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<br />CITY OF CENTERVILLE, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31,2006
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<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
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<br />Annual debt service requirements for general obligation improvement bonds are as follows:
<br /> General Obligation Improvement Bonds
<br />Year Ending Governmental Activities
<br />December 31, Principal Interest Total
<br />2007 $ 1,087,000 $ 275,421 $ 1,362,421
<br />2008 318,750 258,299 577,049
<br />2009 463,750 244,776 708,526
<br />2010 490,500 227,501 718,001
<br />2011 512,250 208,709 720,959
<br />2012 - 2016 2,334,041 726,662 3,060,703
<br />2017-2021 2,186,000 282,089 2,468,089
<br />2022 260,000 5,590 265,590
<br />Total $ 7,652,291 $ 2,229,047 $ 9,881,338
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<br />Changes in Long-term Liabilities. During the year ended December 31, 2006, the following changes occurred in
<br />noncurrent liabilities:
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<br /> Beginning Ending Due Within
<br /> Balance Increases Decreases Balance One Year
<br />Governmental activities
<br />Bonds payable
<br />General obligation
<br />bonds $ 6,052,750 $ 2,700,000 $ (1,100,459) $ 7,652,291 $ 1,087,000
<br />Compensated absences
<br />payable 30,479 48,336 (47,815) 31,000 31,000
<br />Governmental activities
<br />long-term liabilities $ 5,729,419 $ 2,748,336 $ (1,148,274) $ 7,683,291 $ 1,118,000
<br />Business-type activities
<br />Bonds payable
<br />General obligation $ 400,000 $ $ (400,000) $ $
<br />Compensated absences
<br />payable 7,608 12,068 (10,122) 9,554 9,554
<br />Business-type activities
<br />long-term liabilities $ 407.608 $ 12,068 $ (410,122) $ 9,554 $ 9,554
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