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<br /> CITY OF CENTERVILLE, MINNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> DECEMBER 31, 2004
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<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 /> Beginning Ending Due Within
<br /> Balance Increases Decreases Balance One Year
<br /> Governmental activities
<br /> Bonds payable
<br /> General obligation
<br /> bonds $ 3,065,000 $ 2,980,000 $ (335,000) $ 5,710,000 $ 205,000
<br /> General obligation
<br /> revenue bonds 230,000 (230,000)
<br /> Total bonds payable 3,295,000 2,980,000 (565,000) 5,710,000 205,000
<br /> Compensated absences
<br /> payable 9,477 25,579 (15,637) 19,419 19,419
<br /> Governmental activity
<br /> long-term liabilities $ 3.304.477 $ 3.005.579 $ (580.637) $ 5,729.419 $ 224.419
<br /> Business-type activities
<br /> Bonds payable
<br /> General obligation $ 470,000 $ $ (70,000) $ 400,000 $ 75,000
<br /> revenue bonds
<br /> Compensated absences
<br /> payable 2,418 3.567 (337) 5,648 5,648
<br /> Business-type activity
<br /> long-term liabilities $ 472.418 $ 3,567 $ (70.337) $ 405.648 $ 80.648
<br /> Construction Commitments
<br />
<br />The City has an active construction project as of December 31, 2004. The project is the construction ofa 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
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