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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 <br />NOTE 4 CITY INDEBTEDNESS (CONTINUED) <br />Minimum annual principal and interest payments required to retire long-term debt are as <br />follows: <br />Year Ending December 31, Principal Interest. Total <br />2009 $ 89,156 $ 61,686 $ 150,842 <br />2010 91.,179 58,203 149,382 <br />2011.98,276 54,539 152,815 <br />2012 100,452 50,688 151,140 <br />2013 102,71.0 46,755 149,465 <br />2014-2018 422,213 175,158 597,371 <br />2019-2023 285,000 107,541 392,541 <br />2024-2028 345,000.. 3.9,616 384,616 <br />Total $ 1,533,986 $ 594,186 $ 2,128,172 <br />Description and Restrictions of Long -Terra Debt. <br />General Obligation Bonds — The bonds were issued for improvements or projects which <br />benefited the City as a whole and are, therefore, repaid from ad valorem levies. <br />NOTE 5 STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY <br />A. Excess of Expenditures Over Appropriations <br />Actual expenditures exceeded budgets during•2008 as follows:. <br />General. Fund: <br />Public Safety <br />Final <br />Budget Actual Excess <br />$ 87,926 $ 92,890 $ (4,964) <br />These excess expenditures were funded by available fund balance in the General Fund. <br />B. Deficit Fund Balances <br />The City has deficit fund balances at December 31, 2008 as follows: <br />Fund Balance <br />Deficit <br />City Hall Construction Fund $ (27,098) <br />These City intends to fund these deficits through future tax levies, transfers from other <br />funds, and various other sources. <br />(25) <br />