2002 Comprehensive Annual Finanical Report (CAFR)

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CITY of ROSEVILLE NOTES To FINANCIAL STATEMENTS DECEMBER 31, 2002 NOTE 4 - DETAILED NOTES ON ALL FUNDS (Continued) E. Long -term debt (Continued) Changes in long-term liabilities Beginning Governmental Activities Balance Additions Reductions General obligation bonds payable Tax increment $ 1,815,000 $ 0 $ 158159000 $ Special assessment debt with gov't commitment 11,05 5,000 0 3,49500 Total bonds payable 1258705000 0 5531 0,000 Long -term notes payable Compensated absences Governmental activities - Long --term liabilities 57,789 295719 273132 n oK (141 'Or 1 C4 1244 4zi�7 Ending Due within Balance one Year 0 $ 0 7,5605000 1576500 7,5609000 11765,000 60,376 16,247 A O S � 71 111 11) S $ 13,413,870 $ 4241877 $ 5,722,699 $ 8,116,048 $ 1,8121A72 Compensated absences are liquidated by the fund in which an employee is assigned, but roughly half the employees are assigned to the general fund. From time to time, the City has issued Industrial Revenue Bonds to provide financial assistance to private- sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private - sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 2002 there were nine series of Industrial Revenue Bonds outstanding, with an aggregate principal amount payable of $59.2 million. nstj