|
CITY OF ROSEVILLE, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2021
<br />On December 29, 2020 the City issued $4,775,000 in General Obligation Refunding Bonds,
<br />Series 2020A.
<br />Series 2011A. The City will realize a savings in interest costs of $417,806 over the life of the
<br />bonds. The net present value cash flow savings of the transaction was $410,030.
<br />Changes in long-term liabilities
<br />Beginning Ending Due Within
<br />Balance Additions ReductionsBalance One Year
<br />Governmental Activities
<br />Bonds payable
<br />General Obligation Bonds $20,540,000$ - $6,840,000$13,700,000$1,820,000
<br />Premium on Bonds Payable 1,132,384 - 154,681977,703-
<br />Tax Increment Revenue Bonds 2,605,000 - 200,0002,405,000200,000
<br /> Total Bonds Payable 24,277,384- 7,194,681 17,082,703 2,020,000
<br />Compensated Absences 2,097,6611,372,446 1,128,4902,341,617468,323
<br />Insurance Claims Payable 214,937311,698204,454322,18186,703
<br />Governmental activities Long-Term Liabilities $26,589,982$1,684,144$8,527,625$19,746,501$2,575,026
<br />Business-Type Activities
<br />Bonds payable
<br />General Obligation Bonds $2,565,000$ - - $2,565,000$230,000
<br />Premium on Bonds Payable 128,931 - 12,893116,038-
<br /> Total Bonds Payable 2,693,931- 12,8932,681,038230,000
<br />Compensated Absences $158,441102,120121,597138,96427,793
<br />Business type activities Long-Term Liabilities $2,852,372$102,120$134,490$2,820,002$257,793
<br />For governmental activities, other post-employment benefits are liquidated through the general
<br />fund. For compensatedabsences, payments are made from the fund to which the employee is
<br />assigned at the time employment ceases. In addition to the general fund, recreation, community
<br />development, and all non-major special revenue funds are involved in paying compensated
<br />and Risk Management Funds.
<br />From time to time, the City has issued Industrial Revenue Bonds to provide financial assistance to
<br />private-sector entitiesfor the acquisition and construction of industrial and commercial facilities
<br />deemed to be in the public interest. The bonds are secured by the property financed and are
<br />payable solely from payments received on the underlying mortgage loans. Upon repaymentof the
<br />bonds, ownership of the acquired facilities transfers to the private-sector entity served by the bond
<br />issuance. Neither the City, the State, nor any political subdivision thereof is obligated in any manner
<br />for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the
<br />accompanying financial statements. As of December 31, 2021, there were sevenseries of Housing
<br />andIndustrial Revenue Bonds outstanding, with an aggregate principal amount payable of $79.3
<br />million.
<br />61
<br />
<br />
|