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<br />CITY OF CENTERVILLE, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31,2003
<br />
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />
<br />Compensated Absences
<br />
<br />This liability represents vested benefits earned by employees through the end of the year, which will be paid at
<br />termination of employment in future years.
<br />
<br />Total compensated absences
<br />
<br />$
<br />
<br />11.895
<br />
<br />Changes in Long-term Liabilities. During the year ended December 31,2003, the following changes occurred in
<br />liabilities reported in the generallong-tenn debt account group.
<br />
<br />Additions
<br />
<br />Balance
<br />December 31,
<br />Reductions 2003
<br />
<br />Due
<br />Within
<br />One
<br />Year
<br />
<br />Balance
<br />January 1,
<br />2003
<br />
<br />Governmental activities:
<br />G.O. Improvement Bonds $ 2,605,000 $ 740,000 $ 280,000 $ 3,065,000 $ 335,000
<br />G.O. Revenue Bonds 270,000 40,000 230,000 40,000
<br />Capital Lease Payable 57,238 57,238
<br />Compensated Absences 14,347 4,870 9,477
<br />Business-type activities:
<br />G.O. Revenue Bonds 535,000 65,000 470,000 70,000
<br />Compensated Absences 3.167 749 2.418
<br />Total $ 3.484.752 $ 740.000 $ 447.857 $ 3.776.895 $ 445.000
<br />The annual service requirements to maturity for all bonds outstanding at December 31, 2003 are as follows:
<br /> G.O. G.O.
<br /> Improvement Revenue
<br /> Bonds Bonds Total
<br />2004 $ 432,308 $ 141,248 $ 573,556
<br />2005 291,513 145,853 437,366
<br />2006 1,033,830 140,123 1,173,953
<br />2007 284,430 144,023 428,453
<br />2008 290,440 142,449 432,889
<br />2009-2013 1,148,928 87,038 1,235,966
<br />2014-2018 76.536 76.536
<br /> Total 3,557,985 800,734 4,358,719
<br /> Less interest (492.985) 000.734 ) (593.719)
<br /> Principal $ 3.065.000 $ 700.000 $ 3.765.000
<br />
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