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CITY OF NEW BRIGHTON, MINNESOTA
<br />
<br />December 31, 2013
<br />
<br />
<br />
<br /> 27
<br />
<br />City of New Brighton Capital Assets
<br />(net of depreciation)
<br />
<br />
<br />Additional information on the City of New Brighton capital assets can be found in Note 5.
<br />
<br />Long-term debt. At the end of the current fiscal year, the City of New Brighton had total bonded debt outstanding
<br />of $ 43,255,000. Of this amount, $ 38,850,000 comprises debt backed by the full faith and credit of the government
<br />and $ 4,405,000 is G.O. improvement debt for which the government is liable in the event of default by the property
<br />owners subject to special assessment.
<br />
<br />City of New Brighton Outstanding Debt
<br />
<br />General Obligation and Revenue Bonds
<br />
<br />2013 2012 2013 2012 2013 2012
<br />General obligation bonds:
<br /> G.O. improvement 4,405,000$ 5,775,000$ -$ -$ 4,405,000$ 5,775,000$
<br /> Tax increment 38,850,000 42,265,000 - - 38,850,000 42,265,000
<br />Total bonded debt 43,255,000$ 48,040,000$ -$ -$ 43,255,000$ 48,040,000$
<br />Governmental Activities Business-type Activities Totals
<br />
<br />The City of New Brighton total bonded debt decreased by a net amount of $ 4,785,000 (10.0%) during 2013. The
<br />total decreased due to scheduled principal payments.
<br />
<br />The City of New Brighton maintains an A for general obligation debt. State
<br />statutes limit the amount of general obligation debt the City may issue to 3% of its total market value. The current
<br />debt limitation for the City of New Brighton is $ 52,388,883. The City of New Brighton has no debt applicable to
<br />the debt limit.
<br />Additional information on the City of New Brighton long-term debt can be found in Note 6.
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<br /> According to the Minnesota Department of Employment and Economic Development, the City of New
<br />December, 2013, was 3.9%; Ramsey County was 4.3%; the
<br />Minneapolis/St. Paul metropolitan area was 4.3%; and the State of Minnesota was 4.6%.
<br />
<br />2013 2012 2013 2012 2013 2012
<br />Land 6,081,134$ 6,081,134$ 853,776$ 847,400$ 6,934,910$ 6,928,534$
<br />Buildings and structures 15,012,942 16,158,689 3,540,237 3,600,789 18,553,179 19,759,478
<br />Machinery and equipment 4,814,740 4,823,964 18,899 24,103 4,833,639 4,848,067
<br />Infrastructure 14,884,994 15,493,018 3,651,279 3,843,251 18,536,273 19,336,269
<br />Other improvements 3,521,243 3,757,334 2,879,922 2,704,420 6,401,165 6,461,754
<br />Construction in progress 766,067 207,378 567,560 306,292 1,333,627 513,670
<br />Net capital assets 45,081,120$ 46,521,517$ 11,511,673$ 11,326,255$ 56,592,793$ 57,847,772$
<br />Governmental Activities Business-type Activities Totals
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