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CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />continued
<br />(4) Detailed Notes on All Funds, continued
<br />(H) Noncurrent Liabilities, continued
<br />Notes Payable, continued
<br />Annual debt service requirements to maturity for notes payable are as follows:
<br />Fiscal year
<br />ending June 30 Principal Interest
<br />2020 $ 204,000 166,120
<br />2021 204,000 162,183
<br />2022 204,000 157,767
<br />2023 204,000 152,871
<br />2024 204,000 147,516
<br />2025-2029 931,000 648,910
<br />2030-2031 3,329,000 170,483
<br /> $ 5,280,000 1,605,850
<br />Governmental activities
<br />The HUD notes will be repaid from principal and interest payments received from a loan to Beam Properties Eugene
<br />LLC, who purchased the property from the City. The loan proceeds from the Beam Properties Eugene LLC loan will
<br />be received in the Community Development Special Revenue Fund.
<br />Compensated Absences, Net Pension, and Net OPEB Liability
<br />At June 30, 2019, the City reported compensated absences, net pension liability and net OPEB liability of
<br />$11,407,108, $161,340,621, $13,431,386, respectively in governmental activities. The General Fund, internal service
<br />funds, and other governmental funds are typically used to liquidate these liabilities.
<br />Internal Service Fund Debt
<br />Based on an analysis of billings, governmental activities have been determined to be the predominant source of
<br />revenue for all internal service funds. Therefore, noncurrent liabilities of the internal service funds are reported in
<br />governmental activities. As of June 30, 2019, internal service fund debt included Limited Tax Pension Bonds (net of
<br />unamortized discount) of $9,013,093, a net pension liability of $16,802,264, a net OPEB liability of $5,751,537, and
<br />$1,060,828 in compensated absences.
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<br />December 9, 2019, Meeting - Item 2CCC Agenda - Page 106
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