06-10-1985 Council Packet - Laserfiche WebLink

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NOTES TO FINANCIAL STATE:MI.NTS - Continued December 31, 1984 Note 4: Deferred Revenue - Continued B. GENERAL FUND, CONTRACT FOR DEED - The City sold a section of land to a homeowners association on a Contract for Deea, in February 1984. The sales price of $100,000 will be received in equal quarterly payments over a 15 year period, without interest. The remaining $93,333 balance on the Contract at December 31, 1984, is shown as deferred revenue in the General Fund, until collected and available to finance current operations. The receivable reflects total future payments rather than net present valise because the entire receivable is offset by deferred revenue. Note 5: Long -Term Debt A. Components of Long -Term Debt: General Long -Term Debt: General obligation bonds - State -aid road bonds Vacation and severance benefits payat;le Total General Long -Term Debt Special Assessment Debt: Final Original Interest Issue Maturity Issue Rate Date Date Balance Eno of Year $270,000 5.25 - 5.40% 7-01-79 4-01-8b $ 145,00 N/A N/ A N/A N/A 10U,577 245,57, Improv. Bonds of 1971 $1,130,000 4.00 - 5.40% 2-01-71 2-01-87 230,00.- G.O. Ref. Bonds of 1976 $2,635,000 5.5U - 6.00% 8-01-76 2-01-91 1,180,000 Improv. bonds of 1980 $1,100,000 7.10 - 8.75% 12-01-80 3-01-96 900,007 Improv. Bonds of 1982 $475,000 6.50 - 10.00. 12-01-82 3-01-99 475,00 Total Special Assessment Debt 2,785,000 Total All Long -Term Debt $3,03U,57: B. Statement of Changes in Long -Term Debt: General ST*cia1 Long -Term Assessment Debt Debt Total Long-term debt, beginning of year $ 1dU1000 $3,150,000 $3,330,000 Debt retired (35,000) (365,Uuu) l4UU.000) Net change in vacation and severance benefits E.ayab le 100 577 - - 100,577 Long -Term Iaeht, Eno of Year $ 2451577 0Uu $3,U30,577 - 15 -