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<br />CITY OF CENTERVILLE, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2004
<br />
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />
<br />Changes in Long-term Liabilities. During the year ended December 31,2004, the following changes occurred in
<br />liabilities reported in the general long-term debt account group.
<br />
<br />Beginning
<br />Balaoce
<br />
<br />Increases
<br />
<br />Decreases
<br />
<br />Ending
<br />Balaoce
<br />
<br />Due Within
<br />One Year
<br />
<br />Governmental activities
<br />Bonds payable
<br />General obligation
<br />bonds
<br />General obligation
<br />revenue bonds
<br />
<br />$ 3,065,000
<br />
<br />$ 2,980,000
<br />
<br />$ (335,000) $ 5,710,000
<br />
<br />$ 205,000
<br />
<br />2,980,000
<br />
<br />(230,000)
<br />(565,000) 5,710,000
<br />
<br />230,000
<br />
<br />Total bonds payable
<br />
<br />3,295,000
<br />
<br />205,000
<br />
<br />Compensated absences
<br />payable
<br />
<br />9,477
<br />
<br />25,579
<br />
<br />(l5,637) 19,419
<br />
<br />19,419
<br />
<br />Governmental activity
<br />long-term liabilities
<br />
<br />$ 3,304.477
<br />
<br />$ 3,005,579
<br />
<br />$ (580,637) $ 5,729,419
<br />
<br />$ 224.419
<br />
<br />Business-type activities
<br />Bonds payable
<br />General obligation
<br />revenue bonds
<br />Compensated absences
<br />payable
<br />
<br />$ 470,000
<br />
<br />$
<br />
<br />$ (70,000) $ 400,000
<br />
<br />$ 75,000
<br />
<br />2.418
<br />
<br />3,567
<br />
<br />(337) 5,648
<br />
<br />5,648
<br />
<br />Business-type activity
<br />long-term liabilities
<br />
<br />$ 472.418
<br />
<br />$
<br />
<br />3,567
<br />
<br />$ (70.337) $ 405.648
<br />
<br />$ 80,648
<br />
<br />Construction Commitments
<br />
<br />The City has ao active construction project as of December 31, 2004. The project is the construction of a water
<br />tower. At year end the City's commitments with contractors are as follows:
<br />
<br /> Spent Remaining
<br />Contractor to Date Commitment
<br />Maguire Iron $ 630,197 $ 312,917
<br />Northdale Construction 484,734 114,016
<br />Dave Perkins Contracting 429,706 58,695
<br />Dressel Contracting 1,516,287 189,972
<br />Total $ 3,060,924 $ 675,600
<br />
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