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NOTE 6-LONG-TERM LIABILITIES (CONTINUED)
<br /> C. Other Long-Term Liabilities
<br /> The City offers a number of benefits to its employees, including OPEB, pensions, and compensated
<br /> absences.The details of these various benefit liabilities are discussed elsewhere in these notes.Such benefits
<br /> are financed primarily from the General,Water, Sewer, and Storm Water Funds.
<br /> City employees participate in two state-wide,cost-sharing,multiple-employer defined benefit pension plans
<br /> administered by the PERA.The following is a summary of the net pension liabilities,deferred outflows and
<br /> inflows of resources, and pension expense reported for these plans for the current year:
<br /> Net Deferred Deferred
<br /> Pension Outflows of Inflows of Pension
<br /> Pension Plans Liabilities Resources Resources Expense
<br /> PERA-GERF $ 1,113,035 $ 267,216 $ 725,225 $ 14,746
<br /> PERA-PEPFF 1,777,089 2,440,025 3,310,503 348,598
<br /> Total $ 2,890,124 $ 2,707,241 $ 4,035,728 $ 363,344
<br /> D. Minimum Debt Payments
<br /> Minimum annual principal and interest payments to maturity for general obligation bonds are as follows:
<br /> Governmental Activities Business-Type Activities
<br /> Year Ending General Obligation Bonds G.O.Water Revenue Bonds
<br /> December 31, Principal Interest Principal Interest
<br /> 2026 $ 280,000 $ 114,590 $ 370,000 $ 61,722
<br /> 2027 285,000 106,963 375,000 54,272
<br /> 2028 295,000 99,133 385,000 46,672
<br /> 2029 300,000 91,100 390,000 38,922
<br /> 2030 310,000 82,865 400,000 31,022
<br /> 2031-2035 1,675,000 283,037 2,080,000 82,877
<br /> 2036-2038 1,125,000 53,802 430,000 2,688
<br /> Total $ 4,270,000 $ 831,490 $ 4,430,000 $ 318,175
<br /> E. Changes in Long-Term Liabilities
<br /> Beginning Ending Due Within
<br /> Balance Additions Deletions Balance One Year
<br /> Governmental activities
<br /> G.O.bonds payable $ 4,623,700 $ - $ 353,700 $ 4,270,000 $ 280,000
<br /> Total OPEB liability 1,592,510 97,542 171,529 1,518,523 134,545
<br /> Net pension liability-PERA 2,919,474 4,980,628 5,349,787 2,550,315 -
<br /> Compensated absences payable 733,258 499,634 421,613 811,279 81,128
<br /> Total governmental activities 9,868,942 5,577,804 6,296,629 9,150,117 495,673
<br /> Business-type activities
<br /> G.O.water revenue bonds payable 4,790,000 - 360,000 4,430,000 370,000
<br /> Bond premium 199,120 - 18,102 181,018 -
<br /> Net pension liability-PERA 355,991 652,325 668,507 339,809 -
<br /> Compensated absences payable 138,669 116,603 93,861 161,411 16,141
<br /> Total business-type activities 5,483,780 768,928 1,140,470 5,112,238 386,141
<br /> Total government-wide $ 15,352,722 $ 6,346,732 $ 7,437,099 $ 14,262,355 $ 881,814
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