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<br />Long-Term Liabilities - The Debt Service Funds account for the accumulation of resources to finance <br />all of the City's general obligation bonds. The revenue sources for these funds include annual tax levies <br />and special assessments. At year-end, the total fund balance of these funds was $2,001,431. <br /> <br />The following table summarizes the City's long-term liabilities: <br /> <br />Governmental Activities <br />2007 2006 <br /> <br />Bonds <br />Capital equipment certificates <br />Compensated absences <br /> <br />$ 29,675,000 <br />1,690,000 <br />598,094 <br /> <br />$ 30,990,000 <br />1,262,000 <br />527,567 <br /> <br />$ 31,963,094 <br /> <br />$ 32,779,567 <br /> <br />Total <br /> <br />During the current fiscal year, The City refinanced some of its existing debt to take advantage of <br />favorable interest rates. <br /> <br />. The City issued General Obligation Tax mcrement Refunding Bonds to refmance rreviously <br />Outstanding General Obligation Tax mcrement Bonds for the construction of 143T Avenue. <br /> <br />State statutes limit the amount of general obligation debt a governmental entity may issue to two percent <br />of its total assessed valuation. The current debt limitation for the City is $43,306,238. <br /> <br />The City has sufficient funds on hand to make all required bond payments, and anticipates an ongoing <br />stream of revenue to make future bond payments. <br /> <br />Additional details of the long-term debt activity for the year can be found in Note 5 of the notes to basic <br />fmancial statements. <br /> <br />RE,QUESTS FOR INFORMATION <br /> <br />Questions concerning any of the information provided in this report or requests for additional <br />information should be addressed by writing to the City of Ramsey, 7550 Sunwood Drive Northwest, <br />Ramsey, MN 55303 or by calling (763) 427-1410. <br /> <br />-11- <br />