2013-12-31 Annual Financial Report

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Long-term debt .At the end of the current fiscal year, the City had total bonded debt outstanding of $9,550,000. While all of the City’s bonds have revenue streams, they are all backed by the full faith andcredit of the City. City of Centerville’s Outstanding Debt Governmental ActivitiesBusiness-type Activities IncreaseIncrease 20132012(Decrease)20132012(Decrease) General obligation bonds$9,550,000$9,294,981$255,019$-$-$- Compensated absences payable36,93132,3044,62715,71513,1022,613 Total$9,586,931$9,327,285$259,646$15,715$13,102$2,613 Minnesota statutes limit the amount of net general obligation debt a City may issue to 3 percent of the market value of taxable property within the City. Net debt is debt payable solely from ad valorem taxes. The taxable market value totals $292,948,400which calculatesto a debt margin of $8,788,452. Debt financed partially or entirely by special assessments is not applied against the City’s debt limit, nor is debt financed by proprietary fund revenues. Currently the City has $455,000of general obligation debt outstanding leaving a debt margin of $8,333,452. Additional information on the City’s long-term debt can be found in Note 3E startingon page 63 of this report. Economic Factors and Next Year’s Budgets and Rates The area economy is finally showing signs of improving. Property values for 2014 for payable year 2015 in the city, increased for the first time in several years. The City General Fund Budget was increased for 2014 approximately 1.8% but the levy again remained flat, largely due to new local government aid anticipated in 2014. Requests for Information This financial report is designed to provide a general overview of the City’s finances for all parties interested. Questions concerning any of the information providedin this report or requests for additional financial information should be addressed to the City Administrator, City of Centerville, 1880 Main Street, Centerville, Minnesota, 55038.