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NOTE 5 •- LONG -TERM DEBT (CONTINUED)
<br />D. Minimum Debt Payments
<br />Minimum annual principal and interest payments required to retire bonds and certificates of indebtedness
<br />are as follows
<br />Year Ending
<br />December 31, Principal Interest
<br />2007 $ 1,692,000 $ 1,340,271
<br />2008 1,870,000 1,286,618
<br />2009 2,825,000 1,204,199
<br />2010 2,040,000 1,095,974
<br />2011 1,630,000 1,013,756
<br />2012 -2016 6,820,000 4,140,851
<br />2017 -2021 6,470,000 2,762,523
<br />2022 -2026 7,425,000 1,307,088
<br />2027 1,480,000 65,120
<br />$ 32,252,000 $ 14,216,400
<br />NOTE 5 -- FUND BALANCE RESERVES AND DESIGNATIONS
<br />At December 31, 2006, the City had the following and designations of fund balances in its
<br />Governmental Funds:
<br />General Fund
<br />Reserved for prepaid items . $ 2,340
<br />Designated for working capital — 4,515,849
<br />Designated for budget carryover -- 171,800
<br />Designated for compensated absences -- 527,567
<br />Tax Increment Special Revenue Fund
<br />Designated for Ramsey Town Center infrastructure — 701,794
<br />Public Improvement Revolving Capital Project Fund
<br />Designated for capital projects -- 275,000
<br />Landfill Capital Project Fund
<br />Reserved for advances to other funds 381,744 —
<br />Publ is Improvement Revolving Ramsey Town Center Capital Project Fund
<br />Reserved for capital projects 762,207
<br />Municipal Center Capital Project Fund
<br />Reserved for capital projects 778,018
<br />Nonmajor Governmental Funds
<br />Special Revenue Funds
<br />Designated for employee salary chargeback -- 72,407
<br />Debt Service Funds
<br />Designated for debt service -- 1,754,262
<br />Capital Project Funds
<br />Designated for capital projects -- 1,023,417
<br />Reserved Designated
<br />$ 1,924,309 $ 9,042,096
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