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City of Orono, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2019
<br />Note 3: Detailed Notes on All Funds (Continued)
<br />Changes in Long-term Liabilities
<br />Long-term liability activity for the year ended December 31, 2019 was as follows:
<br />Beginning Ending Due Within
<br />Balance Increases Decreases Balance One Year
<br />Governmental Activities
<br />Bonds Payable
<br />G.O. improvement bonds 7,000,000$ -$ (890,000)$ 6,110,000$ 925,000$
<br />Bond premium 169,801 - (25,950) 143,851 25,951
<br />Total Bonds Payable 7,169,801 - (915,950) 6,253,851 950,951
<br />Compensated Absences Payable 538,319 507,719 (500,178) 545,860 507,719
<br />Governmental Activity
<br />Long-term Liabilities 7,708,120$ 507,719$ (1,416,128)$ 6,799,711$ 1,458,670$
<br />Business-type Activities
<br />Bonds Payable
<br />G.O. improvement bonds 965,000$ -$ (80,000)$ 885,000$ 80,000$
<br />Bond premium 15,586 - (1,485) 14,101 1,485
<br />Total Bonds Payable 980,586 - (81,485) 899,101 81,485
<br />Compensated Absences Payable 38,995 58,823 (34,577) 63,241 58,823
<br />Business-type Activity
<br />Long-term Liabilities 1,019,581$ 58,823$ (116,062)$ 962,342$ 140,308$
<br />G.O. improvement bondsG.O. improvement bonds 965,000965,000$$-$(80,000)(80,000)$885,000$$
<br />15,58615,586 -(1,485)(1,485)14,101
<br />Total Bonds PayableTotal Bonds Payable 980,586980,586 --(81,485)(81,485)899,101899,101
<br />Compensated Absences PayableCompensated Absences Payable 38,99538,995 58,82358,823 (34,577)(34,577)63,24163,241
<br />Business-type Activity Business-type Activity
<br />Long-term LiabilitiesLong-term Liabilities 1,019,5811,019,581$58,82358,823$(116,062)(116,062)$962,342$
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