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Page 12 of 21 <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1989 <br />NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS, (Continued) <br />LEGAL DEBT MARGIN (continued) <br />Market value <br />Applicable percentage <br />Debt limit <br />Amount of debt applicable to debt limit: <br />Total bonded debt <br />Less: Special assessment bonds and <br />tax increment bonds <br />Less: Cash and investments in <br />debt service funds <br />Total debt applicable to debt limit <br />Legal debt margin <br />December 31, <br />1989 1988 <br />$231,211,700 <br />2% <br />4,624,234 <br />8,787,500 <br />8,487,500 <br />0 <br />300.000 <br />$4 324 234 <br />$187,826,200 <br />2% <br />3.756.524 <br />3,971,000 <br />3,971,000 <br />0 <br />0 <br />$3 756 524 <br />Legal debt margin is calculated on general obligation bond issues only (i.e., this does not include <br />General Obligation Debt with special assessments pledged for payment or Revenue/Enterprise <br />Fund bonded debt). <br />COMPENSATED ABSENCES <br />The accrued liability for compensated absences is not recorded as a liability in the General Long - <br />Term Debt Account Group (for governmental funds) nor the Proprietary Funds. Unused vacation, <br />the portion of sick leave payable as severance pay, and the compensatory time are not considered <br />material to these financial statements. Unpaid vacation pay totaled $12,313 and $8,876 at <br />December 31, 1989 and 1988 respectively. <br />The City also has an unrecorded contingent liability for unused employee sick leave of $141,969 <br />and $137,901 at December 31, 1989 and 1988 respectively. <br />DEFERRED REVENUE <br />Deferred revenue at December 31, 1989 consisted of the following amounts: <br />Uncollected park dedication fees <br />Property tax revenue <br />Special assessment revenue <br />Totals <br />$5,060 <br />105,380 <br />1,607,256 <br />$1,717,696 <br />