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<br />CITY OF CENTERVILLE, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2005
<br />
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />
<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 />2006 $ 1,042,000 $ 195,903 $ 1,237,903
<br />2007 1,098,750 168,114 1,266,864
<br />2008 333,750 150,318 484,068
<br />2009 345,500 138,452 483,952
<br />2010 367,250 125,379 492,629
<br />2011 - 2015 1,644,500 408,628 2,053,128
<br />2016 - 2020 1,221,000 132,041 1,353,041
<br />Total $ 6,052,750 $ 1,318,835 $ 7,371,585
<br />
<br />Changes in Long-term Liabilities. During the year ended December 31,2005, the following changes occurred in
<br />noncurrent liabilities:
<br />
<br />Beginning
<br />Balance
<br />
<br />Increases
<br />
<br />Decreases
<br />
<br />Ending
<br />Balance
<br />
<br />Due Within
<br />One Year
<br />
<br />Governmental activities
<br />Bonds payable
<br />General obligation
<br />bonds $ 5,710,000
<br />Compensated absences
<br />payable 19,419
<br />
<br />$ 827,750
<br />
<br />$ (485,000) $ 6,052,750
<br />
<br />$ 1,042,000
<br />
<br />37,848
<br />
<br />(26,788) 30,479
<br />
<br />30,479
<br />
<br />Governmental activities
<br />long-term liabilities $ 5,729,419
<br />
<br />$ 865,598
<br />
<br />$ (511,788) $ 6,083,229
<br />
<br />$ 1,072,479
<br />
<br />Business-type activities
<br />Bonds payable
<br />General obligation $ 400,000
<br />revenue bonds
<br />Compensated absences
<br />payable 5,648
<br />
<br />$
<br />
<br />$ (400,000) $
<br />
<br />$
<br />
<br />8,681
<br />
<br />(6,721)
<br />
<br />7,608
<br />
<br />7,608
<br />
<br />Business-type activities
<br />long-term liabilities $ 405,648
<br />
<br />$
<br />
<br />8,681
<br />
<br />$ (406,721) $
<br />
<br />7,608
<br />
<br />$
<br />
<br />7,608
<br />
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