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CITY OF LAKE ELMO, MINNESOTA
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2023
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<br />
<br />53
<br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued)
<br />
<br />2.D. NONCURRENT LIABILITIES (Continued)
<br />
<br />Changes in Noncurrent Liabilities
<br />
<br />The following is a summary of changes in noncurrent liabilities, excluding the net pension and OPEB liabilities, for the year
<br />ended December 31, 2023:
<br />
<br />
<br />
<br />Governmental activity debt is typically funded through the Debt Service Fund. Business-Type activity debt is typically funded
<br />through the Water Fund, Sewer Fund, and Storm Sewer Fund. Compensated absences are funded through the funds to which
<br />the respective employees’ wages are allocated.
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<br />Amounts Due
<br />Balance Balance Within
<br />Type of Debt 01/01/23 Additions Deductions 12/31/23 One Year
<br />Governmental Activities
<br />G.O. Improvement Bonds 28,830,000$ 3,410,000$ (2,380,000)$ 29,860,000$ 2,520,000$
<br />G.O. Equipment Certificates 655,000 - (100,000) 555,000 105,000
<br />G.O. Tax Abatement Bonds 1,010,000 - - 1,010,000 80,000
<br />Unamortized Bond Premium 1,110,679 317,037 (105,751) 1,321,965 -
<br />Compensated Absences 93,109 17,006 - 110,115 82,586
<br />Total 31,698,788$ 3,744,043$ (2,585,751)$ 32,857,080$ 2,787,586$
<br />Business-Type Activities
<br />G.O. Revenue Bonds 28,440,000$ 2,000,000$ (2,325,000)$ 28,115,000$ 2,315,000$
<br />Unamortized Bond Premium 1,030,720 138,228 (86,023) 1,082,925 -
<br />Compensated Absences 40,108 - (1,817) 38,291 28,718
<br />Total 29,510,828$ 2,138,228$ (2,412,840)$ 29,236,216$ 2,343,718$
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