athens tn acfr fy2022

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CITY OF ATHENS, TENNESSEE
NOTES TO FINANCIAL STATEMENTS
June 30, 2022

Note 3. Long-Term Debt and Other Long-Term Liabilities (continued)

All long-term debt of the primary government is related to governmental activities. Primary
government long-term debt activity for the year is as follows:

Due
Balance Balance within
7/1/2021 Additions Reductions 6/30/2022 one year
City of Athens:
General Obligation
Anticipation Note,
Series 2020 $ 5,903,325 $ 17,900,000 $ - $ 23,803,325 $ 991,520
General Obligation Bonds,
Series 2021 - 7,350,000 275,000 7,075,000 220,000
Total long-term debt 5,903,325 25,250,000 275,000 30,878,325 1,211,520
Other long-term liabilities:
Compensated absences 318,927 289,408 271,340 336,995 224,675
6,222,252 25,539,408 546,340 31,215,320 1,436,195
Board of Education:
Sick leave 50,592 30,001 26,827 53,766 46,887
Total $ 6,272,844 $ 25,569,409 $ 573,167 $ 31,269,086 $ 1,483,082

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The liability for compensated absences is typically liquidated in the General Fund. Sick leave
liability is typically liquidated in the General Purpose School Fund. Postemployment benefit
obligations and pension benefit obligations are generally liquidated by the General Fund, General
Purpose School Fund, and the Pension Trust Fund.

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