VILLAGE OF GRAFTON NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2016 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) F. LONG-TERM OBLIGATIONS Long-term obligations activity for the year ended December 31, 2016, was as follows: Beginning Balance Increases Decreases Ending Balance Amounts Due Within One Year Governmental Activities Bonds and Notes Payable General obligation debt $ 33,422,199 $ 1,130,000 $ 2,763,743 $ 31,788,456 $ 2,683,764 Unamortized discount (6,946) - (631) (6,315) - Unamortized premium 399,436 47,092 48,569 397,959 - Sub-totals 33,814,689 1,177,092 2,811,681 32,180,100 2,683,764 Other Liabilities Vested compensated absences 470,112 430,079 470,112 430,079 105,648 Landfill post-closure liability 245,398 - 16,258 229,140 22,272 Net pension liability/(asset) (876,584) 1,451,055 - 574,471 - Total Other Liabilities (161,074) 1,881,134 486,370 1,233,690 127,920 Total Governmental Activities Long-Term Liabilities $ 33,653,615 $ 3,058,226 $ 3,298,051 $ 33,413,790 $ 2,811,684 Business-type Activities Bonds and Notes Payable General obligation debt $ 3,557,273 $ 2,910,000 $ 394,283 $ 6,072,990 $ 580,377 Revenue bonds 1,085,000 - 80,000 1,005,000 85,000 Unamortized premium 32,546 64,458 13,463 83,541 - Sub-totals 4,674,819 2,974,458 487,746 7,161,531 665,377 Other Liabilities Vested compensated absences 64,814 67,898 64,814 67,898 16,234 Net pension liability/(asset) (97,054) 159,223 - 62,169 - Total Business-type Activities Long-Term Liabilities $ 4,642,579 $ 3,201,579 $ 552,560 $ 7,291,598 $ 681,611 In accordance with Wisconsin Statutes, total general obligation indebtedness of the village may not exceed 5% of the equalized value of taxable property within the village's jurisdiction. The debt limit as of December 31, 2016, was $62,178,116. Total general obligation debt outstanding at year end was $37,861,446. 72