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Capital Assets — The City's investment in capital assets (net of accumulated depreciation) for its governmental
<br />and business -type activities as of December 31, 2013 are as follows:
<br />Governmental
<br />Ac tivitie s
<br />2013 2012
<br />Business -Type
<br />Ac tivitie s
<br />2013 2012
<br />Land $ 6,772,024 $ 6,772,024 $ 868,513
<br />Construction in progress 649,547 5,083,805 -
<br />Buildings and structures 25,748,275 25,748,275 6,058,847
<br />Improvements otherthan buildings 10,898,296 7,338,905 12,958,987
<br />Office equipment 683,468 683,468 -
<br />Motorvehicles 3,882,172 3,804,697 Machinery and equipment 4,846,837 4,712,773 540,275
<br />Infrastructure 28,922,328 27,640,699 -
<br />Waterand sewerlines - - 45,346,485
<br />82,402,947 81,784,646 65,773,107
<br />Less accumulated depreciation 19,873,691 17,145,824 15,278,531
<br />Totalcapitalassets, netofdepreciation $62,529,256 $64,638,822 $50,494,576
<br />Depreciation expense $ 2,814,949 $ 2,606,322 $ 1,339,200
<br />$ 868,513
<br />373,055
<br />6,058,847
<br />11,596,024
<br />540,275
<br />45,346,485
<br />64,783,199
<br />13,939,331
<br />Totals
<br />2013
<br />$ 7,640,537
<br />649,547
<br />31,807,122
<br />23,857,283
<br />683,468
<br />3,882,172
<br />5,387,112
<br />28,922,328
<br />45,346,485
<br />148,176,054
<br />3 5,15 2,222
<br />2012
<br />$ 7,640,537
<br />5,456,860
<br />31,807,122
<br />18,934,929
<br />683,468
<br />3,804,697
<br />5,253,048
<br />27,640,699
<br />45,346,485
<br />146,567,845
<br />31,085,155
<br />$50,843,868 $ 113,023,832 $ 115,482,690
<br />$ 1,303,928 $ 4,154,149 $ 3,910,250
<br />The City's investment in capital assets for its governmental and business -type activities as of December 31, 2013
<br />amounts to over $113 million (net of accumulated depreciation).
<br />The governmental activities and business -type activities show a decrease of approximately $2,109,566 and
<br />$349,292 respectively in capital assets. This decrease is attributable to less construction in progress from the
<br />prior year in addition to depreciation surpassing current year additions causing a reduction in capital assets.
<br />Additional details of capital asset activity for the year can be found in Note 4 of the notes to basic financial
<br />statements.
<br />Long -Term Liabilities — The Debt Service Funds account for the accumulation of resources to finance all of
<br />the City's general obligation bonds. The revenue sources fpor these funds include annual tax levies and special
<br />assessments. At year-end, major debt service fund balance was $699,611 and non -major debt service fund
<br />balance was $4,263,532 for a total of $4,963,143 in fund balance for these funds.
<br />The following table summarizes the City's long-term liabilities:
<br />Bonds
<br />Capital equipment certificates
<br />Compensated absences
<br />Other Post -Employment Benefits (OPEB)
<br />Total
<br />Governmental Activities
<br />2013
<br />$ 35,030,000
<br />635,000
<br />819,833
<br />347,007
<br />$ 36,831,840
<br />2012
<br />$ 36,345,000
<br />760,944
<br />279,642
<br />$ 37,385,586
<br />During the current fiscal year, the City saw a decrease of $680,000 in bonds and certificates. The City issued
<br />one new capital equipment certificate and no new bond series issuances during the current fiscal year. The
<br />$635,000 General Obligation Capital Equipment Certificate of Indebtedness were issued to finance the
<br />acquisition of capital equipment. The compensated absence liability increased $58,899 due to increased
<br />longevity of employees. Other Post -Employment Benefits (OPEB) increased $67,365 due to an increase in the
<br />annual required contribution as actuarially determined with the parameters of GASB Statement Nos. 43 and 45.
<br />State statutes limit the amount of general obligation debt a governmental entity may issue to three percent of its
<br />total assessed valuation. The current debt limitation for the City is $53,252,703.
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