CITY OF DOWNEY NOTES TO FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2021 Note 10:
Long-Term Debt (Continued) Capital Lease Payable The future minimum lease obligations and the net present value of these minimum lease payments are as follows: BusinessType Activities
Year Ending June 30, 2022
$
Total minimum lease payments Less: amounts representing interest
75,072 (1,988)
Present value of minimum lease payments
Note 11:
75,072
$
73,084
Compensated Absences Compensated Absences For the fiscal year ended June 30, 2021, compensated absences are as follows: Balance June 30, 2020 Compensated absences: Governmental activities Business-type activities Total compensated absences
$ 16,933,089 619,905 $ 17,552,994
Additions $ $
4,811,766 190,832 5,002,598
Reductions $ $
5,170,438 153,405 5,323,843
Balance June 30, 2021 $ 16,574,417 657,332 $ 17,231,749
Due Within One Year $ $
5,170,438 153,405 5,323,843
The compensated absences are predominantly associated with the General fund. Note 12:
Claims and Judgements Claims Payable (Self-Insurance) The City has two types of claims it has to manage and account for. The City is a member of Independent Cities Risk Management Authority (ICRMA), an Authority that provides liability insurance for several California Cities, and employs independent claims administrators to accomplish this task. The two types of claims are workers’ compensation and general liability. The self-insured retention and limits of insurance coverage (each occurrence or per employee, per year) for the respective claims are as follows:
Limit of Insurance Coverage
Self-Insured Retention Workers' Compensation General Liability
$
66
750,000 2,000,000
$
5,000,000 20,000,000
