Comprehensive Annual Financial Report

LONG-TERM DEBT
During the fiscal year 2012, the City issued $224.4 million in new General Obligations Bonds and Notes for the purposes of
refunding existing debt at a lower cost to the City’s General Fund and to provide funding support for public improvements,
including City and School Board facilities, and infrastructure and economic enhancement projects. As of June 30, 2012, the
three credit rating agencies have rated the City’s General Obligation Debt Aa2 by Moody’s Investors Service, AA by Standard
and Poor’s, AA+ by Fitch. Additional Information can be found in the Notes to the Financial Statements; Note 8 – Obligations.
State statutes limit the amount of general obligation debt the City can issue to ten percent of the assessed value of real property
within the City. The City’s outstanding debt as of June 30, 2012 is significantly below this limit with total outstanding of $701.1
million, excluding Public Utility Bonds, Certificates of Participation or Lease Revenue Bonds, as compared to a limit of $1,971.7
billion.
Primary Government - Governmental Activities
Table 5
City of Richmond's Long-Term Obligations
For the Fiscal Year Ended June 30, 2012
Balance
July 1, 2011 Additions Deletions
Balance
June 30, 2012
Due Within
One Year
General Obligation Bonds (GO) $ 450,763,687 $ 101,335,000 $ 28,891,437 $ 523,207,250 $ 28,438,186
General Obligation Bonds - Refunding -- 109,783,450 110,929,538 (1,146,088) --
Premium (Discount) on Debt Issued, Net 18,194,253 13,321,850 5,994,216 25,521,887 1,674,127
General Obligation Serial Equipment Notes Payable 11,780,000 -- 3,240,000 8,540,000 3,240,000
Certificates of Participation 13,170,000 -- 845,000 12,325,000 880,000
Qualified Zone Academy Bonds 2,409,813 -- 192,480 2,217,333 192,480
Virginia Public Schools Authority Bonds 1,684,543 -- 233,709 1,450,834 235,679
Advantage Richmond Lease Revenue Bonds 9,068,116 -- 707,885 8,360,231 746,051
Section 108 Notes Payable 2,245,000 -- 555,000 1,690,000 560,000
Capital Lease (Landmark Theater) 88,895 -- 88,895 -- --
Note payable to Component Unit RRHA 20,007,878 -- 1,945,000 18,062,878 2,040,000
Compensated Absences 18,679,412 337,748 377,710 18,639,450 8,693,841
Net Other Postemployment Benefit Obligations 16,188,143 -- 487,444 15,700,699 --
Total Long-Term Obligations $ 564,279,740 $ 224,778,048 $ 154,488,314 $ 634,569,474 $ 46,700,364
Primary Government - Business-type Activities
General Obligation Bonds:
Gas $ 73,330,360 $ 22,653,764 $ 26,643,515 $ 69,340,609 $
7,219,965
Water 58,259,216 13,675,405 17,440,995 54,493,626 5,761,590
Wastewater 32,508,150 -- 3,920,118 28,588,032 4,006,838
Stormwater 1,250 212,500 -- 213,750 11,250
Premium (Discount) on Debt, Net 6,650,940 (2,916,964) 2,050,703 1,683,273 907,058
Other Non-major Enterprise Funds 7,746,207 787,381 1,574,228 6,959,360 790,887
Revenue Bonds:
Gas 188,539,096 -- 3,258,438 185,280,658 3,368,922
Water 170,622,352 20,761 3,255,125 167,387,988 3,365,751
Wastewater 195,497,423 14,439,731 5,960,371 203,976,783 6,102,033
Premium (Discount) on Debt, Net 1,886,214 -- 102,657 1,783,557 101,487
Capital Leases:
Other Non-major Enterprise Funds 584,840 -- 186,301 398,539 194,696
Compensated Absences:
Gas 784,245 715,462 674,590 825,117 675,626
Water 641,655 513,405 524,089 630,971 516,655
Wastewater 665,421 483,137 493,318 655,240 536,527
Stormwater 142,590 154,499 127,211 169,878 139,100
Other Non-major Enterprise Funds 109,615 8,043 17,274 100,384 82,705
Total Long-Term Obligations $ 737,969,574 $ 50,747,124 $ 66,228,933 $ 722,487,765 $ 33,781,090
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