|
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, 2016 are as follows:
<br />Go vemmental Bus Ines s-Type
<br />Activities Activities Totals
<br />24]5. 2015 241fs 7015 24.1fs 2015
<br />Land $ 6,848,022 $ 6,772,024 $ 868,513 $ 868,513 $ 7,716,535 $ 7,640,537
<br />Construction in progress 2,69,983 7,429,397 597,780 1,199,547 2,967,763 8,628,944
<br />Buildings andstmctures 30,685,842 26,636,674 6,058,847 6,058,847 36,744,689 32,695,521
<br />Improvements other than buildings 11,385,776 11,385,776 14,412,553 13,214,332 25,798,329 24,600,108
<br />Office equipment 657,196 657,196 - - 657,196 657,196
<br />Motor vehicles 3,832,880 3,879,691 - - 3,832,880 3,879,691
<br />Machinery and equipment 6,336,603 6,146,967 834,318 639,505 7,170,921 6,786,472
<br />Infrastructure 33,733,257 28,922,328 - - 33,733,257 28,922,328
<br />Water ands ewer lines - - 48,637,880 45,346,485 48,637,880 45,346,485
<br />95,849,559 91,830,053 71,409,891 67,327,229 167,259,450 159,157,282
<br />Les s accumulated depreciation 27968,849 25,078364 19,450,297 17,987,084 47,419,146 43,065,448
<br />Total capital assets, netofdepreciation $ 67,880,710 $ 66,751,689 $ 51,959,594 $ 49,340,145 $ 119,840,304 $ 116,091,834
<br />Depreciationexpense $ 3,181,236 $ 2,875,485 $ 1,463,213 $ 1,359,825 $ 4,644,449 $ 4,235,310
<br />The City's investment in capital assets for its governmental and business -type activities as of December 31, 2016
<br />amounts to approximately $120 million (net of accumulated depreciation).
<br />The governmental activities show an increase of $1,129,021 in capital assets attributable to an increase in
<br />capitalized projects. Business -type activities show an increase of $2,619,449 in capital assets. The increase is
<br />attributable to developer contributions to the City's utility system as part of their private developments. The
<br />prior period adjustment mentioned earlier also increased capital assets for governmental and business -type
<br />activities. Additional details of capital asset activity for the year can be found in Note 4 of the notes to basic
<br />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 $729,521 and non -major debt service fund
<br />balance was $1,083,053 for a total of $1,812,574 in fund balance restricted for debt service.
<br />The following table summarizes the City's long-term liabilities:
<br />2016 2015
<br />Governmental Activities
<br />Bonds $ 27,120,000 $ 27,060,000
<br />Capital equipment certificates 1,165,000 1,310,000
<br />Compensated absences 774,743 777,297
<br />Net Pension Liability 11,832,779 4,599,377
<br />Other Post -Employment Benefits (OPEB) 515,011 459,572
<br />Subtotal 41,407,533 34,206,246
<br />Business -type Activities
<br />Net Pension Liability 639,331 408,072
<br />Total $ 42,046,864 $ 34,614,318
<br />During the current fiscal year, the City saw a decrease of $85,000 in bonds and certificates. The City had one
<br />debt issuance during the current year. The Series 2016A, were $1,650,000 General Obligation Street
<br />Reconstruction Bonds used to finance the road reconstruction of Andrie Street and 164th Lane. Even though
<br />new personnel was added in 2016, the compensated absence liability decreased slightly by $2,554 due to the
<br />retirement of a few long-term employees. Net pension liability saw a significant increase of $7,464,661 to reflect
<br />the change in the City's proportionate share of the state-wide PERA pension plan obligation. Other Post -
<br />Employment Benefits (OPEB) increased $55,439 due to the annual OPEB costs exceeding contributions as
<br />actuarially determined with the parameters of GASB Statement Nos. 43 and 45.
<br />35
<br />
|