CCP 05-29-2001 - Laserfiche WebLink

Home Browse Search

CITY OF ARDEN HILLS,MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2000 Note 3: DETAILED NOTES ON ACCOUNTS-CONTINUED • G. Operating Lease On April 30, 1998 the City entered into a lease for office space. The lease calls for monthly payments and began May 1, 1998 and ends on April 30,2001. In addition to rent,the City is also responsible for its share of common area costs. Rent expense for 2000 was$37,536. The commitments for the next year is as follows: 2001 12,512 Total $ 12,512 H. Deferred Revenue Deferred revenue at December 31,2000 is comprised of the following: , Special Capital General Revenue Projects Enterprise Total Delinquent taxes $ 27,602 $ - $ - $ - $ 27,602 1 Special assessments Delinquent - - 559 2,729 3,288 Deferred - - 184,649 82,888 267,537 Other 44,226 205,194 552) - 248,868 Total X24 1 4118,65566 X17 $ 547 295 ' I. Long-term Debt General Obligation Bonds. The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for general government activities. General obligation bonds are direct obligations and pledge the full faith and credit of the government and bonds currently outstanding are as follows: General Long-Term Debt General Obligation Tax Increment Bonds ' The following bonds were issued for redevelopment projects. The additional tax increments resulting from increased tax capacity of the redeveloped properties will be used to retire the related debt. Authorized Issue Maturity Balance at and Issued Interest Rate Date Date Year End G.O.Tax Increment Bonds, Series 1998A $3,100,000 3.80-4.75 3/1/98 2/1/15 $3,100,000 Other Long-term Debt Compensated Absences This liability represents vested benefits earned by employees through the end of the year $ 39,825 -18-