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<br />-13-
<br />Long-Term Liabilities – At the end of the current fiscal year, the City had total bonded debt outstanding
<br />of $2,215,000, which is secured by specified revenue sources.
<br />
<br />2020 2019 2020 2019 2020 2019
<br />Utility revenue bonds –$ –$ 2,215,000$ 2,415,000$ 2,215,000$ 2,415,000$
<br />Premium – – 125,838 141,394 125,838 141,394
<br />Compensated absences 106,271 86,680 76,829 51,988 183,100 138,668
<br />Net pension liability 876,334 709,184 568,571 496,090 1,444,905 1,205,274
<br />Total 982,605$ 795,864$ 2,986,238$ 3,104,472$ 3,968,843$ 3,900,336$
<br />Total
<br />Governmental Business-Type
<br />Activities Activities
<br />Table 4
<br />Outstanding Debt
<br />Summary of Long-Term Debt
<br />
<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 />The net pension liability increased from the prior year, due to the change in the City’s proportionate share
<br />of pension obligations for the Public Employees Retirement Association – General Employees Retirement
<br />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.
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<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 2020 level.
<br />
<br />• The COVID-19 pandemic continues to cause volatility in economic conditions and tremendous
<br />disruption in the way governments, businesses, and individuals function. The ongoing extent of
<br />the negative impact on the economy and city operations is unknown at this time.
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<br />REQUESTS FOR INFORMATION
<br />
<br />This Comprehensive Annual Financial Report is designed to provide a general overview of the City’s
<br />finances for all those with an interest in the City’s finances. Questions concerning any of the information
<br />provided in this report or requests for additional financial information should be addressed to the finance
<br />department, 1245 West Highway 96, Arden Hills, Minnesota 55112.
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