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FINANCIAL ANALYSIS OF THE CITY'S FUNDS (CONTINUED)
<br />The Enterprise Funds consist of the Water Utility Fund, Sewer Utility Fund, Street Light Utility Fund, Recycling
<br />Utility Fund, and Storm Water Utility Fund.
<br />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, 2024 are as follows:
<br />Governmental Business -Type
<br />Activities Activities
<br />Totals
<br />2024 2023 2024 2023 2024 2023
<br />Capital Assets- Not Depreciated S 19,744,715 $ 18,176,090 S 23,943,526 $ 9,717,921 $ 43,688,241 $ 27,894,011
<br />Capital Assets - Depreciated
<br />91,451,714 79,668,013 73,877,561 63,637,230 165,329,275 143,305,243
<br />Total capital assets, net of depreciation S 111,196,429 $ 97,844,103 S 97,821,087 $ 73,355,151 $ 209,017,516 $ 171,199,254
<br />Depreciation expense
<br />S 5,844,465 $ 4,809,070 S 2,265,148 $ 1,983,473 $ 8,109,613 $ 6,792,543
<br />The City's investment in capital assets for its governmental and business -type activities as of December 31, 2024
<br />amounts to approximately $209 million (net of accumulated depreciation).
<br />The governmental activities show a net increase of $13,352,326 in capital assets attributable to the construction
<br />and reconstruction of City streets. Business -type activities show a net increase of $24,465,936 in capital assets.
<br />The increase is attributable to the construction of a water treatment plant and its respective trunk watermain
<br />improvements. 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 $878,907 restricted for debt service.
<br />The following table summarizes the City's long-term liabilities:
<br />2024 2023
<br />Clove -rumen tal A ctivitics
<br />G.O. improvement bonds $ 36,740,000 $ 39,480,000
<br />Capital equipment certificates 1,295,000 1,495,000
<br />Unarn rt ivPd bond premiums 1,915,176 2,099,612
<br />Arbitrage; liability - 166,156
<br />Corrrl-rernsated absences payable 1,270,328 1,197,478
<br />Nct pension liability 5,448,91 5 7,103,501
<br />Total OP1313 liability 1,379,460 794,822
<br />Subtotal 48,048,879 52,336,569
<br />Business -type Activities
<br />Net pension liability
<br />Total
<br />370,664 520,046
<br />$ 48,419,543 $ 52,856,615
<br />During the culTent fiscal year, the City saw a decrease of $2,940,000 in bonds and certificates. Arbitrage liability
<br />on the 2022A bond issue was paid off in 2024. Compensated absences liability increased by $72,850. Net
<br />pension liability saw a decrease of $1,803,968 to reflect the change in the City's proportionate share of the state-
<br />wide PERA pension plan obligations. Other Post -Employment Benefits (OPEB) increased $584,638 due to
<br />experience losses, primarily due to the addition of new disabled retirees, as actuarially determined with the
<br />parameters of GASB Statement No. 75.
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