Changes in General Long-Term Liabilities
During the year ended June 30, 2021, the following changes occurred in long-term
liabilities (in thousands):
Beginning Ending Current Long-Term
Balance Additions § Reductions = Balance Portion Portion
Governmental Activities
Bonds payable (PO) $ 112544 § 43,272 $ (14,735) $ 141.081 $ (13.431) $ 127.650
Unamortized bond premmums 7,189 2,350 (1,468) 8,071 (890) 7,181
Acquisition bonds payable 123,435 - (3,690) 119.745 (3.795) 115,950
Subtotal bonds payable 243,168 45,622 (19,893) 268.897 (18,116) 250,781
Compensated absences’ 19,073 1,907 (3,599) 17.381 (1,738) 15,643
Capital leases"? 186 6,672 (92) 6,766 (339) 6,427
Net OPEB liability‘? 76.383 300 - 76,683 - 76,683
Net pension hability"” 245,551 74,592 - 320,143 - 320,143
Totals § 584.361 $ 129,093 $ (23,584) $ 689,870 $ (20,193) $669,677
The City typically uses the General Fund to liquidate governmental activities liabilities.
Less Equals
Beginning Ending Current Long-Term
Balance Additions Reductions § Balance Portion Portion
Business-Type Activities
Bonds payable (PO) $ 27,101 $ 1348 $ (2,672) $ 25,777 $ (2,805) $ 22,972
State revolving loans (DB) 36,991 720 (4,178) 33,533 (3,294) 30,239
LUnamortized bond premiums 2,466 148 {247} 2.367 (247) 2,120
Subtotal bonds payable 66,558 2,216 (7,097) 61,677 {6,346) $5,331
Compensated absences” 673 67 (118) 622 (62) 560
Landfill closure and
postclosure costs &,546 1,294 - 9.840 - 9.840
Total OPEB liability” 1,739 21 : 1,760 = 1,760
Net pension liability” 3,319 : (3,202) 117 - 17
Totals § 80,835 § 3.598 $ (10417) $ 74016 $ (6408) $ 67.608
The City typically uses ihe Wastewater and Solid Waste Funds to liquidate them respective business-ty pe abilities.
Current Refundings
Current Year
On November 5, 2020, the City issued general obligation bonds in the amount of
$1,444,000 with a variable interest rate ranging from 4.0% to 5.0% to current refund
$1,705,000 of term bonds with a variable interest rate of 3.0% to 3.75%. The term bonds
mature on August I, 2030 and are cailable on February 1, 2021. The net proceeds from the
issuance of the general obligation bonds were used to purchase U.S. government securities
and those securities were deposited in an irrevocable trust with an escrow agent to provide
debt service payments until the term bonds are called on February 1, 2021. The current
refunding met the requirements of an in-substance debt defeasance and the term bonds
were removed from the City’s financial statements. Defeased debt still outstanding at June
30, 2021 is $0.
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