CCP 05-30-2000 - Laserfiche WebLink

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. I. . . I I . . I .. . I . . . I .. . . Note 3: CITY OF ARDEN HILLS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31,1999 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, 2001, In addition to rent, the City is also responsible for its share of common area costs, Rent expense for 1999 was $37,536. The commitments for the next two years are as follows: 2000 2001 $ 37,536 12,512 50,048 Total $ H. Deferred Revenue Deferred revenue at December 31, 1999 is comprised of the following: Special Debt Capital General Revenue Service Pr01ects Enterorise Total Delinquent taxes $ 10,755 $ $ $ $ $ 10,755 Special assessments Delinquent 210 256 3,927 4,393 Deferred 2,123 299,897 71.309 373,329 Other 36,030 424,781 7 460,818 Total $ 46 785 $ 424 781 $ 2 333 $ 300 160 $ 75,236 $ 849295 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 govenunent 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 Absences This liability represents vested benefits earned by employees through the end of the year $ 37,773 -18-