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CITY OF ROSEVILLE, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2023
<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 $11,880,000$ -$1,910,000$9,970,000$1,945,000
<br />Premium on Bonds Payable 823,022- 154,681 668,341 -
<br />Tax Increment Revenue Bonds 2,205,000- 200,000 2,005,000 200,000
<br /> Total Bonds Payable 14,908,022 2,264,68112,643,341- 2,145,000
<br />Compensated Absences 2,225,1331,877,4351,690,497 2,412,071 482,414
<br />Insurance Claims Payable 67,091439,989 153,156 353,924 167,052
<br />Governmental activities Long-Term Liabilities $17,200,246$2,317,424$4,108,334$15,409,336$2,794,466
<br />Business-Type Activities
<br />Bonds payable
<br />General Obligation Bonds $2,335,000$ -240,000$2,095,000$245,000
<br />Premium on Bonds Payable 103,145-12,89390,252 -
<br /> Total Bonds Payable 2,438,145 - 252,893 2,185,252 245,000
<br />Compensated Absences $137,277153,281$122,215168,343 33,669
<br />Business type activities Long-Term Liabilities $2,575,422$153,281$375,108$2,353,595$278,669
<br />For governmental activities, other post-employment benefits are liquidated through the general fund.
<br />For compensated absences, payments are made from the fund to which the employee is assigned
<br />at the time employment ceases. In addition to the general fund, recreation, community development,
<br />and all non-major special revenue funds are involved in paying compensated absences. For
<br />Insurance claims payables, payments are made from the WorkerÓs Compensation and Risk
<br />Management Funds.
<br />From time to time, the City has issued Industrial Revenue Bonds to provide financial assistance to
<br />private-sector entities for 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 payable
<br />solely from payments received on the underlying mortgage loans. Upon repayment of the bonds,
<br />ownership of the acquired facilities transfers to the private-sector entity served by the bond issuance.
<br />Neither the City, the State, nor any political subdivision thereof is obligated in any manner for
<br />repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
<br />financial statements. As of December 31, 2023, there were five series of Housing and Industrial
<br />Revenue Bonds outstanding, with an aggregate principal amount payable of $68.5 million.
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