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CITY OF MYRTLE BEACH, SOUTH CAROLINA NOTES TO FINANCIAL STATEMENTS June 30, 2010

Notes Payable

The notes payable were issued to fund costs associated with a change to a new management company and hotel brand. The loans are secured by a second mortgage on the convention center hotel. Annual debt service requirements to maturity for the notes payable are as follows:

Principal

Interest

Total

Year Ending June 30, 2011 2012 2013 2014 2015 2016

$

$

50,000 $ 250,000 250,000 250,000 250,000 250,000 1,300,000 $

$

$

50,000 250,000 250,000 250,000 250,000 250,000 1,300,000

Unamortized Bond Discount

(1,018,704)

(63,190)

(43,236)

(1,038,658)

Unamortized Bond Premium

451,522

217,469

27,643

641,348

Certificates of Participation

15,210,000

9,820,000

12,190,000

12,840,000

180,000

Tax Increment Revenue Bonds

39,584,836

10,849,985

50,434,821

580,000

Storm Water Revenue Bonds

9,727,881

2,762,239

436,895

12,053,225

536,214

D. Changes in Long-Term Liabilities

The City’s long-term liability activity for the year ended June 30, 2010 was as follows:

Reconciliation to the Government-Wide Statement of Net Assets: Compensated Absences Included in Accounts Payable and Accrued Expenses

Ending

Due Within

Reductions

Balance

One Year

(252,991)

(28,545)

(329,546)

23,333,512 $

14,937,757 $

170,041,190 $

4,306,214

950,000

1,947,500

1,947,500

685,000

576,019

5,087,663

713,871

7,569,087

7,643,208

3,199,770

495,045

2,932,292

546,924

2,385,368

2,093,873

2,000,453

3,377,420

2,060,226

(15,149)

(15,149)

$

186,023,762 $

9,507,707

Governmental Activities: Bonds Payable: General Obligation Bonds

Hospitality Fee Revenue Bonds

49,660,000

$

2,355,000 $

45,780,000 $

2,455,000

49,660,000

555,000

36,613,764 $

26,654,361

$

186,038,911

$

9,522,856

Note Payable

2,897,500

Capital Lease Obligations

4,978,682

Unreported Insurance Claims

3,273,891

Net OPEB Obligation

Compensated Absences

3,284,000

$

48,135,000 $

$

176,079,508 $

Beginning Balance

Additions

Unamortized Loss on Advance Refunding

$

(105,100) 161,645,435

$

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