CAFR 2016

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 3,977,220

Other Financing Agreements 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.

Variable Rate Bonds

FYEnding

Interest Rate Swaps

Interest (1)

Net (2)

June 30

Principal

Total

2017 2018 2019 2020

$

$

24,510 24,510 24,510 12,728 86,258

$

179,641 179,641 179,641 93,287 632,210

$

204,151 204,151

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

2,944,151 3,066,015 6,418,468

$

$

$

$

(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

38gg