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Capital Assets
<br /> – The City’s investment in capital assets (net of accumulated depreciation) for its governmental
<br />and business-type activities as of December 31, 2014 are as follows:
<br />GovernmentalBusiness-Type
<br />ActivitiesActivitiesTotals
<br />201420132014201320142013
<br />Land$6,772,024$6,772,024$ 868,513$868,513$ 7,640,537$ 7,640,537
<br />Construction in progress 1,681,968649,5471,199,546 2,881,514- 649,547
<br />Buildings and structures26,636,67425,748,2756,058,8476,058,847 32,695,52131,807,122
<br />Improvements other than buildings11,385,77610,898,29612,986,83512,958,987 24,372,61123,857,283
<br />Office equipment 657,196683,468 - 657,196- 683,468
<br />Motor vehicles 3,886,1823,882,172 - 3,886,182- 3,882,172
<br />Machinery and equipment 5,755,4784,846,837594,401540,275 6,349,8795,387,112
<br />Infrastructure 28,922,32828,922,328 - 28,922,328-28,922,328
<br />Water and sewer lines - 45,346,485-45,346,48545,346,48545,346,485
<br />85,697,62682,402,94767,054,62765,773,107152,752,253148,176,054
<br />Less accumulated depreciation22,385,02519,873,69116,627,26015,278,531 39,012,28535,152,222
<br /> Tota capta assets, net oeprecaton63,312,60162,529,25650,427,36750,494,576113,739,968113,023,832
<br />lilfdii$$$$$$
<br />Deprecaton expense2,896,8052,814,9491,461,3491,339,200 4,358,1544,154,149
<br />ii$$$$$$
<br />The City’s investment in capital assets for its governmental and business-type activities as of December 31, 2014
<br />amounts to almost $114 million (net of accumulated depreciation).
<br />The governmental activities show an increase of $783,345 in capital assets attributable to an increase in
<br />capitalized projects. Business-type activities show a decrease of $67,209 in capital assets. This decrease is
<br />attributable to depreciation surpassing current year additions causing a reduction in capital assets. Additional
<br />details of capital asset activity for the year can be found in Note 4 of the notes to basic financial statements.
<br />Long-Term Liabilities
<br /> – The Debt Service Funds account for the accumulation of resources to finance all of
<br />the City’s general obligation bonds. The revenue sources for these funds include annual tax levies and special
<br />assessments. At year-end, major debt service fund balance was $720,349 and non-major debt service fund
<br />balance was $1,194,123 for a total of $1,914,472 in fund balance restricted for debt service.
<br />The following table summarizes the City’s long-term liabilities:
<br />Governmental Activities
<br />20142013
<br />Bonds$ 30,615,000$ 35,030,000
<br />Capital equipment certificates 1,450,000 635,000
<br />Compensated absences 772,779 819,833
<br />Other Post-Employment Benefits (OPEB) 404,555 347,007
<br />Total$ 33,242,334$ 36,831,840
<br />During the current fiscal year, the City saw a decrease of $3,600,000 in bonds and certificates. The City had
<br />only one debt issuance during the current fiscal year which was $875,000 in capital equipment certificates. Series
<br />2005B G.O. Improvement Bonds were called on December 15, 2014 which accounts for the primary reduction
<br />in bonds and certificates. The $875,000 General Obligation Capital Equipment Certificate of Indebtedness were
<br />issued to finance 50% of the acquisition costs of capital equipment for years 2015-2017. The compensated
<br />absence liability decreased $47,054 due to a reduction in eligible employees. Other Post-Employment Benefits
<br />(OPEB) increased $57,548 due to the annual OPEB costs exceeding contributions as actuarially determined with
<br />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 legal debt margin for the City is $36,769,180.
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