|
Long -Term Debt — At the end of the current year, the City had total bonded debt outstanding of
<br />$10,110,075, which is backed by the full faith and credit of the City.
<br />Table 4
<br />Long -Term Debt
<br />Governmental Activities Business -Type Activities Total
<br />2023 2022 2023 2022 2023 2022
<br />G.O. bonds payable
<br />$ 4,965,075
<br />$ 5,299,900
<br />$ 5,145,000
<br />$ 5,495,000
<br />$10,110,075
<br />$10,794,900
<br />Bond premium
<br />—
<br />—
<br />217,222
<br />235,324
<br />217,222
<br />235,324
<br />G.O. equipment certificates
<br />—
<br />35,650
<br />—
<br />—
<br />—
<br />35,650
<br />Total OPEB liability
<br />928,489
<br />744,500
<br />—
<br />—
<br />928,489
<br />744,500
<br />Net pension liability —PERA
<br />4,103,709
<br />9,982,227
<br />537,335
<br />807,007
<br />4,641,044
<br />10,789,234
<br />Compensated absences payable
<br />637,563
<br />635,642
<br />108,622
<br />113,245
<br />746,185
<br />748,887
<br />Total $10,634,836 $16,697,919 $ 6,008,179 $ 6,650,576 $16,643,015 $23,348,495
<br />State statutes limit the amount of general obligation debt a governmental entity may issue to 3.0 percent of
<br />its total estimated market value. The current debt limitation for the City is $48,091,548, which is
<br />significantly in excess of the City's outstanding general obligation debt.
<br />The changes in bonds payable and equipment certificates was as anticipated with scheduled debt payments.
<br />An additional year of amortization reduced the outstanding balance for bond premium. Changes in the
<br />actuarial determined obligations for insurance benefits contributed to the change in the total OPEB liability.
<br />The net pension liability decreased from the prior year, due to the change in the City's proportionate share
<br />of pension obligations for the Public Employees Retirement Association (PERA) state-wide pension plans.
<br />The liability for compensated absences decreased slightly from the prior year.
<br />Additional information on the City's long-term debt can be found in Note 6 to the basic financial statements.
<br />-14-
<br />
|