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RALF Fund - This Capital Project Fund was created to record all transactions related to the Revolving
<br />Acquisition Loan Fund (RALF) program which is used to acquire properties on Highway 10. The fund
<br />reported a negative fund balance at year end in the amount of ($241,508).
<br />Municipal Center Fund - This Capital Project Fund was created in 2005 to record all costs related to
<br />the construction 'of the municipal center. The year end fund balance of $778,018 represents the bond
<br />proceeds that remain for construction after an original proceed amount of $15,577,828.
<br />Proprietary Funds -- The City's Proprietary Funds provide the same type of information found in the
<br />goverment-wide financial statements, but in more detail. The City's Enterprise Funds had a combined
<br />net asset balance of $65,073,784 at December 31, 2006. The financial activities of these funds have been
<br />summarized in previous charts within this discussion.
<br />The Enterprise Funds consist of the Water Utility Fund, Sewer Utility Fund, Street Light Utility Fund,
<br />Recycling Utility Fund, and Storm Water Utility Fund. The growth in the assets, indicated in the above
<br />paragraph, reflect the ongoing expansion and provision of services to the various service areas of the
<br />utilities.
<br />Capital Assets The City's investment in capital assets (net of accumulated depreciation) for its
<br />governmental and business-type activities as of December 31, 2006 are as follows:
<br />Governmental Business -Type
<br />Activities Activities Totals
<br />2006 2005 2006 2005. 2000 2005
<br />Land $ 3,446,182 $ 1,206,182 $ 100,000 $ 100,000 $ 3,546,182 $ 1,306,182
<br />Buildings and structures 12,001,938 4,038,015 2,509,688 2,509,688 14,511,626 6,547,703
<br />Improvements other than buildings 2,443,418 1,163,099 8,223,052 7,660,671 10,666,470 8,823,770
<br />Office equipment 829,590 217,914 — -- 829,590 217,914
<br />Motor vehicles 2,997,975 2,992,755 — — 2,997,975 2,992,755
<br />Machinery and equipment 2,487,046 1,941,021 183,131 201,378 2,670,177 2,142,399
<br />Infrastructure 7,631,335 4,965,640 -- — 7,631,335 4,965,640
<br />Water and sewer lines -- — 34,333,110 30,716,357 34,333,110 30,716,357
<br />Construction in progress 25,401,914 19,246,728 8,944,312 1,177 34,346,226 20,424,126
<br />57,239,398 35,771,354 54,293,293 42,365,492 111,532,691 78,136,846
<br />Less accumulated depreciation 5,211,050 4,292,898 6958 ,053 12 169 921 10,346,689
<br />Total capital assets, net of depreciation $ 52,028,348 $ 31,478,456 $ 47,334,422 $ 36,311,701 8 99,362,770 $ 67,790,157
<br />Depreciation expense $ 1,146,563 $ 747,258 $ 923,326 $ 838,518 $ 2,069,889 $ 1,585,776
<br />The City's investment in capital assets for its governmental and business-type activities as of
<br />December 31, 2006 amounts to $99.4 million (net of accumulated depreciation).
<br />Major capital asset events completed during 2006 included the municipal parking ramp at a total cost of
<br />$7.8 million. In addition there were developer funded streets and a bridge added at a total cost of $2.6
<br />million and significant park improvements at a cost of $1.2 million. Developer funded water, sewer, and
<br />storm mains were added to the business -type activities in the amount of $3.6 million.
<br />Construction in progress showed a significant increase over last year. For fiscal year 2006, an additional
<br />$9 million was spent on the near completion of the new municipal center. In the business -type activities,
<br />the $7 million increase was attributable to significant progress on the NW Sewer Water. project. We
<br />anticipate that both of these projects will be completed by the end of 2007.
<br />Additional details of capital asset activity for the year can be found in Note 4 of the notes to basic
<br />financial statements.
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