Clarkston'9s $900,000 note and bonds raise long-term debt to $1.02 million

Clarkston Town reported total long-term liabilities of $1,019,423 at June 30, 2025, reflecting a $900,000 note payable and outstanding water revenue bonds, according to the town'9s compiled financial statements.

Town managementreported that the $900,000 note payable was entered into Dec. 15, 2023, and carries scheduled annual installments with a balloon payment of $351,776 due Jan. 2049. The town also reported $705,000 in original water revenue bonds issued in 2007; the remaining bond principal balance at June 30, 2025, is $131,000.

The notes disclose annual principal and interest schedules showing total scheduled principal and interest of $2,052,467 across the debt portfolio. The report lists principal-and-interest payments of $112,883 due in 2026 and continuing obligations thereafter, with a large residual payment in the years labeled "Thereafter" reflecting the balloon structure.

The town used proceeds from the note to fund capital projects recorded in the capital projects fund. The statement of governmental funds shows $900,000 in proceeds from note payable and $1,033,965 in capital outlays in the capital projects column for the year.

The compilation report by Matthew Regen, CPA, notes he performed a compilation engagement and did not audit the financial statements; the disclosure language indicates readers should consider the presentation in that context.

The long-term debt disclosures identify future payment obligations the town must meet from available resources, including water fund cash flows and general government resources; the financial statements also show debt-service principal payments recorded in the proprietary fund cash-flow statements.