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Long - Term Liabilities — The Debt Service Funds account for the accumulation of resources to finance all of the City's general obligation bonds. The revenue sources for these funds include annual tax levies and special assessments. At year-end, the total fund balance of these funds was $1,754,262. The following table summarizes the City's long-term liabilities: Bonds $. 30,990,000 $ 31,380,000 Capital equipment certificates 1,262,000 1,617,000 Compensated absences 527,567 463,608 Total $ 32,779,567 $ 33,460,608 The City issued $1,035,000 of General Obligation Taxable Tax Increment Bonds to finance the acquisition of a property known as B & A Cylinder. State statutes limit the amount of general obligation debt a governmental entity may issue to two percent of its total assessed valuation. The current debt limitation for the City is $3 8,434,834. The City has sufficient on hand to make all required bond payments, and anticipates an ongoing stream of revenue to make future bond payments. Additional details of the tong --term debt activity for the year can be found in Note 5 of the notes to basic financial statements. REQUESTS FOR INFORMATION Governmental Activities 2006 2005 Questions concerning any of the information provided in this report or requests for additional information should be addressed by writing to the City of Ramsey, 7550 Sunwood Drive Northwest, Ramsey, MN 55303 or by calling (763 427 14