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CAPITAL ASSETS AND LONG-TERM LIABILITIES
<br />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, 2020 are as follows:
<br />Governmental Business -Type
<br />Activities Activities
<br />Totals
<br />2020 2019 2020 2019 2020 2019
<br />Capital Assets - Not Depreciated $ 14,002,341 $ 7,565,372 $ 1,506,096 $ 2,169,011 $ 15,508,437 $ 9,734,383
<br />Capital Assets - Depreciated
<br />57,273,115 59,217,945 54,660,825 53,406,200 111,933,940 112,624,145
<br />Total capital assets, net of depreciation $ 71,275,456 $ 66,783,317 $ 56,166,921 $ 55,575,211 $ 127,442,377 $ 122,358,528
<br />Depreciation expense $ 3,618,521 $ 3,556,745 $ 1,686,932 $ 1,612,989 $ 5,305,453 $ 5,169,734
<br />The City's investment in capital assets for its governmental and business -type activities as of December 31, 2020
<br />amounts to approximately $127 million (net of accumulated depreciation).
<br />The governmental activities show a net increase of $4,492,139 in capital assets attributable to the construction
<br />of the public works campus. Business -type activities show a net increase of $591,710 in capital assets. The
<br />increase is attributable to developer contributions to the City's utility system as part of their private
<br />developments. Additional details of capital asset activity for the year can be found in Note 4 of the notes to
<br />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 governmental activity general obligation bonds. The revenue sources for these funds include annual
<br />tax levies and special assessments. At year-end, fund balance was $1,422,444 restricted for debt service.
<br />The following table summarizes the City's long-term liabilities:
<br />2020 2019
<br />Governmental Activities
<br />G O. improvement bonds $ 28,325,000 $ 23,165,000
<br />Capital equipment certificates 575,000 725,000
<br />Compensated absences payable 1,093,863 948,700
<br />Net pension liability 6,043,916 4,867,794
<br />Total OPEB liability 461,540 699,412
<br />Subtotal 36,499,319 30,405,906
<br />Business -type Activities
<br />Net pension liability
<br />509,015 544,044
<br />Total $
<br />37,008,334 $ 30,949,950
<br />During the current fiscal year, the City saw an increase of $5,010,000 in bonds and certificates. The City had
<br />one debt issuance during the current year. The series 2020A, were $9,055,000 General Obligation Capital
<br />Improvement Plan Bonds used to finance the construction of the new public works campus. Due to higher wages
<br />and employees retaining larger balances at year end, the compensated absence liability increased by $145,163.
<br />Net pension liability saw an increase of $1,141,093 to reflect the change in the City's proportionate share of the
<br />state-wide PERA pension plan obligation. Other Post -Employment Benefits (OPEB) decreased $237,872 due
<br />to the annual OPEB contributions exceeding costs as actuarially determined with the parameters of GASB
<br />Statement No. 75.
<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 $58,243,785.
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