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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2018
<br />I NOTE 6-LONG-TERM DEBT (Continued)
<br />Marina Cal Boating Notes Payable
<br />The City entered into various construction loan agreements with the California Department of Boating
<br />and Waterways in the total principal amount of $5,331,032. The loans bear an average interest rate of
<br />4.50%. Principal and interest payments are payable annually on each August 1. The debt is secured by
<br />Shoreline Enterprise Fund operating revenues.
<br />At June 30, 2018, future debt service requirements for the Marina Cal Boating Notes Payable are as
<br />follows:
<br />For The Year
<br />Ending Principal Interest Total
<br />2019 $ 247,794 $ 45,216 $ 293,010
<br />2020 258,944 34,065 293,009
<br />2021 270,587 22,413 293,000
<br />2022 93,273 10,236 103,509
<br />2023 45,334 6,039 51,373
<br />2024-2027 88,860 10,217 99,077
<br />$ 1,004,792 $ 128,186 $ 1,132,978
<br />C. Debt Covenants and Restrictions
<br />For fiscal year 2017-18, the City complied with all general and specific covenants regarding debt
<br />proceeds usage and debt repayment. In accordance with bond official statements, the City also
<br />maintained adequate reserves for all debt issues.
<br />I NOTE 7 -COMPENSATED ABSENCES I
<br />The City's compensated absences consist of accrued vacation pay, sick leave, and accrued compensatory
<br />time. The total amount of the accrued liability is recorded in the Government-wide Financial Statements
<br />and charges for compensated absences expense is charged to the various program activities in the
<br />Governmental funds, primarily General fund and Internal Service funds, and all Proprietary funds.
<br />Summary of changes in compensated absences for the year ended June 3 0, 2018, follows:
<br />Balance Balance Due within Due in more
<br />July 1, 2017 Additions Retirements June 30, 2018 one year than one year
<br />Governmental Activities $3,827,393 $ 792,239 $ (943,165) $ 3,676,467 $ 639,193 $ 3,037,274
<br />Business-type Activities 626,773 40,806 (143,018) 524,561 47,210 477,351
<br />Total $ 4,454,166 $ 833,045 $ (1,086,183) $ 4,201,028 $ 686,403 $ 3,514,625
<br />68 533
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