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Long-Term Debt—At the end of the current year,the City had total bonded debt outstanding of$8,700,000,
<br /> 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 /> 2025 2024 2025 2024 2025 2024
<br /> G.O.bonds payable $ 4,270,000 $ 4,623,700 $ 4,430,000 $ 4,790,000 $ 8,700,000 $ 9,413,700
<br /> Bond premium — — 181,018 199,120 181,018 199,120
<br /> Total OPEB liability 1,518,523 1,592,510 — — 1,518,523 1,592,510
<br /> Net pension liability—PERA 2,550,315 2,919,474 339,809 355,991 2,890,124 3,275,465
<br /> Compensated absences payable 811,279 733,258 161,411 138,669 972,690 871,927
<br /> Total $ 9,150,117 $ 9,868,942 $ 5,112,238 $ 5,483,780 $14,262,355 $15,352,722
<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 $51,096,801, which is
<br /> significantly in excess of the City's outstanding general obligation debt.
<br /> The change in bonds payable was as anticipated with scheduled debt payments. An additional year of
<br /> amortization reduced the outstanding balance for bond premium. Changes in the actuarial determined
<br /> obligations for insurance benefits contributed to the change in the total other post-employment benefits
<br /> liability. The net pension liability decreased from the prior year, due to the change in the City's
<br /> proportionate share of pension obligations for the Public Employees Retirement Association (PERA)
<br /> state-wide pension plans. The liability for compensated absences increased over the prior year with wage
<br /> increases and growth in balances outstanding for compensated absences.
<br /> Additional information on the City's long-term debt can be found in Note 6 of the notes to basic financial
<br /> statements.
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