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Lang - 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 $2,393,118. The following table summarizes the City's long -term liabilities: Governmental Activities 2008 2007 Bonds $ 28,235,000 $ 29,675,000 Capital equipment certificates 1,120,000 1,690,000 Compensated absences 639,462 598,094 Total $ 29,994,462 $ 31,963,094 During the current fiscal year, The City saw a decrease of $2 million in long -term liabilities as normal pay down of scheduled principle payments. The compensation absence liability increased $41,368 due to increased longevity of employees. State statutes limit the amount of general obligation debt a governmental entity may issue to three percent of its total assessed valuation. The current debt limitation for the City is $68,652,672. The City has sufficient funds on hand to make all required bond payments, and anticipates an ongoing stream of revenue to make future bond payments. Additional details of the long -term debt activity for the year can be found in Note 5 of the notes to basic financial statements. REQUESTS FOR INFORMATION 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 -1410.