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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, 2013 are as follows:
<br />Governmental Business -Type
<br />Ac tivitie s Ac tivitie s
<br />To to is
<br />2013 2012 2013 2012 2013 2012
<br />Land $ 6,772,024 $ 6,772,024 $ 868,513 $ 868,513 $ 7,640,537 $ 7,640,537
<br />Construction in progress 649,547 5,083,805 - 373,055 649,547 5,456,860
<br />Buildings and structures 25,748,275 25,748,275 6,058,847 6,058,847 31,807,122 31,807,122
<br />Improvements otherthan buildings 10,898,296 7,338,905 12,958,987 11,596,024 23,857,283 18,934,929
<br />Office equipment 683,468 683,468 - - 683,468 683,468
<br />Motorvehicles 3,882,172 3,804,697 - - 3,882,172 3,804,697
<br />Machinery and equipment 4,846,837 4,712,773 540,275 540,275 5,387,112 5,253,048
<br />Infrastructure 28,922,328 27,640,699 - - 28,922,328 27,640,699
<br />Waterand sewerlmes - - 45,346,485 45,346,485 45,346,485 45,346,485
<br />82,402,947 81,784,646 65,773,107 64,783,199 148,176,054 146,567,845
<br />Less accumulated depreciation 19,873,691 17,145,824 15,278,531 13,939,331 35,152,222 31,085,155
<br />Totalcapitalassets, netofdepreciation $62,529,256 $64,638,822 $50,494,576 $50,843,868 $ 113,023,832 $ 115,482,690
<br />Depreciation expense $ 2,814,949 $ 2,606,322 $ 1,339,200 $ 1,303,928 $ 4,154,149 $ 3,910,250
<br />The City's investment in capital assets for its governmental and business -type activities as of December 31, 2013
<br />amounts to over $113 million (net of accumulated depreciation).
<br />The governmental activities and business -type activities show a decrease of approximately $2,109,566 and
<br />$349,292 respectively in capital assets. This decrease is attributable to less construction in progress from the
<br />prior year in addition to depreciation surpassing current year additions causing a reduction in capital assets.
<br />Additional details of capital asset activity for the year can be found in Note 4 of the notes to basic financial
<br />statements.
<br />Long -Term Liabilities — The Debt Service Funds account for the accumulation of resources to finance all of
<br />the City's general obligation bonds. The revenue sources fpor these funds include annual tax levies and special
<br />assessments. At year-end, major debt service fund balance was $699,611 and non -major debt service fund
<br />balance was $4,263,532 for a total of $4,963,143 in fund balance for these funds.
<br />The following table summarizes the City's long-term liabilities:
<br />Bonds
<br />Capital equipment certificates
<br />Compensated absences
<br />Other Post -Employment Benefits (OPEB)
<br />Total
<br />Governmental Activities
<br />2013 2012
<br />35,030,000 $ 36,345,000
<br />63 5, 000 819,833 760,944
<br />347,007 279,642
<br />36,831,840 $ 37,385,586
<br />During the current fiscal year, the City saw a decrease of $680,000 in bonds and certificates. The City issued
<br />one new capital equipment certificate and no new bond series issuances during the current fiscal year. The
<br />$635,000 General Obligation Capital Equipment Certificate of Indebtedness were issued to finance the
<br />acquisition of capital equipment. The compensated absence liability increased $5 8,899 due to increased
<br />longevity of employees. Other Post -Employment Benefits (OPEB) increased $67,365 due to an increase in the
<br />annual required contribution as actuarially determined with the parameters of GASB Statement Nos. 43 and 45.
<br />State statutes limit the amount of general obligation debt a governmental entity may issue to three percent of its
<br />total assessed valuation. The current debt limitation for the City is $53,252,703.
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