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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 areas <br />follows: <br />Year Ending_ December 31, <br />Principal <br />Interest <br />Total <br />2009 <br />$ 89,1.56 <br />$ 61,686 <br />$ 150,842 <br />2010 <br />91,179 <br />5$;203 <br />149,382 <br />201.1 <br />'98,276 <br />.54,5$9 <br />1.52,815. <br />2012 <br />1-00,452 <br />M, 689.. <br />1.51,140 <br />2013 <br />102,710. <br />46,755 <br />14.9,465 <br />2014-2018 <br />422,213 <br />175,158 <br />5971371 <br />gp1-9K2023 <br />285,000 <br />f 07,541 <br />392,541 <br />20.24-2028 <br />.345,000 <br />39,6.16 <br />384,61.6 � = <br />Total <br />$ 1:,533;986 <br />$ 594.,1.86 <br />$ 2,1.28,172 <br />Description and Restrictions of Lona-Term <br />Debt <br />�w <br />General Obligation Bonds — The bonds were issued for improvements or projects which <br />benefited the City as:a whale and are, therefore, repaid from ad valorem levies... <br />NOTE 5 STEWARDSHIP COMPLIANCE:AND ACCOUNTABILITY <br />A. Excess of Ezperditures Over Appropriations <br />Actual expenditures exceeded budgets during 2008 as follows: <br />Final <br />Budget Actual Excess <br />General Fund: <br />Public Safety $ 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 />,-I.- <br />City Hall Construction Fund <br />These .City intends tafund these deficits.through future:tax`levies, transfers from othex �- <br />funds, and varigus other sourcos. <br />(25) <br />