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<br />
<br />City of Orono, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2021
<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, 2021 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 5,185,000$ 15,350,000$ (2,150,000)$ 18,385,000$ 735,000$
<br />Bond premium 117,901 653,923 (25,950) 745,874 47,747
<br />Total Bonds Payable 5,302,901 16,003,923 (2,175,950) 19,130,874 782,747
<br />Compensated Absences Payable 606,757 569,989 (547,842) 628,904 569,989
<br />Governmental Activity
<br />Long-term Liabilities 5,909,658$ 16,573,912$ (2,723,792)$ 19,759,778$ 1,352,736$
<br />Business-type Activities
<br />Bonds Payable
<br />G.O. improvement bonds 805,000$ -$ (80,000)$ 725,000$ 85,000$
<br />Bond premium 12,616 (1,485) 11,131 1,485
<br />Total Bonds Payable 817,616 - (81,485) 736,131 86,485
<br />Compensated Absences Payable 69,265 41,002 (65,026) 45,241 41,002
<br />Business-type Activity
<br />Long-term Liabilities 886,881$ 41,002$ (146,511)$ 781,372$ 127,487$
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<br />DRAFT
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