Table of Contents Table of Contents
Previous Page  97 / 270 Next Page
Information
Show Menu
Previous Page 97 / 270 Next Page
Page Background

49

City of Raleigh

Financial Section

5. Changes in long‐term liabilities 

Long‐term liability activity for the year ended June 30, 2016 was as follows: 

Balance

Balance

Due Within

June 30, 2015

Additions

Reductions

June 30, 2016

One Year

Governmental activities:

General obligation bonds

330,438,748

$        

124,105,000

$  

150,669,502

$  

303,874,246

$       

22,499,246

$   

Unamortized premiums ‐ GO bonds

33,166,184

27,368,187

12,545,989

47,988,382

3,827,028

Installment financing agreements

225,910,601

94,293,026

60,314,292

259,889,335

23,393,735

Unamortized premiums on IFA

4,556,099

2,083,461

516,089

6,123,471

395,157

Earned vacation pay

19,060,377

12,208,940

11,747,882

19,521,435

11,747,882

Claims payable

24,006,300

3,865,126

27,871,426

9,420,831

Total governmental activities

637,138,309

$        

263,923,740

$  

235,793,754

$  

665,268,295

$       

71,283,879

$   

Business‐type activities:

General obligation bonds

1,771,255

$            

$                 

1,385,498

$      

385,757

$              

385,757

$        

Unamortized premium ‐ GO bonds

69,257

46,295

22,962

22,962

Revenue bonds

646,425,000

49,860,000

78,910,000

617,375,000

22,860,000

Unamortized premium ‐ Rev. bonds

40,710,545

7,702,016

1,702,915

46,709,646

2,554,365

Installment financing agreements

405,834,748

54,576,123

50,313,638

410,097,233

23,303,234

Unamortized premiums ‐ IFA

2,801,183

4,822,014

182,851

7,440,346

524,768

Earned vacation pay

4,443,299

3,218,914

2,978,417

4,683,796

2,978,416

Landfill postclosure

3,613,177

824,418

4,437,595

540,850

Claims payable

1,105

1,105

1,105

Total business‐type activities

1,105,669,569

$      

121,003,485

$  

135,519,614

$  

1,091,153,440

$    

53,171,457

$   

There were no current year additions to the noncash related installment financing for governmental activities. 

Certain internal service funds predominantly serve the governmental funds.  Accordingly, long‐term liabilities 

for these funds are included as part of the above totals for governmental activities.  At year end $355,827 of 

internal service funds earned vacation pay are included above as part of governmental activities.  Also, for the 

governmental activities, earned vacation pay is generally liquidated by the general fund.   

The LGERS plan had a net pension liability of $16,858,632 as of June 30, 2016; however, the plan had a net 

pension asset at the beginning of the fiscal year. 

6. Arbitrage 

In accordance with Section 148 of the Internal Revenue Code of 1986, as amended, and Sections 1.103‐13 to 

1.103‐15 of the related Treasury Regulations, the City must rebate to the federal government “arbitrage profits” 

earned on governmental bonds issued after August 31, 1986.  Arbitrage profits are the excess of the amount 

earned on investments over the interest paid on the borrowings.  At June 30, 2016, the City had no arbitrage 

liabilities.  

49