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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2017
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<br />
<br />
<br />(58)
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<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, 2017 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 4,450,000$ -$ (265,000)$ 4,185,000$ 260,000$
<br />Tax Increment Bonds 1,355,000 - (190,000) 1,165,000 200,000
<br />Improvement Bonds 1,480,000 - (135,000) 1,345,000 145,000
<br />Plus: Unamortized Premiums 86,344 - (18,690) 67,654 -
<br />Total Bonds Payable 7,371,344 - (608,690) 6,762,654 605,000
<br />Canabury Condos Note 61,438 - (12,076) 49,362 12,319
<br />Canabury Square Condos Note 59,313 - (6,529) 52,784 6,661
<br />Fleur Royale Note 48,358 - (13,508) 34,850 13,779
<br />Compensated Absences 83,198 11,361 (2,368) 92,191 8,297
<br />Total Governmental Activities 7,623,651 11,361 (643,171) 6,991,841 646,056
<br />Business-Type Activities:
<br />Compensated Absences 79,746 - 1,088 80,834 5,956
<br />Total Debt 7,703,397$ 11,361$ (642,083)$ 7,072,675$ 652,012$
<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 />2018 200,000$ 86,385$ 145,000$ 52,350$ 32,759$ 2,573$ 260,000$ 110,078$
<br />2019 215,000 71,985 150,000 56,005 33,418 1,914 270,000 104,778
<br />2020 230,000 56,290 155,000 49,140 26,739 1,246 275,000 99,328
<br />2021 250,000 39,270 160,000 41,735 18,689 777 280,000 93,778
<br />2022 270,000 20,520 170,000 33,645 25,391 995 285,000 78,753
<br />2023-2027 - - 565,000 45,245 - - 1,400,000 334,956
<br />2028-2032 - - - - - - 970,000 176,650
<br />2033-2037 - - - - - - 445,000 17,900
<br />Totals 1,165,000$ 274,450$ 1,345,000$ 278,120$ 136,996$ 7,505$ 4,185,000$ 1,016,221$
<br />Governmental Activities
<br />Tax Increment Bonds Improvement Bonds Notes Payable General Obligation
<br />
<br />D. Revenues Pledged
<br />Housing Improvement Area Bonds of 2009A – The City has pledged future housing
<br />improvement assessment revenue to repay the HIA bonds issued in December 2009.
<br />Proceeds from the bonds provided financing for the 2009 Housing Improvement Area
<br />Project Canabury Square Condominiums Association. Housing improvement
<br />assessments were projected to produce 100% of the debt service requirements over the
<br />life of the bonds. Total principal and interest remaining on the bonds is $1,633,120,
<br />payable through February 2025. For the current year, principal and interest paid and
<br />total housing improvement assessment revenue were $203,028 and $200,467,
<br />respectively.
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