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CITY OF PEQUOT LAKES,NHNNESOTA
<br /> MANAGEMENT'S DISCUSSION AND ANALYSIS
<br /> DECEMBER 31,2022
<br /> CAPITAL ASSET AND DEBT ADMINISTRATION(Continued)
<br /> Debt
<br /> At year-end,the City had$3,033,692 in gross debt versus$3,127,269 last year(a decrease of 2.99 percent),as shown in Table 5.
<br /> More detailed information about the City's outstanding debt is presented in the notes to the financial statements,starting on page
<br /> 46.
<br /> Table 5
<br /> Outstanding Debt at Year-End
<br /> Governmental Business-Type
<br /> Activities Activities Totals
<br /> 2022 2021 2022 2021 2022 2021
<br /> Bonds Payable $ 997,000 $1,058,000 $ 1,623,048 $1,746,186 $ 2,620,048 $ 2,804,186
<br /> Equipment Certificates 176,000 32,900 - - 176,000 32,900
<br /> Loans Payable 185,794 208,874 - - 185,794 208,874
<br /> Financing Arrangements 51,850 81,309 - - 51,850 81,309
<br /> Totals $ 1,410,644 $ 1,381,083 $ 1,623,048 $ 1,746,186 $ 3,033,692 $ 3,127,269
<br /> ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
<br /> In 2023,the City will complete a chip sealing project on Patriot Avenue.The City is applying for a DNR Grant to build a new
<br /> picnic shelter and bathroom in Trailside Park. Also in 2023,the City continues with the planning and design process of the
<br /> upgrade to the Wastewater Ponds and Lift Stations.The City is continuing with the planning process for road improvements to
<br /> Coleman Drive and the development in Trailside Estates.
<br /> CONTACTING THE CITY'S FINANCIAL MANAGEMENT
<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. Ifyou 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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