|
City of Orono, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2020
<br />
<br />Note 3: Detailed Notes on All Funds (Continued)
<br />
<br />Changes in Long-term Liabilities
<br />
<br />Long-term liability activity for the year ended December 31, 2020 was as follows:
<br />
<br />Beginning Ending Due Within
<br />Balance Increases Decreases Balance One Year
<br />Governmental Activities
<br />Bonds Payable
<br />G.O. improvement bonds 6,110,000$ -$ (925,000)$ 5,185,000$ 945,000$
<br />Bond premium 143,851 - (25,950) 117,901 25,949
<br />Total Bonds Payable 6,253,851 - (950,950) 5,302,901 970,949
<br />Compensated Absences Payable 545,860 568,855 (507,958) 606,757 568,855
<br />Governmental Activity
<br />Long-term Liabilities 6,799,711$ 568,855$ (1,458,908)$ 5,909,658$ 1,539,804$
<br />Business-type Activities
<br />Bonds Payable
<br />G.O. improvement bonds 885,000$ -$ (80,000)$ 805,000$ 80,000$
<br />Bond premium 14,101 - (1,485) 12,616 1,485
<br />Total Bonds Payable 899,101 - (81,485) 817,616 81,485
<br />Compensated Absences Payable 63,241 64,938 (58,914) 69,265 64,938
<br />Business-type Activity
<br />Long-term Liabilities 962,342$ 64,938$ (140,399)$ 886,881$ 146,423$
<br />
<br />
|