BOROUGH OF SOMERVILLE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
Note 3: DEBT, DEBT SERVICE AND STATUTORY DEBT CONDITION (CONT’D.)
Changes in Long-Term Municipal Debt
The Borough’s Long-term debt activity for December 31, 2021 and 2020 is as follows:
| Balance, December 31, 2020 |
Additions | Reductions | Balance, December 31, 2021 |
|
|---|---|---|---|---|
| Bonds Payable | ||||
| General Capital Fund | $14,895,000.00 |
$- |
$1,765,000.00 |
$13,130,000.00 |
| Sewer Utility Capital Fund | 1,060,000.00 |
40,000.00 |
1,020,000.00 |
|
| Total Bonds Payable | $15,955,000.00 |
$- |
$1,805,000.00 |
$14,150,000.00 |
| SCIA Lease Payable | ||||
| General Capital Fund | $1,212,467.54 |
$- |
$101,180.92 |
$1,111,286.62 |
| Environmental Infrastructure Loans Payable | ||||
| General Capital Fund | $3,606,233.78 |
$- |
$220,194.13 |
$3,386,039.65 |
| Total Long-Term Debt | $20,773,701.32 |
$- |
$2,126,375.05 |
$18,647,326.27 |
| Balance, December 31, 2019 |
Additions | Reductions | Balance, December 31, 2020 |
|
|---|---|---|---|---|
| Bonds Payable | ||||
| General Capital Fund | $11,940,000.00 |
$4,575,000.00 |
$1,620,000.00 |
$14,895,000.00 |
| Sewer Utility Capital Fund | 1,060,000.00 |
1,060,000.00 |
||
| Total Bonds Payable | $11,940,000.00 |
$5,635,000.00 |
$1,620,000.00 |
$15,955,000.00 |
| SCIA Lease Payable | ||||
| General Capital Fund | $1,477,834.94 |
$- |
$265,367.40 |
$1,212,467.54 |
| Environmental Infrastructure Loans Payable | ||||
| General Capital Fund | $3,826,427.91 |
$- |
$220,194.13 |
$3,606,233.78 |
| Total Long-Term Debt | $17,244,262.85 |
$5,635,000.00 |
$2,105,561.53 |
$20,773,701.32 |