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CITY OF PEQUOT LAKES, MINNESOTA
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2019
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<br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued)
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<br />Changes in Noncurrent Liabilities
<br />
<br />The following is a summary of changes in noncurrent liabilities for the year ended December 31, 2019:
<br />
<br />Amounts Due
<br />Balance Balance Within
<br />Type of Debt 01/01/19 Additions Deductions 12/31/19 One Year
<br />Governmental Activities:
<br />General Obligation Certificates 165,900$ -$ (70,100)$ 95,800$ 31,000$
<br />Capital Leases 164,073 - (26,591) 137,482 27,958
<br />Loans Payable 273,537 - (20,817) 252,720 21,546
<br />Compensated Absences 46,093 65,661 (71,583) 40,171 15,820
<br />Total 649,603$ 65,661$ (189,091)$ 526,173$ 96,324$
<br />Business-Type Activities:
<br />General Obligation Bonds 910,000$ -$ (60,000)$ 850,000$ 60,000$
<br />Unamortized Bond Premium 1,600 - (138) 1,462 -
<br />Capital Leases 1,342 - (991) 351 351
<br />Compensated Absences 588 2,960 (3,031) 517 240
<br />Total 913,530$ 2,960$ (64,160)$ 852,330$ 60,591$
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<br />Governmental activity debt is typically funded through Debt Service Funds. Business-type activity debt is typically funded
<br />through the Water and Sewer Funds. Compensated absences are funded through the funds to which the respective employees’
<br />wages are allocated.
<br />
<br />At December 31, 2019, capital assets acquired with capital leases include the City Hall building with an original cost of
<br />$1,056,200 and a postage machine with an original cost of $7,575. There was accumulated depreciation of $584,682 on the City
<br />Hall building and $6,438 on the postage machine lease as of December 31, 2019.
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<br />Annual Debt Service Requirements
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<br />At December 31, 2019, the estimated annual debt service requirements to maturity, including principal and interest, are as follows:
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<br />Years Ending
<br />December 31, Principal Interest Total Principal Interest Total
<br />2020 27,958$ 5,789$ 33,747$ 21,546$ 8,845$ 30,391$
<br />2021 28,070 4,442 32,512 22,300 8,091 30,391
<br />2022 29,386 3,126 32,512 23,080 7,311 30,391
<br />2023 30,763 1,748 32,511 23,888 6,503 30,391
<br />2024 21,305 368 21,673 24,724 5,667 30,391
<br />2025-2029 - - - 137,182 14,731 151,913
<br />Totals 137,482$ 15,473$ 152,955$ 252,720$ 51,148$ 303,868$
<br />Capital Leases Loans
<br />Governmental Activities
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