2012 Comprehensive Annual Financial Report - the City of Tukwila

CITY OF TUKWILA: 2012 CAFRNOTES TO THE FINANCIAL STATEMENTSBusiness-Type Activities Long-Term DebtRevenue bond indebtedness issued to fund proprietary activities is recorded in proprietary funds. Debtservice payments are made from operating revenues generated by the proprietary funds. In proprietaryfunds, unamortized debt issue costs are recorded as deferred charges and bonds are displayed net ofpremium or discount; annual interest expense is decreased by amortization of debt premium andincreased by the amortization of debt issue costs and discount. The City currently maintains a rating ofAaa from Moody’s Investor Service for debt in this category.State of Washington Public Works Trust Fund Loans are a low interest rate loans available from the Stateof Washington Department of Commerce, Local Government & Infrastructure Division for qualifyingprojects and are a direct responsibility of the City. This debt is repaid by proprietary fund revenues.The City is in compliance with all Washington State debt limitation statutes and bond indentureagreements.The schedules that follow summarize the long-term debt transactions of the City for the year endedDecember 31, 2012.CHANGES IN LONG-TERM LIABILITIES SUMMARYREVENUE PUBLIC WORKS DUE TOGENERAL BONDS TRUST FUND COMPENSATED OTHER CAPITALOBLIGATION UTILTIES LOANS ABSENCES GOVERNMENTS LEA SES TOTALOutstanding 01/01/2012 $20,260,000 $3,980,000 $7,179,635 $3,260,355 $7,746,800 $35,891 $42,462,681Added - - - 2,871,748 - - 2,871,748Retired / redeemed (1,900,000) (440,000) (558,271) (2,679,160) (354,200) (35,891) (5,967,522)Outstanding 12/31/2012 $18,360,000 $3,540,000 $6,621,364 $3,452,943 7,392,600 $ - 39,366,907Add: Premium net of deferred charges 274,852Total Long-Term Liabilities $ 39,641,75896