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-13- Long-Term Liabilities – At the end of the current fiscal year, the City had total bonded debt outstanding of $2,415,000, which is secured by specified revenue sources. 2018 2017 2018 2017 2018 2017 Utility revenue bonds –$ –$ 2,415,000$ –$ 2,415,000$ –$ Premium – – 156,952 – 156,952 – Compensated absences 78,302 49,694 46,744 44,716 125,046 94,410 Net pension liability 813,204 971,048 396,171 497,257 1,209,375 1,468,305 Total 891,506$ 1,020,742$ 3,014,867$ 541,973$ 3,906,373$ 1,562,715$ Total Governmental Business-Type Activities Activities Table 4 Outstanding Debt Summary of Long-Term Debt State statutes limit the amount of net debt a Minnesota city may issue to 3 percent of total estimated market value. During the current year, the City issued $2,415,000 in utility revenue bonds for various projects. 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 2018 level. All of these factors were considered in preparing the City’s budget for the 2019 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.