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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2020
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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, 2020 was as follows:
<br />
<br />
<br />Beginning
<br />Balance
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<br />Additions Reductions
<br />Ending
<br />Balance
<br />Due
<br />Within
<br />One Year
<br /> Governmental activities:
<br /> General Obligation Bonds $3,655,000 $ - $ (275,000) $3,380,000 $280,000
<br /> Plus: unamortized bond premium 46,938 - (10,358) 36,580 -
<br /> Total bonds payable 3,701,938 - (285,358) 3,416,580 280,000
<br /> Notes from Direct Borrowings 71,166 - (26,859) 44,307 19,231
<br /> Compensated absences payable 101,490 80,509 (63,135) 118,864 52,328
<br /> Total Governmental activities 3,874,594 80,509 (375,352) 3,579,751 351,559
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<br /> Business-Type activities:
<br /> Compensated absences payable 72,359 54,667 (47,913) 79,113 41,409
<br /> Total Debt $3,946,953 $135,176 $(423,265)
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<br /> $3,658,864 $392,968
<br />Compensated absences are generally liquidated in the General Fund for governmental activities
<br />and for business-type activities they are liquidated in the fund they are accrued (water and sewer).
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<br />C. Future Minimum Debt Payments
<br />Annual debt service requirements to maturity for long-term debt are as follows:
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<br />Year Ending General Obligation Bonds Notes from Direct Borrowings
<br />December 31 Principal Interest Principal Interest
<br />2021 $280,000 $93,778 $19,231 $801
<br />2022 285,000 87,753 7,199 481
<br />2023 295,000 81,178 7,344 336
<br />2024 305,000 74,378 7,491 188
<br />2025 310,000 67,307 3,042 38
<br />2026 315,000 59,468 - -
<br />2027 175,000 52,625 - -
<br />2028 185,000 47,225 - -
<br />2029 185,000 41,675 - -
<br />2030 190,000 36,050 - -
<br />2031 200,000 29,700 - -
<br />2032 210,000 22,000 - -
<br />2033 220,000 13,400 - -
<br />2034 225,000 4,500 - -
<br />Total $3,380,000 $711,037 $44,307 $1,844
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