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<br />CITY OF CENTER VILLE, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2001
<br />
<br />Note 3; DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS - CONTINUED
<br />
<br />Changes in General Long-term Liabilities. During the year ended Decemher 31, 2001, the following changes
<br />occurred in liabilities reported in the general10ng-term debt account group.
<br />
<br /> Balance Balance
<br /> January 1, Decemher 31,
<br /> 2001 Additions Reductions 2001
<br />G.O. Improvement Bonds $ 1,620,000 $ 990,000 $ 230,000 $ 2,380,000
<br />G.O. Revenue Bonds 345,000 35,000 310,000
<br />Capital Lease Payable 166,538 53,806 112,732
<br />Compensated Absences 15,786 1335 14,451
<br />Total $ 2 147 324 $ 990 000 $ ,20141 $ 2817183
<br />
<br />The annual service requirements to maturity for all hands and leases outstanding at December 31, 2001 are as
<br />follows:
<br />
<br /> G.O. G.O. Capital
<br /> Improvement Revenue Lease
<br /> Bonds Bonds Pavable Total
<br />2002 $ 493,577 $ 146,018 $ 60,832 $ 700,427
<br />2003 357,409 141,225 59,035 557,669
<br />2004 398,838 141,248 540,086
<br />2005 203,867 145,853 349,720
<br />2006 207,835 140,123 347,958
<br />Thereafter 1.190.196 373.511 1.563.707
<br />Total 2,851,722 1,087,978 119,867 4,059,567
<br />Less interest (471.722) 077.978) 0,135) (656.835 )
<br />Principal $ 2 380 000 $ 910000 $ 112732 $ 3 402.732
<br />
<br />Amounts available for debt retirement. Available fund balance in the debt service funds for repayment of
<br />long-term debt totaled $1,341,021 at year end.
<br />
<br />Amounts to be provided for debt retirement. This represents future revenue to be generated for debt payments
<br />and severance benefits payable, generally including interest earnings, tax increments, scheduled tax levies and
<br />deferred (future) special assessment levies.
<br />
<br />F. Tax Increment District
<br />
<br />The City is the administering authority for the following tax increment financing districts:
<br />
<br />District Number 1-4 1-5
<br />Adjusted Original Tax Capacity $ 2,275 $ 968
<br />Current Tax Capacity (Payable 2001) 19.832 1.294
<br />Captured Tax Capacity Retained by the City $ 17557 $ 326
<br />Type of District Development Development
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<br />-18-
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