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CITY OF LAKE ELMO, MINNESOTA
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2024
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<br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued)
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<br />2.D. NONCURRENT LIABILITIES (Continued)
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<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, 2024:
<br />
<br />Amounts Due
<br />Balance Balance Within
<br />Type of Debt 01/01/24 Additions Deductions 12/31/24 One Year
<br />Governmental Activities
<br />G.O. Improvement Bonds 29,860,000$ 4,195,000$ (2,520,000)$ 31,535,000$ 2,770,000$
<br />G.O. Equipment Certificates 555,000 - (105,000) 450,000 110,000
<br />G.O. Tax Abatement Bonds 1,010,000 - (80,000) 930,000 85,000
<br />Unamortized Bond Premium 1,321,965 349,883 (137,458) 1,534,390 -
<br />Compensated Absences 110,115 81,082 - 191,197 143,398
<br />Total 32,857,080$ 4,625,965$ (2,842,458)$ 34,640,587$ 3,108,398$
<br />Business-Type Activities
<br />G.O. Revenue Bonds 28,115,000$ 470,000$ (2,315,000)$ 26,270,000$ 2,385,000$
<br />Unamortized Bond Premium 1,082,925 29,270 (95,896) 1,016,299 -
<br />Subscription Liabilities - 92,653 (4,235) 88,418 39,872
<br />Compensated Absences 38,291 13,373 - 51,664 38,748
<br />Total 29,236,216$ 605,296$ (2,415,131)$ 27,426,381$ 2,463,620$
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<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.
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