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5.1. 2019 FINAL Audited Financial Statements
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5.1. 2019 FINAL Audited Financial Statements
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CITY OF PEQUOT LAKES, MINNESOTA <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br />DECEMBER 31, 2019 <br /> <br /> <br />12 <br />CAPITAL ASSET AND DEBT ADMINISTRATION (Continued) <br /> <br />Debt <br />At year-end, the City had $1,337,815 in gross debt versus $1,516,452 last year (a decrease of 11.78 percent), as shown in Table 5. <br />See additional information regarding the current year issuances on page thirty-five of the financial statements. <br /> <br />Table 5 <br />Outstanding Debt at Year-End <br />Governmental <br />Activities Activities Totals <br />2019 2018 2019 2018 2019 2018 <br />Bonds Payable -$ -$ 851,462$ 911,600$ 851,462$ 911,600$ <br />Equipment Certificates 95,800 165,900 - - 95,800 165,900 <br />Loans Payable 252,720 273,537 - - 252,720 273,537 <br />Capital Leases 137,482 164,073 351 1,342 137,833 165,415 <br />Totals 486,002$ 603,510$ 851,813$ 912,942$ 1,337,815$ 1,516,452$ <br />Business-Type <br /> <br /> <br />ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES <br /> <br />The City continues to consider adding amenities to Trailside Park in 2020. Also in 2020, the City completed the Maintenance <br />Facility and Salt Storage Shed Project, started construction of the Rasmussen Road & South Washington Avenue Improvement <br />Project, and issued a general obligation bond to partially finance this Road Improvement Project. <br /> <br />CONTACTING THE CITY’S FINANCIAL MANAGEMENT <br /> <br />This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general overview of <br />the City’s finances and to show the City’s accountability for the money it receives. If you have questions about this report or need <br />additional financial information, contact City Hall at 4638 Main Street, Pequot Lakes, MN 56472 or by phone at (218) 568-5222.
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