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ICITY OF MONTE VISTA, COLORADO
<br /> MANAGEMENT'S DISCUSSION AND ANALYSIS
<br /> IDecember 31, 2011
<br /> 1 Debt Administration
<br /> At year end, the City of Monte Vista's long-term debt obligations totaled $5,136,045. Of this amount, $3,610,412
<br /> relates to governmental activities and$1,525,633 relates to business-type activities.
<br /> IBonds payable include the Series 2008 Sales Tax Revenue refunding and Improvement Bonds payable to
<br /> SunTrust Equipment Finance& Leasing Corp with an outstanding debt of$3,250,000. The purpose of the bonds
<br /> I were to provide paving and resurfacing of streets, provide curb and gutter and surface drainage, sidewalk
<br /> improvements, and such other related improvements.
<br /> I Outstanding notes payable include a note with Colorado Water Resource and Power Development Authority to
<br /> fund storm drainage improvements in the amount of$472,279, a note with the Colorado Water Resource and
<br /> Power Development Authority to fund water chlorination system improvements in the amount of$400,000, and a
<br /> I note with the Colorado Water Conservation Board to purchase water rights with an advanced payment of
<br /> $585,000. Total loan approval for the note with Colorado Water Conservation Board was $1,693,770 the
<br /> remaining balance of$1,108,770 will be used during 2012 and repayment of this loan will be determined when
<br /> Ithe loan is fully utilized.
<br /> Capital Leases include a lease in which the City entered into on June 1, 2011 with Kansas State Bank of
<br /> Manhattan for the purchase of a street sweeper. The outstanding balance as of December 31, 2011 is$184,813.
<br /> ICompensated absences include: employee sick and vacation leave accrued prior to February 1, 2004 and not
<br /> thereafter and unused vacation accrued up to a maximum allowable.
<br /> IThe City of Monte Vista's total debt increased by $358,785 during the current fiscal year, primarily due to new
<br /> loans the city obtain during 2011which include the note with Colorado Water Resource and Power Development
<br /> I for chlorination system improvements and the capital lease with Kansas State Bank of Manhattan. More detailed
<br /> information about the City's long-term liabilities is presented in Note 8 to the financial statements.
<br /> ITable 4 provides a summary of the City's long-term debt obligations at December 31, 2011.
<br /> City of Monte Vista
<br /> ILong-Term Debt
<br /> I Governmental Activities Business-type Activities Total
<br /> 2010 2011 2010 2011 2010 2011
<br /> Bonds Payable $ 3,375,000 $ 3,250,000 $ - $ - $ 3,375,000 $ 3,250,000
<br /> I
<br /> Notes Payable 1,109,161 1,457,279 1,109,161 1,457,279
<br /> Capital Leases Payable - 184,813 - - - 184,813
<br /> II Bond Issuance Costs 30,960 29,240 14,932 13,632 45,892 42,872
<br /> Compensated Absences 154,307 146,359 92,900 54,722 247,207 201,081
<br /> Total $ 3,560,267 $ 3,610,412 $ 1,216,993 $ 1,525,633 $ 4,777,260 $ 5,136,045
<br /> 1
<br /> I
<br /> I 13
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