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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 31,2021 are as follows:
<br /> Governmental Business-Type
<br /> Activities Activities Totals
<br /> 2021 2020 2021 2020 2021 2020
<br /> Capital Assets-Not Depreciated $ 7,800,527 $14,002,341 $ 1,740,097 $ 1,506,096 $ 9,540,624 $ 15,508,437
<br /> Capital Assets-Depreciated 76,405,000 57,273,115 56,274,411 54,660,825 132,679,411 111,933,940
<br /> Total capital assets,net of depreciation $84,205,527 $71,275,456 $58,014,508 $56,166,921 $142,220,035 $127,442,377
<br /> Depreciation expense $ 4,230,458 $ 3,618,521 $ 1,754,541 $ 1,686,932 $ 5,984,999 $ 5,305,453
<br /> The City's investment in capital assets for its governmental and business-type activities as of December 31,2021
<br /> amounts to approximately$142 million(net of accumulated depreciation).
<br /> The governmental activities show a net increase of$12,930,071 in capital assets attributable to the construction
<br /> of the public works campus. Business-type activities show a net increase of$1,847,587 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 $977,067 restricted for debt service.
<br /> The following table summarizes the City's long-term liabilities:
<br /> 2021 2020
<br /> Governmental Activities
<br /> C O_irriprovemeiit bonds S 25,885,000 S 28,325,000
<br /> Capital equipmerit certificates 420,000 575,000
<br /> LTnamortized bond premiums 795,714 -
<br /> Corriperisated abserices payable 1,113,049 1,093,863
<br /> Net pens ion liability 4,128,461 6,043,916
<br /> Total OPEB liability 563,334 461,540
<br /> Subtotal 32,905,558 36,499,3 19
<br /> Business-type Activities
<br /> Nct perisiori liability 395,230 509,015
<br /> Total $ 33,300,788 $ 37,008,334
<br /> During the current fiscal year,the City saw a decrease of$2,595,000 in bonds and certificates. The City had one
<br /> debt issuance during the current year. The series 2021A, were $9,845,000 General Obligation Capital
<br /> Improvement Plan Bonds that were issued to refund the 2012A General Obligation Capital Improvement Bond
<br /> that had refunded the 2005A Public Project Lease Revenue that was issued to finance the construction of the
<br /> City's Municipal Center. The new bond issue resulted in a bond premium. The amount of unamortized bond
<br /> premiums is attributed to this issue. Due to higher wages and employees retaining larger balances at year end,
<br /> the compensated absence liability increased by$19,186. Net pension liability saw a decrease of$2,029,240 to
<br /> reflect the change in the City's proportionate share of the state-wide PERA pension plan obligation. Other Post-
<br /> Employment Benefits (OPEB) increased $101,794 due to costs exceeding the annual OPEB contributions as
<br /> actuarially determined with the parameters of GASB Statement No. 75.
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