2004 CAFR - Laserfiche WebLink

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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 $1,399,889. The following table summarizes the City's long-term liabilities: Bonds Capital equipment certificates Compensated absences Total Governmental Activities 2004 2003 $ 10,500,000 $ 11,745,000 1,146,000 983,000 407,119 351,416 $ 12,053,119 $ 13,079,416 During the current fiscal year, the City refinanced some of its existing debt to take advantage of favorable interest rates. · The City issued General Obligation Capital Improvement Refunding Bonds to refinance previously outstanding Public Facility Lease Revenue Bonds for the Fire Station I Project. 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 $29,209,646, which is significantly in excess of the City's outstanding general obligation debt. 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. In 2005, the City will be issuing $19,200,000 of Public Facility Lease Revenue Bonds to finance the construction of a new municipal center and $4,335,000 of General Obligation Improvement Bonds attributed to the county's financing portion of the AUAR roadway improvements in the Ramsey Town Center Project area. Additional details of the long-term debt activity for the year can be found in 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, 15153 Nowthen Boulevard Northwest, Ramsey, MN 55303 orby calling (763) 427-1410. -11-