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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 31,2015 are as follows:
<br /> Governmental Business-Type
<br /> Activities Activities Totals
<br /> 2M 2Q14 2M 29-4. 2U 2Q14
<br /> Land $ 6,772,024 $ 6,772,024 $ 868,513 $ 868,513 $ 7,640,537 $ 7,640,537
<br /> Construction in progress 7,429,397 1681968 1,199,547 1,199,547 8,628,944 2,881,515
<br /> Buildings and structures 26,636,674 26,636,674 6,058,847 6,058,847 32,695,521 32,695,521
<br /> Improvements other than buildings 11,385,776 11,385,776 13,214,332 12,986,834 24,600,108 24,372,610
<br /> Office equipment 657,196 657,196 - - 657,196 657,196
<br /> Moto rvehicles 3,879,691 3,886,181 - - 3,879,691 3,886,181
<br /> M achinery and equipment 6,146,967 5,755,478 639,505 594,401 6,786,472 6,349,879
<br /> Infrastructure 28,922,328 28,922,328 - - 28,922,328 28,922,328
<br /> Water and sewer lines 45,346,485 45,346,485 45,346,485 45,346,485
<br /> 91,830,053 85,697,625 67,327,229 67,054,627 159,157,282 152,752,252
<br /> Less accumulated depreciation 25,078,364 22,385,024 17,987,084 16,627,259 43,065,448 39,012,283
<br /> Total capital assets,net of depreciation $ 66,751,689 $ 63,312,601 $ 49,340,145 $ 50,427,368 $ 116,091,834 $ 113,739,969
<br /> Depreciation expense $ 2,875,485 $ 2,896,805 $ 1,359,825 $ 1,461,349 $ 4,235,310 $ 4,358,154
<br /> The City's investment in capital assets for its governmental and business-type activities as of December 31,2015
<br /> amounts to approximately$116 million(net of accumulated depreciation).
<br /> The governmental activities show an increase of $3,439,088 in capital assets attributable to an increase in
<br /> capitalized projects. Business-type activities show a decrease of$1,087,223 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 $725,429 and non-major debt service fund
<br /> balance was$996,367 for a total of$1,721,796 in fund balance restricted for debt service.
<br /> The following table summarizes the City's long-term liabilities:
<br /> 2015 2014
<br /> Governmental Activities
<br /> Bonds $ 27,060,000 $ 30,615,000
<br /> Capital equipment certificates 1,310,000 1,450,000
<br /> Compensated absences 777,297 772,779
<br /> Net Pension Liability 4,599,377 -
<br /> Other Post-Employment Benefits (OPEB) 459,572 404,555
<br /> Subtotal 34,206,246 33,242,334
<br /> Business-type Activities
<br /> Net Pension Liability 408,072
<br /> Total $ 34,614,318 $ 33,242,334
<br /> During the current fiscal year, the City saw a decrease of$3,695,000 in bonds and certificates. The City had
<br /> two debt issuances during the current year. The $3,880,000 General Obligation Capital Improvement Plan
<br /> Bonds, Series 2015A were issued to finance the construction of Fire Station #2. The Series 2015B, were
<br /> $1,205,000 General Obligation Street Reconstruction Bonds used to finance the road reconstruction of Garnet
<br /> Street and 168t1i Avenue. The City's 2012B Residence at the COR bond was paid off early in July 2015 which
<br /> was the major contributor for the reduction in bonds and certificates. Even though new personnel was added in
<br /> 2015, the compensated absence liability increased only slightly by$4,518 due to the retirement of a few long-
<br /> term employees. Other Post-Employment Benefits (OPEB) increased $55,017 due to the annual OPEB costs
<br /> exceeding contributions as actuarially determined with the parameters of GASB Statement Nos.43 and 45.
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