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NOTE 5—LONG-TERM DEBT (CONTINUED)
<br /> The Series 2015A bonds were issued to finance the construction of Fire Station#2 in the City.
<br /> The Series 2015B were issued to fund the road improvements related to the reconstruction of Garnet
<br /> and 168'Avenue and some overlay projects.
<br /> • Capital Equipment Certificates—
<br /> Series 2013A certificates were issued to finance various capital equipment purchases and will be
<br /> repaid via ad valorem levies.
<br /> Series 2014A certificates were issued to finance various capital equipment purchases and will be
<br /> repaid via ad valorem levies.
<br /> • Compensated Absences—The liability represents vested benefits earned by Governmental Fund
<br /> employees through the end of the year which will be paid or used in future periods. The General
<br /> Fund is the primary fund used to liquidate this liability.
<br /> • Net Pension Liability(NPL)—The liability represents the City's proportionate share of PERA's
<br /> collective net pension liability. The General,Water Utility, Sewer Utility and Storm Water Utility
<br /> funds will be used to liquidate this liability.
<br /> • Other Post-Employment Benefits (OPEB) Liability — The liability represents non-pension
<br /> benefits provided after the termination of employment. Governmental entities have traditionally
<br /> accounted for OPEB on a pay-as-you-go basis. OPEB liability is accrued as service is provided by
<br /> employees. The General Fund is the primary fund used to liquidate this liability.
<br /> C. Changes in Long-Term Debt
<br /> Balance- Change in
<br /> Beginning Accounting Balance— Due Within
<br /> of Year Principle* Additions Deletions End of Year One Year
<br /> Governmental activities
<br /> G.O.Tax increment Bonds $ 7,320,000 $ — $ — $ 7,320,000 $ — $ —
<br /> G.O.Capital Improvement Bonds 390,000 125,000 265,000 130,000
<br /> G.O.Improvement Bonds 22,905,000 — 5,085,000 1,195,000 26,795,000 1,460,000
<br /> Capital Equipment Certificates 1,450,000 140,000 1,310,000 145,000
<br /> Compensated absences payable 772,779 — 483,251 478,733 777,297 505,243
<br /> Net pension liability — 4,267,365 1,498,729 1,166,717 4,599,377
<br /> OPEB 404,555 — 65,577 10,560 459,572 —
<br /> Total governmental activities 33,242,334 4,267,365 7,132,557 10,436,010 34,206,246 2,240,243
<br /> Business type Activities
<br /> Net pension liability - 378,618 99,883 70,429 408,072 -
<br /> Total governmental and business
<br /> type activities $ 33,242,334 $ 4,645,983 $ 7,232,440 $ 10,506,439 $ 34,614,318 $ 2,240,243
<br /> *Adjustment is part of the change in accounting principle described earlier in these notes.
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