My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
05-13-19-R
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2010-2019
>
2019
>
05-13-19-R
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/15/2019 3:31:37 PM
Creation date
5/15/2019 3:15:11 PM
Metadata
Fields
Template:
General
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
397
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />-13- <br />Long-Term Liabilities – At the end of the current fiscal year, the City had total bonded debt outstanding <br />of $2,415,000, which is secured by specified revenue sources. <br /> <br />2018 2017 2018 2017 2018 2017 <br />Utility revenue bonds –$ –$ 2,415,000$ –$ 2,415,000$ –$ <br />Premium – – 156,952 – 156,952 – <br />Compensated absences 78,302 49,694 46,744 44,716 125,046 94,410 <br />Net pension liability 813,204 971,048 396,171 497,257 1,209,375 1,468,305 <br />Total 891,506$ 1,020,742$ 3,014,867$ 541,973$ 3,906,373$ 1,562,715$ <br />Total <br />Governmental Business-Type <br />Activities Activities <br />Table 4 <br />Outstanding Debt <br />Summary of Long-Term Debt <br /> <br />State statutes limit the amount of net debt a Minnesota city may issue to 3 percent of total estimated <br />market value. <br /> <br />During the current year, the City issued $2,415,000 in utility revenue bonds for various projects. <br /> <br />As previously discussed, the net pension liability decreased from the prior year for the change in the <br />City’s proportionate share of pension obligations for the Public Employees Retirement Association – <br />General Employees Retirement Fund state-wide pension plan. <br /> <br />Additional information on the City’s long-term liabilities can be found in Note 4 of the notes to basic <br />financial statements. <br /> <br /> <br />ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES <br /> <br />• Dramatic increases in local government aids and other state sources are not anticipated based on <br />legislation at the time of writing this report. <br /> <br />• Property tax collection rates are expected to remain strong, at or near the 2018 level. <br /> <br />All of these factors were considered in preparing the City’s budget for the 2019 fiscal year. <br /> <br /> <br />REQUESTS FOR INFORMATION <br /> <br />This CAFR is designed to provide a general overview of the City’s finances for all those with an interest <br />in the City’s finances. Questions concerning any of the information provided in this report or requests for <br />additional financial information should be addressed to the finance department, 1245 West Highway 96, <br />Arden Hills, Minnesota 55112. <br />
The URL can be used to link to this page
Your browser does not support the video tag.