A summary of changes in long-term liabilities for the year ended June 30, 2023 is as follows:
| Governmental Activities: | Balance
Beginning of
Year | Increases | Decreases | Balance
End
of Year | Amounts
Due Within
One Year |
|---|
| General Obligation Bonds/Notes | | | | | |
|---|
| Bonds | $ 17,365,000 | $ - | $ 1,605,000 | $ 15,760,000 | $ 1,355,000 |
|---|
| Premiums | 472,789 | - | 42,981 | 429,808 | 42,981 |
|---|
| Total bonds payable | 17,837,789 | - | 1,647,981 | 16,189,808 | 1,397,981 |
|---|
| Landfill bonds | 7,060,000 | - | 450,000 | 6,610,000 | 465,000 |
|---|
| Rural Economic | | | | | |
|---|
| Development Loan | 124,492 | - | 41,208 | 83,284 | 41,617 |
|---|
| Total General Obligation Bonds/Notes | 25,022,281 | - | 2,139,189 | 22,883,092 | 1,904,598 |
|---|
| Compensated Absences | 4,842,782 | 2,109,242 | 1,766,868 | 5,185,156 | 1,835,200 |
|---|
| Total Non-current Liabilities | $ 29,865,063 | $ 2,109,242 | $ 3,906,057 | $ 28,068,248 | $ 3,739,798 |
|---|
| Business-Type Activities | Balance | | | Balance | Amounts |
|---|
| Beginning of | | | End | Due Within |
|---|
| Year | Increases | Decreases | of Year | One Year |
|---|
| Compensated Absences | $ 737,561 | $ 302,046 | $ 264,218 | $ 775,389 | $ 274,436 |
|---|
Dubuque County has borrowed funds through the Rural Economic Development Intermediary Relending Program in order to provide economic development loans to industries within Dubuque County. The stated interest rate is 1%. The indebtedness is guaranteed with loans the County has made to various businesses at interest rates ranging from 2.0% – 4.0%. This obligation is owed to the United States Department of Agriculture and therefore constitutes a direct borrowing.
During fiscal year 2015, the County issued $4,500,000 of General Obligation Bonds for the purpose of funding the construction of landfill facility improvements by the Dubuque Metropolitan Area Solid Waste Agency (DMASWA), of which the County is an organized member. The proceeds of the bonds were transferred to DMASWA. The County and DMASWA have signed a long term note payable to the County to reimburse the County for all debt service payments related to the bond issue. The interest rates on the bonds range from 2.00% to 4.00%, with a maturity date of June 1, 2034.
During fiscal year 2017, the County issued $5,100,000 of General Obligation Bonds for the purpose of funding the construction of landfill facility improvements by the Dubuque Metropolitan Area Solid Waste Agency (DMASWA), of which the County is an organized member. The proceeds of the bonds were transferred to DMASWA. The County and DMASWA have signed a long term note payable to the County to reimburse the County for all debt service payments related to the bond issue. The interest rates on the bonds range from 3.00% to 3.25%, with a maturity date of June 1, 2036.
During fiscal year 2018, the County issued $10,175,000 of General Obligation Bonds for the purpose of paying the cost, to the extent, of acquiring and installing emergency communications equipment and systems. The interest rates on the bonds range from 2.00% to 3.00%, with a maturity date of June 1, 2033.
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