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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 />Capital Assets - Not Depreciated
<br />Capital Assets - Depreciated
<br />Governmental Bus mes s -T v p e
<br />Activities Activities
<br />Totals
<br />2021 2020 2021 2020 2021 2020
<br />$ 7,800,527 $ 14,002,341 $ 1,740,097 $ 1,506,096 $ 9,540,624 $ 15,508,437
<br />76,405,000 57,273,115 56,274,411 54,660,825 132,679,411 11 1,933,940
<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 />Go,-erniineut al A ctivities
<br />G.O. iiiiyro--eiireut bonds $ 25,885,000 $ 28,325,000
<br />Capita1 equipuleut certificates 420,000 575,000
<br />-Chi amortized bond preiixitiiils 795,714 -
<br />C'o rpeusated absences payable 1,113,049 1,093,863
<br />Net pension liability 4,128,461 6,043,916
<br />Tota1 OPFR liability 563,334 461,540
<br />Stibtota1 32,905,558 36,499,319
<br />Bus hies s -type Activities
<br />Net pension liability
<br />395,230 509,015
<br />Total
<br />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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