities and for business-type activities they are liquidated in the fund they are accrued
<br />(water and sewer).
<br />
<br />C. Future Minimum Debt Payments
<br />Annual debt service requirements to maturity for long-term debt are as follows:
<br />
<br />Year Ending December 31,Principal Interest Principal Interest Principal Interest Principal Interest
<br />2016 280,000$ 164,650$ 230,000$ 85,732$ 31,475$ 4,471$ 140,000$ 122,264$
<br />2017 300,000 148,638 230,000 77,378 32,114 3,857 265,000 115,328
<br />2018 310,000 131,160 245,000 38,163 33,000 3,218 260,000 110,078
<br />2019 330,000 112,541 255,000 57,974 33,417 2,573 270,000 104,778
<br />2020 350,000 92,290 155,000 49,140 26,739 1,914 275,000 99,328
<br />2021-2025 1,205,000 161,890 895,000 120,625 43,834 2,987 1,475,000 404,394
<br />2026-2030 155,000 3,100 - - - 31 1,050,000 237,043
<br />2031-2035 - - - - - - 855,000 69,600
<br />Totals 2,930,000$ 814,269$ 2,010,000$ 429,012$ 200,579$ 19,051$ 4,590,000$ 1,262,813$
<br />Notes PayableTax Increment Bonds Improvement Bonds General Obligation
<br /> Governmental Activities
<br />
<br />D. Revenues Pledged
<br />Improvement Bonds of 2008A – The City has pledged future special assessment
<br />revenue to repay a portion of the improvement bonds issued in April 2008. Proceeds
<br />from the bonds provided financing for the 2008 Street Reconstruction and Utility
<br />Improvements. Special assessments were projected to produce 65% of the debt service
<br />requirements over the life of the bonds. Total principal and interest remaining on the
<br />bonds is $424,807, payable through February 2019. For the current year, principal and
<br />interest paid and total special assessment revenues were $156,413 and $156,583,
<br />respectively.
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