|
<br />NOTE 6 – LONG-TERM DEBT (CONTINUED)
<br />
<br />
<br />D. Minimum Debt Payments
<br />
<br />Minimum annual principal and interest payments required to retire bonds and capital equipment certificates
<br />are as follows:
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />NOTE 7 – NET INVESTMENT IN CAPITAL ASSETS
<br />
<br />The government-wide statement of net position at December 31, 2023 includes the City’s net investment
<br />in capital assets calculated as follows:
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />Bonded and Capital Equipment Certificate Debt
<br />Year Ending
<br />December 31,Principal Interest
<br />2024 2,940,000$ 1,410,821$
<br />2025 2,980,000 1,278,651
<br />2026 2,635,000 1,175,209
<br />2027 2,550,000 1,078,159
<br />2028 2,545,000 979,959
<br />2029-2033 12,940,000 3,484,006
<br />2034-2038 11,535,000 1,275,250
<br />2039-2041 2,850,000 92,660
<br />40,975,000$ 10,774,715$
<br />Governmental Activities
<br />Governmental Business-Type
<br />Activities Activities Total
<br />Net investment in capital assets:
<br />Capital assets
<br /> Not depreciated 18,176,090$ 9,717,921$ 27,894,011$
<br /> Depreciated 79,668,013 63,637,230 143,305,243
<br />Less bonds payable (39,480,000) – (39,480,000)
<br />Less capital equipment certificates (1,495,000) – (1,495,000)
<br />Less unamortized bond premiums (2,099,612) – (2,099,612)
<br />Less capital related payables (631,041) (1,422,507) (2,053,548)
<br />Adjustment for debt not used for capital assets 615,000 – 615,000
<br />Debt adjustment for unspent proceeds 12,206,211 – 12,206,211
<br /> Total net investments in capital assets 66,959,661$ 71,932,644$ 138,892,305$
<br />79
|