BOROUGH OF SOMERVILLE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
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, 2022 and 2021 is as follows:
| Balance, December 31, 2021 |
Additions | Reductions | Balance, December 31, 2022 |
|
|---|---|---|---|---|
| Bonds Payable | ||||
| General Capital Fund | $13,130,000.00 |
$4,570,000.00 |
$1,625,000.00 |
$16,075,000.00 |
| Sewer Utility Capital Fund | 1,020,000.00 |
60,000.00 |
960,000.00 |
|
| Total Bonds Payable | $14,150,000.00 |
$4,570,000.00 |
$1,685,000.00 |
$17,035,000.00 |
| SCIA Lease Payable | ||||
| General Capital Fund | $1,111,286.62 |
$- |
$102,791.80 |
$1,008,494.82 |
| Environmental Infrastructure Loans Payable | ||||
| General Capital Fund | $2,827,329.65 |
$- |
$220,194.13 |
$2,607,135.52 |
| Total Long-Term Debt | $18,088,616.27 |
$4,570,000.00 |
$2,007,985.93 |
$20,650,630.34 |
| 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 |
$- |
$778,904.13 |
$2,827,329.65 |
| Total Long-Term Debt | $20,773,701.32 |
$- |
$2,685,085.05 |
$18,088,616.27 |