COG Comprehensive Annual Financial Report

1 Internal Service Funds predominately serve the governmental funds. Accordingly, the related long term liabilities are included as part of the above totals for governmental activities. The Internal Service Funds debt totals are noted below. 2 The General Fund primarily is used to liquidate the liabilities for compensated absences associated with governmental activities. 3 The General Fund primarily is used to liquidate the liabilities for the net pension liability and other post-employment benefits associated with governmental activities. 4 The June 30, 2017 balance has been restated to included net OPEB liability from the implementation of GASB Statement No. 75. Debt obligations recorded in the Coliseum Enterprise Fund, not contemplated to be repaid with the Fund’s own resources, are reported as general government debt for financial reporting purposes, according to guidance in NCGAS Statement No. 1.

Ending Balance

Internal Service Funds: Bonds and Notes Payable:

General Obligation Bonds Payable

$ 845,000

Premium - General Obligation Bonds Payable

58,566 903,566

Total Debt Payable

Other Liabilities:

Capital Leases

14,314,393 3,012,600

Other Financing Agreements Compensated Absences Pension & OPEB Liabilities

973,442

10,859,097

Internal Service Fund Long-TermLiability

$ 30,063,098

Hedging Derivatives and Associated Hedged Debt Using rates as of June 30, 2018, debt service requirements of the variable-rate debt and net swap payments assuming current interest rates remain the same for the term, were as follows. As rates vary, variable-rate bond interest payments and net swap payments will vary. The hedging derivative instruments column reflects only net receipts/payments on derivative instruments that qualify for hedge accounting.

FYEnding

Variable Rate Bonds

Interest Rate Swaps

Interest (1)

Net (2)

June 30

Principal

Total

2019 2020

$

2,740,000 $

87,780 45,584 133,364

$

117,393 60,962 178,355

$

2,945,173 3,066,546 6,011,719

2,960,000

$

5,700,000 $

$

$

(1) Computed at 1.54% at June 30, 2018 (2) Computed at 3.46% less 67% of 1 Month LIBOR (1.40%) at June 30, 2018

38gg