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I Ie I I I I I I I Ie I I I I I I I .e I CITY OF ARDEN HILLS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998 Note 3: DETAILED NOTES ON ACCOUNTS - CONTINUED G. Operating Lease On April 30, 1998 the City entered into a lease for office space. The lease calls for monthly payments and began May I, 1998 and ends on April 30, 200 I. In addition to rent, the City is also responsible for its share of common area costs. Rent expense for 1998 was $25,024. The commitments for the next three years are as follows: 1999 2000 2001 $ 37,536 37,536 12.512 87.584 Total $ H. Deferred Revenue Deferred revenue at December 31, 1998 is comprised ofthe following: Special Debt Capital General Revenue Service Projects Enterorise Total Delinquent taxes $ 14,301 $ $ $ $ $ ]4,301 Special assessments Delinquent 226 7,665 4,078 1l,969 Deferred 18,621 468,811 70,351 557,783 Other 40.515 593.789 634.304 Total $ 54.816 $ 593.789 $ 18.847 $ 476.476 $ 74.429 $ 1.218.357 I. Long-term Debt General Obligation Bonds. The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for general government activities. General obligation bonds are direct obligations and pledge the full faith and credit of the government and bonds currently outstanding are as follows: General Long-Term Debt General Obligation Tax Increment Bonds The following bonds were issued for redevelopment projects. The additional tax increments resulting from increased tax capacity of the redeveloped properties will be used to retire the related debt. Authorized and Issued Issue Date Maturity Date Balance at Year End Interest Rate G.O. Tax Increment Bonds, Series 1998A $3,100,000 3.80 - 4.75 3/1/98 2/1/15 $3,100,000 Other Long-term Debt Compensated Ahsences This liability represents vested benefits earned by employees through the end of the year $ 37,827 -18-