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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, 2022 are as follows:
<br />C'apital Assets - Not Depreciated
<br />Capital Assets - Depreciated
<br />Governmental Business-Typ e
<br />Activities Activities
<br />Totals
<br />$ 10,772,232
<br />77,499.164
<br />$ 7,800,527
<br />76,405,000
<br />2022 2021 2022 2021
<br />$ 2,329,071 $ 1,740.097 $ 13,101,303 $ 9,540,624
<br />61,157,637 56,274,411 138.656,801 132,679,411
<br />Total capital assets, net of depreciation $ 88,271.396 $ 84,205,527 $ 63,486,708 $ 58,014,508 $ 151.758,104 $ 142,220,035
<br />Depreciation expense $ 4,535,799 $ 4,230,458 $ 1,893,088 $ 1.754.541 $ 6.428,887 $ 5,984,999
<br />The City's investment in capital assets for its governmental and business -type activities as of December 31, 2022
<br />amounts to approximately $152 million (net of accumulated depreciation).
<br />The governmental activities show a net increase of $4,065,869 in capital assets attributable to the construction
<br />and reconstruction of City streets. Business -type activities show a net increase of $5,472,200 in capital assets.
<br />The 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 5 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, the City had fund balance of $713,656 restricted for debt service.
<br />The following table summarizes the City's long-term liabilities:
<br />2022 2021
<br />Cinvemmental Activities
<br />G.U. irnprovenient bonds $ 34,895,000 $ 25,885,000
<br />Capital nquipumeut certificates 260.000 420,000
<br />L7rname rtized bona premiums 1,951,694 795,714
<br />Compensated absences payable 1,069,926 1,1 13,049
<br />Net pension liability 15,256,095 4,128,461
<br />Total OPFR liability 796,286 563,334
<br />Subtotal 54,229,001 32,905,558
<br />Business -type Activities
<br />Net pcnsicm liability 716,367 3 95,230
<br />Total
<br />$ 54,945,368 $ 33,300,788
<br />During the current fiscal year, the City saw an increase of $8,850,000 in bonds and certificates. The City had
<br />one debt issuance during the current year. The series 2022A, were $10,765,000 General Obligation Street
<br />Reconstruction Bonds that were issued to fund the reconstruction and overlays in the City as outlined in the
<br />City's 5-Year Street Reconstruction and Overlay Plan (SROP). The new bond issue resulted in an increase in
<br />bond premium. Due to the retirement of a few long-term employees, the compensated absence liability decreased
<br />by $43,123. Net pension liability saw a large increase of $1 1,448,771 to reflect the change in the City's
<br />proportionate share of the state-wide PERA pension plan obligations. Other Post -Employment Benefits (OPEB)
<br />increased $232,952 due to costs exceeding the annual OPEB contributions as actuarially determined with the
<br />parameters of GASB Statement No. 75.
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