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<br />Long-Term Liabilities – At the end of the current fiscal year, the City had total bonded debt outstanding
<br />of $1,785,000, which is secured by specified revenue sources.
<br />2022 2021 2022 2021 2022 2021
<br />Utility revenue bonds –$ –$ 1,785,000$ 2,005,000$ 1,785,000$ 2,005,000$
<br />Premium – – 94,724 110,281 94,724 110,281
<br />Compensated absences 98,255 99,716 77,404 77,592 175,659 177,308
<br />Net pension liability 1,044,294 601,853 801,074 440,136 1,845,368 1,041,989
<br />Total 1,142,549$ 701,569$ 2,758,202$ 2,633,009$ 3,900,751$ 3,334,578$
<br />Table 4
<br />Outstanding Debt
<br />Summary of Long-Term Debt
<br />Total
<br />Governmental Business-Type
<br />Activities Activities
<br />State statutes limit the amount of net debt a Minnesota city may issue to 3 percent of total estimated
<br />market value.
<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 />Additional information on the City’s long-term liabilities can be found in Note 5 of the notes to basic
<br />financial statements.
<br />ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES
<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 />•Property tax collection rates are expected to remain strong, at or near the 2022 level.
<br />•The 2023 budget approved for the General Fund anticipates expenditures to exceed revenues by
<br />$160,760, which is included in assigned fund balance at December 31, 2022.
<br />REQUESTS FOR INFORMATION
<br />This ACFR 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.
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