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Note 5. LONG -TERM OBLIGATIONS
<br />CITY OF RAMSEY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1994
<br />Note 4. CHANGES IN FIXED ASSETS
<br />A. Changes in General Fixed Assets
<br />Changes in the General Fixed Assets Account Group were as follows:
<br />Balance Balance
<br />1/1/94 Additions Deletions 12/31/94
<br />Land $ 354,387 $ $ $ 354,387
<br />Buildings and
<br />improvements 1,118,071 - 1,118,071
<br />Other improvements 611,799 5,537 617,336
<br />Office equipment 467,334 7,731 14,597 460,468
<br />Motor vehicles 1,017,787 63,649 11,083 1,070,353
<br />Machinery and
<br />equipment 496,987 17,717 4,072 510,632
<br />$ 4,066,365 $ 94,634 $ 29,752 $ 4,131,247
<br />B. Enterprise Fund Fixed Assets
<br />Enterprise Fund fixed assets at December 31, 1994, were as follows:
<br />Buildings and improvements $ 748,631
<br />Machinery and equipment 221,214
<br />Water and sewer lines 7,399,509
<br />Other improvements 45,693
<br />8,415,047
<br />Less accumulated depreciation 870,968
<br />Net Property and Equipment $ 7,544,079
<br />A. Components of Long -Term Debt
<br />Debt service expenditures for the long -term portion of compensated absences and the land mortgage payable
<br />(retired in 1994) are recorded in the General Fund. All other long -term debt obligations are supported by ad
<br />valorem property taxes, tax increments and special assessments and are accounted for in the Debt Service Funds.
<br />The long -term debt obligations outstanding at year -end are summarized as follows:
<br />Balance
<br />Maturities Rates 12/31/94
<br />General Obligation -
<br />Tax increment bonds 1995 -2007 3.10 - 9.75% $ 5,390,000
<br />Special assessment bonds 1995 -2001 4.15 - 6.40% 2,100,000
<br />Compensated absences 154,782
<br />—17—
<br />7,644,782
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