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

Compensated Absences

352,712

219,562

220,597

351,677

214,523

$

18,299,321 $

219,562 $

721,453 $

17,797,430 $

1,189,523

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

Ending

Due Within

Balance

One Year

Business-Type Activities: Bonds Payable: Revenue Bonds Certificates of Participation Unamortized Bond Discount Unamortized Bond Premium

(214,523) (975,000)

$

(214,523) (975,000) 16,607,907 $

Reductions

Beginning Balance

Additions

$

$

11,710,000 $ 6,265,000 (45,593) 17,202 17,946,609 $

$

$

(5,066) 922 500,856 $

11,710,000 $ 5,760,000

450,000 525,000

975,000

505,000

$

(40,527) 16,280 17,445,753

$

Internal service funds predominately serve the governmental funds. Accordingly, long-term liabilities for them are included as part of the above totals for governmental activities. At year-end, internal service funds’ compensated absences of $24,835, capital lease obligations of $4,173,031, unreported insurance claims of $3,199,770 and net OPEB obligation of $2,385,368 are included in the above amounts.

For governmental activities, compensated absences are generally liquidated by the General Fund, Convention Center Fund, Victims Advocate Fund and Storm Water Fund.

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

Compensated Absences

$

Beginning Balance

12,424 $

Additions

6,815

$

Reductions

5,905

$

Ending

Due Within

Balance

One Year

13,334 $

8,134

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

Bonds Payable: Revenue Bonds Unamortized Bond Discounts

$

Notes Payable

$

$

Beginning Balance

21,440,000 $ (416,831) 21,023,169 $ 1,350,000 22,373,169 $

Additions

Ending Balance

Due Within One Year

21,045,000 $ (401,248)

410,000

$

379,417 $

20,643,752

$

410,000

50,000

1,300,000

50,000

$

429,417 $

21,943,752

$

460,000

Reductions

$

395,000 $ (15,583)

(410,000)

(410,000)

$

21,533,752 $

50,000

Reconciliation to the Government-Wide Statement of Net Assets: Bonds Payable Included in Liabilities Payable From Restricted Assets

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