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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, 2014 are as follows:
<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 — 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 $1,914,472 in fund balance restricted for debt service.
<br />The following table summarizes the City's long-term liabilities:
<br />Bonds
<br />Capital equipment certificates
<br />Compensated absences
<br />OtherPost-Employment Benefits (OPEB)
<br />Total
<br />Governmental Activities
<br />2014
<br />Governmental
<br />Business - Type
<br />35,030,000
<br />1,450,000
<br />635,000
<br />Ac tivitie s
<br />Ac tivitie s
<br />Tota
<br />is
<br />$ 33,242,334 $
<br />2014
<br />2013
<br />2014
<br />2013
<br />2014
<br />2013
<br />Land
<br />$ 6,772,024
<br />$ 6,772,024
<br />$ 868,513
<br />$ 868,513
<br />$ 7,640,537
<br />$ 7,640,537
<br />Construction in progress
<br />1,681,968
<br />649,547
<br />1,199,546
<br />-
<br />2,881,514
<br />649,547
<br />Buildings and structures
<br />26,636,674
<br />25,748,275
<br />6,058,847
<br />6,058,847
<br />32,695,521
<br />31,807,122
<br />inprovements otherthan buildings
<br />11,385,776
<br />10,898,296
<br />12,986,835
<br />12,958,987
<br />24,372,611
<br />23,857,283
<br />Office equipment
<br />657,196
<br />683,468
<br />-
<br />-
<br />657,196
<br />683,468
<br />Motorvehicles
<br />3,886,182
<br />3,882,172
<br />-
<br />-
<br />3,886,182
<br />3,882,172
<br />Machinery and equipment
<br />5,755,478
<br />4,846,837
<br />594,401
<br />540,275
<br />6,349,879
<br />5,387,112
<br />Infrastructure
<br />28,922,328
<br />28,922,328
<br />-
<br />-
<br />28,922,328
<br />28,922,328
<br />Waterand sewerlines
<br />-
<br />-
<br />45,346,485
<br />45,346,485
<br />45,346,485
<br />45,346,485
<br />85,697,626
<br />82,402,947
<br />67,054,627
<br />65,773,107
<br />152,752,253
<br />148,176,054
<br />Less accumulated depreciation
<br />22,385,025
<br />19,873,691
<br />16,627,260
<br />15,278,531
<br />39,012,285
<br />35,152,222
<br />Tota lcapitalassets, net ofdepre ciation
<br />$ 63,312,601
<br />$62,529,256
<br />$50,427,367
<br />$50,494,576
<br />$ 113,739,968
<br />$ 113,023,832
<br />Depreciation expense
<br />$ 2,896,805
<br />$ 2,814,949
<br />$ 1,461,349
<br />$ 1,339,200
<br />$ 4,358,154
<br />$ 4,154,149
<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 — 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 $1,914,472 in fund balance restricted for debt service.
<br />The following table summarizes the City's long-term liabilities:
<br />Bonds
<br />Capital equipment certificates
<br />Compensated absences
<br />OtherPost-Employment Benefits (OPEB)
<br />Total
<br />Governmental Activities
<br />2014
<br />2013
<br />$ 30,615,000 $
<br />35,030,000
<br />1,450,000
<br />635,000
<br />772,779
<br />819,833
<br />404,555
<br />347,007
<br />$ 33,242,334 $
<br />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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