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NOTE 5—LONG-TERM DEBT(CONTINUED)
<br /> C. Changes in Long-Term Debt
<br /> Balance-
<br /> Beginning Balance— Due Within
<br /> of Year Additions Deletions End of Year One Year
<br /> Governmental activities
<br /> G.O.Improvement Bonds $ 28,325,000 $ 9,845,000 $ 12,285,000 $ 25,885,000 $ 1,755,000
<br /> Capital Equipment Certificates 575,000 — 155,000 420,000 160,000
<br /> Unamortiz d bond premiums — 809,201 13,487 795,714 —
<br /> Compensated absences payable 1,093,863 741,485 722,299 1,113,049 723,482
<br /> Net pension liability 6,043,916 6,546,629 8,462,084 4,128,461 —
<br /> TotalOPE13liability 461,540 110,905 9,111 563,334
<br /> Total governmental activities 36,499,319 18,053,220 21,646,981 32,905,558 2,638,482
<br /> Business type Activities
<br /> Net pension liability 509,015 417,313 531,098 395,230
<br /> Total governmental and business
<br /> type activities $ 37,008,334 $ 18,470,533 $ 22,178,079 $ 33,300,788 $ 2,638,482
<br /> D. Minimum Debt Payments
<br /> Minimum annual principal and interest payments required to retire bonds and capital equipment certificates
<br /> are as follows:
<br /> Governmental Activities
<br /> Bonded and Capital Equipment Certificate Debt
<br /> Year Ending
<br /> December 31, Principal Interest
<br /> 2022 $ 1,915,000 $ 616,201
<br /> 2023 2,010,000 526,875
<br /> 2024 2,010,000 474,977
<br /> 2025 1,975,000 421,757
<br /> 2026 1,575,000 368,565
<br /> 2027-203 1 6,775,000 1,243,275
<br /> 2032-203 6 5,370,000 602,068
<br /> 2037-2041 4,675,000 224,160
<br /> $ 26,305,000 $ 4,477,878
<br /> NOTE 6—NET INVESTMENT IN CAPITAL ASSETS
<br /> A. Net Investment in Capital Assets
<br /> The government-wide statement of net position at December 31, 2021 includes the City's net investment
<br /> in capital assets calculated as follows:
<br /> Governmental Business-Type
<br /> Activities Activities Total
<br /> Net investment in capital assets:
<br /> Capital assets
<br /> Not depreciated $ 7,800,527 $ 1,740,097 $ 9,540,624
<br /> Depreciated 76,405,000 56,274,411 132,679,411
<br /> Less capital-related long-term debt outstanding (25,900,714) — (25,900,714)
<br /> Less capital-related accounts,contracts,
<br /> and retainage payables (982,809) (74,066) (1,056,875)
<br /> Total not investments in capital assets $ 57,322,004 $ 57,940,442 $ 115,262,446
<br /> 77
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