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CITY OF CENTERVILLE, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />Changes in long-term liabilities
<br />During the year ended December 31, 2015, the following changes occurred in noncurrent liabilities:
<br />Governmental activities
<br />long-term liabilities $ 8,728,978 $ 1,735,418 $ (2,505,171) $ 7,959,225 $ 755,849
<br />Business -type activities
<br />Compensated absences
<br />payable $ 16,687 $ 15,949 $ (16,994) $ 15,642 $ 14,709
<br />Pension liability
<br />GERF $ - $ 124,558 * $ (931) $ 123,627 $ -
<br />Business -type activities
<br />long-term liabilities $ 16,687 $ 140,507 $ (17,925) $ 139,269 $ 14,709
<br />* Includes January 1, 2015 pension liability balance related to GASB Statement No. 68 implementation. See Note 7
<br />for further detail.
<br />Current refunding bond
<br />On January 15, 2015 the City issued $1,385,000 General Obligation Refunding Bonds, Series 2015A. The bonds bear an
<br />average coupon rate of 1.81 percent and the entire amount was used to refund previous issued outstanding bonds G.O
<br />Crossover Improvement Bonds, Series 2009B. As a result of the refunding issue, the City with save $376,109 in debt
<br />service payments and achieve an economic gain (the present value of the difference between the old and the new debt
<br />service) of $366,572.
<br />-61-
<br />Beginning
<br />Ending
<br />Due Within
<br />Balance
<br />Increases
<br />Decreases
<br />Balance
<br />One Year
<br />Governmental activities
<br />G.O Bonds
<br />$ 8,695,000
<br />$ 1,385,000
<br />$ (2,465,000)
<br />$ 7,615,000
<br />$ 725,000
<br />Compensated absences
<br />payable
<br />33,978
<br />38,379
<br />(34,654)
<br />37,703
<br />30,849
<br />Pension liability
<br />GERF
<br />-
<br />312,039
<br />* (5,517)
<br />306,522
<br />-
<br />Governmental activities
<br />long-term liabilities $ 8,728,978 $ 1,735,418 $ (2,505,171) $ 7,959,225 $ 755,849
<br />Business -type activities
<br />Compensated absences
<br />payable $ 16,687 $ 15,949 $ (16,994) $ 15,642 $ 14,709
<br />Pension liability
<br />GERF $ - $ 124,558 * $ (931) $ 123,627 $ -
<br />Business -type activities
<br />long-term liabilities $ 16,687 $ 140,507 $ (17,925) $ 139,269 $ 14,709
<br />* Includes January 1, 2015 pension liability balance related to GASB Statement No. 68 implementation. See Note 7
<br />for further detail.
<br />Current refunding bond
<br />On January 15, 2015 the City issued $1,385,000 General Obligation Refunding Bonds, Series 2015A. The bonds bear an
<br />average coupon rate of 1.81 percent and the entire amount was used to refund previous issued outstanding bonds G.O
<br />Crossover Improvement Bonds, Series 2009B. As a result of the refunding issue, the City with save $376,109 in debt
<br />service payments and achieve an economic gain (the present value of the difference between the old and the new debt
<br />service) of $366,572.
<br />-61-
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