CAFR 2017

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, 2016 balance has been restated to included net pension liability from the implementation of GASB Statement No. 73. 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

$

1,242,334

Premium - General Obligation Bonds Payable

79,345

Total Debt Payable

1,321,679

Other Liabilities:

Capital Leases

15,045,445 3,520,260

Other Financing Agreements Compensated Absences

949,658

Pension & OPEB

4,004,509

Internal Service Fund Long-TermLiability

24,841,551 $

Hedging Derivatives and Associated Hedged Debt Using rates as of June 30, 2017, 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.

Variable Rate Bonds

FYEnding

Interest Rate Swaps

Interest (1)

Net (2)

June 30

Principal

Total

2018 2019 2020

$

$

52,440 52,440 27,232 132,112

$

150,480 150,480 78,144 379,104

$

202,920

2,740,000 2,960,000 5,700,000

2,942,920 3,065,376 6,211,216

$

$

$

$

(1) Computed at 0.92% at June 30, 2017 (2) Computed at 3.46% less 67% of 1 Month LIBOR (0.82%) at June 30, 2017

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