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City of Orono, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2022
<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, 2022 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 18,385,000$ -$ (735,000)$ 17,650,000$ 1,095,000$
<br />Bond premium 745,963 - (69,957) 676,006 47,747
<br />Total Bonds Payable 19,130,963 - (804,957) 18,326,006 1,142,747
<br />Compensated Absences Payable 628,904 578,058 (576,831) 630,131 578,058
<br />Governmental Activity
<br />Long-term Liabilities 19,759,867$ 578,058$ (1,381,788)$ 18,956,137$ 1,720,805$
<br />Business-type Activities
<br />Bonds Payable
<br />G.O. improvement bonds 725,000$ -$ (85,000)$ 640,000$ 85,000$
<br />Bond premium 11,131 - (1,485) 9,646 1,485
<br />Total Bonds Payable 736,131 - (86,485) 649,646 86,485
<br />Compensated Absences Payable 45,241 42,371 (41,425) 46,187 42,371
<br />Business-type Activity
<br />Long-term Liabilities 781,372$ 42,371$ (127,910)$ 695,833$ 128,856$
<br />72 118
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