141 / 373
38gg
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.
Debt obligations recorded in the War Memorial 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
1,619,872
$
Premium - General Obligation Bonds Payable
100,124
Total Debt Payable
1,719,996
Other Liabilities:
Capital Leases
3,212,729
Other Financing Agreements
3,977,220
Compensated Absences
905,006
Pension & OPEB
1,144,479
Internal Service Fund
Long-TermLiability
10,959,430
$
Hedging Derivatives and Associated Hedged Debt
Using rates as of June 30, 2016, 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
Interest Rate Swaps
June 30
Principal
Interest
(1)
Net
(2)
Total
2017
$
24,510
$
179,641
$
204,151
$
2018
24,510
179,641
204,151
2019
2,740,000
24,510
179,641
2,944,151
2020
2,960,000
12,728
93,287
3,066,015
5,700,000
$
86,258
$
632,210
$
6,418,468
$
Variable Rate Bonds
(1)
Computed at 0.43% at June 30, 2016
(2)
Computed at 3.46% less 67% of 1 Month LIBOR (0.31%) at June 30, 2016