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48

City of Raleigh

Financial Section

Annual maturities for Water and Sewer Utility are as follows: 

Fiscal Year

Ending June 30

Principal

Interest

2017

1,979,074

$      

279,199

$           

2018

5,235,996

838,253

2019

4,837,945

741,172

2020

4,837,945

655,833

2021

4,672,945

570,495

2022‐2026

15,673,152

2,163,456

2027‐2031

11,449,039

982,876

2032‐2036

4,775,501

116,240

53,461,597

$    

6,347,524

$        

Business‐type Activities

The City has previously entered into a state revolving loan program to fund lake and stream enhancements.  The 

loan is to be repaid in annual payments over 20 years at 0% interest.  

Annual maturities for the Stormwater Utility are as follows: 

Fiscal Year

Business‐type Activities

Ending June 30

Principal

2017

101,738

$                                

2018

101,738

2019

101,738

2020

101,738

2021

101,738

2022‐2026

508,690

2027‐2031

508,690

2032‐2036

305,206

1,831,276

$                             

Earned Vacation Pay.

At June 30, 2016, earned vacation pay consists of $19,521,435 for governmental activities 

and $4,683,796 for business‐type activities. 

Landfill Postclosure Care Costs. 

State and federal laws and regulations require the City to maintain a final cover 

over its Wilders Grove landfill site and to perform certain maintenance and monitoring functions at the site for 

thirty years after closure.  The landfill was closed for waste disposal on December 31, 1997.  During 2015‐16 the 

third party cost estimate was updated for both postclosure costs and the corrective action plan (CAP) costs 

associated with ground water violations at the landfill identified in 2007‐08.  The $4,437,595 reported as landfill 

postclosure liability as of June 30, 2016 includes the CAP report cost estimate as well as the cost to perform the on‐

going postclosure care.  Actual costs may be higher due to inflation, changes in technology, or changes in 

regulations. 

The City is required by state and federal laws and regulations to demonstrate financial assurance for postclosure 

care.  The City is in compliance with these requirements, and, demonstrated such by completion of the local 

government financial assurance test submitted to DENR on November 24, 2015. 

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