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NOTE 6 —LONG-TERM DEBT (CONTINUED)
<br />C. Changes in Long -Term Debt
<br />Balance -
<br />Beginning
<br />Balance —
<br />Due Within
<br />of Year
<br />Additions
<br />Deletions
<br />End of Year
<br />One Year
<br />Governmental activities
<br />G.O. Improvement Bonds
<br />$ 25,885,000
<br />$ 10,765,000
<br />$ 1,755,000
<br />$ 34,895,000
<br />$ 2,330,000
<br />Capital Equipment Certificates
<br />420,000
<br />—
<br />160,000
<br />260,000
<br />165,000
<br />LTnamortized bond premiums
<br />795,714
<br />1,240,343
<br />84,363
<br />1,951,694
<br />—
<br />Cotiipensated absences payable
<br />1,113,049
<br />631,055
<br />674,178
<br />1,069,926
<br />695,542
<br />Net pension liability
<br />4,128,461
<br />12,044,076
<br />916,442
<br />15,256,095
<br />—
<br />Total OPES liability
<br />563,334
<br />239,917
<br />6,965
<br />796,286
<br />—
<br />Total governmental activities
<br />32,905,558
<br />24,920,391
<br />3,596,948
<br />54,229,001
<br />3,190,542
<br />Business type Activities
<br />Net pension liability
<br />395,230
<br />380,964
<br />59,827
<br />716,367
<br />—
<br />Total governmental and bus ines s
<br />type activities
<br />$ 33,300,788
<br />$ 25,301,355
<br />$ 3,656,775
<br />$ 54,945,368
<br />$ 3,190,542
<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 Eduipment
<br />Certificate Debt
<br />Year Ending
<br />December 3 1,
<br />Princip al
<br />Interest
<br />2023
<br />$ 2,495,000
<br />$ 1,078,581
<br />2024
<br />2,535,000
<br />988,978
<br />2025
<br />2,525,000
<br />909,508
<br />2026
<br />2,155,000
<br />828,815
<br />2027
<br />2,045,000
<br />755,765
<br />2028-2032
<br />9,955,000
<br />2,743,425
<br />2033-2037
<br />9,675,000
<br />1,215,487
<br />2038-2041
<br />3,770,000
<br />152,075
<br />$ 35,155,000
<br />$ 8,672,634
<br />NOTE 7 — NET INVESTMENT IN CAPITAL ASSETS
<br />A. Net Investment in Capital Assets
<br />The government -wide statement of net position at December 31, 2022 includes the City's net investment
<br />in capital assets calculated as follows:
<br />Net -in ves tment in capital as s ets
<br />Capital assets
<br />Not depreciated
<br />Depreciated
<br />Les s capital -related long-term debt outstanding -
<br />adjusted for unspent proceeds
<br />Less capital -related accounts, contracts,
<br />and retainage payables
<br />Totalnet investments in capital as sets
<br />Governmental Business -Type
<br />Activitics Activities Total
<br />$ 10,772,232 $ 2,329,071
<br />$ 13,101,303
<br />77,499,164 61,157,637
<br />138,656,801
<br />(24,291,934)
<br />(24,291,934)
<br />(183,341)
<br />(183,341)
<br />$ 63,796,121 $ 63,486,708
<br />$ 127,282,829
<br />79
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