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-13- Long-Term Debt – At the end of the current fiscal year, the City had no bonded debt outstanding. Remaining long-term debt includes the net pension liability and compensated absences payable. 2017 2016 2017 2016 2017 2016 Compensated absences payable 49,694$ 64,277$ 44,716$ 52,721$ 94,410$ 116,998$ Net pension liability 971,048 1,389,901 497,257 778,008 1,468,305 2,167,909 Total 1,020,742$ 1,454,178$ 541,973$ 830,729$ 1,562,715$ 2,284,907$ Table 4 Outstanding Debt Summary of Long-Term Debt Total Governmental Business-Type Activities Activities State statutes limit the amount of general obligation debt a Minnesota city may issue to 3 percent of total estimated market value. As previously discussed, the net pension liability decreased from the prior year for the change in the City’s proportionate share of pension obligations for the Public Employees Retirement Association – General Employees Retirement Fund state-wide pension plan. Additional information on the City’s long-term liabilities can be found in Note 4 of the notes to basic financial statements. ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES • Dramatic increases in local government aids and other state sources are not anticipated based on legislation at the time of writing this report. • Property tax collection rates are expected to remain strong, at or near the 2017 level. All of these factors were considered in preparing the City’s budget for the 2018 fiscal year. REQUESTS FOR INFORMATION This CAFR is designed to provide a general overview of the City’s finances for all those with an interest in the City’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the finance department, 1245 West Highway 96, Arden Hills, Minnesota 55112.