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CITY OF SUNNY ISLES BEACH, FLORIDA
<br />NOTES TO FINANCIAL STATEMENTS
<br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
<br />NOTE 6 — LONG-TERM LIABILITIES
<br />CHANGES IN LONG-TERM LIABILITIES
<br />The following is a summary of changes in the long-term liabilities for the fiscal year ended
<br />September 30, 2023:
<br />Business -type activities:
<br />Revenue bonds
<br />$ 241,224 $
<br />- $ (241,224) $
<br />$ -
<br />Total Bonds Payable
<br />Due
<br />(241,224)
<br />Beginning
<br />Net pension liability
<br />262,988
<br />Ending
<br />Within
<br />Total OPEB liability
<br />Balance
<br />Additions
<br />Deletions
<br />Balance
<br />One Year
<br />Governmental activities:
<br />25,114 2,511
<br />Long -Term Liabilities
<br />$ 561,849 $
<br />139,034 $ (299,366) $
<br />401,517 $ 2,511
<br />Revenue bonds
<br />$ 4,831,495
<br />$
<br />$ (1,811,792)
<br />$ 3,019,703
<br />$ 728,525
<br />Note payable
<br />8,925,422
<br />(1,124,887)
<br />7,800,535
<br />1,170,734
<br />Total Bonds and Note Payable
<br />13,756,917
<br />-
<br />(2,936,679)
<br />10,820,238
<br />1,899,259
<br />Total OPEB liability
<br />5,060,733
<br />--
<br />(1,344,163)
<br />3,716,570
<br />Net pension liability
<br />26,035,827
<br />11,278,116
<br />(3,909,642)
<br />33,404,301
<br />--
<br />Compensated absences
<br />4,443,196
<br />5,019,066
<br />(4,443,196)
<br />5,019,066
<br />501,907
<br />Lease (right -to -use asset)
<br />59,191
<br />22,648
<br />(22,133)
<br />59,706
<br />25,104
<br />Subscriptions (right -to -use asset)
<br />1,150,387
<br />296,110
<br />(392,385)
<br />1,054,112
<br />354,967
<br />Total Long -Term Liabilities
<br />$ 50,506,251
<br />$ 16,615,940
<br />$(13,048,198)
<br />$ 54,073,993
<br />$ 2,781,237
<br />Business -type activities:
<br />Revenue bonds
<br />$ 241,224 $
<br />- $ (241,224) $
<br />$ -
<br />Total Bonds Payable
<br />241,224
<br />(241,224)
<br />Net pension liability
<br />262,988
<br />113,920 (39,491)
<br />337,417
<br />Total OPEB liability
<br />39,614
<br />-- (628)
<br />38,986
<br />Compensated absences
<br />18,023
<br />25,114 (18,023)
<br />25,114 2,511
<br />Long -Term Liabilities
<br />$ 561,849 $
<br />139,034 $ (299,366) $
<br />401,517 $ 2,511
<br />*Beginning balance as of October 1, 2022 were adjusted as a result of implementation of GASB 96
<br />The liability for compensated absences, net pension liability and other postemployment
<br />benefit ("OPEB") are liquidated by the General Fund.
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