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<br />Management Discussion and Analysis - Continued
<br />April 14,2006
<br />
<br />. Capital Asset and Debt Administration
<br />
<br />Capital Assets. The City's investment in capital assets for its governmental and business type activities as of
<br />December 31,2005, amounts to $22,644,109 (net of accumulated depreciation), This investment in capital assets includes land,
<br />structures, improvements, machinery and equipmeut, park facilities, roads, highways and bridges,
<br />
<br />Major capital asset eveuts during the current fiscal year included the following:
<br />
<br />. Construction in process totaled approxilnately $2 million,
<br />
<br />Additional informatiou on the City's capital assets cau be found in Note 3C on pages 32 - 33 of this report,
<br />
<br />Land
<br />Construction work
<br />in process
<br />Buildings and structures
<br />Infrastructure and
<br />improvements
<br />Machinery and equipment
<br />Office furniture and
<br />equipment
<br />Vehicles
<br />
<br />$
<br />
<br /> Capital Assets Net of Depreciation
<br /> Governmental Activities Business-type Activities
<br /> Increase Increase
<br />2005 2004 (Decrease:) 2005 2004 (Decrease)
<br />2,435,238 $ 2,957,03t $ (52\,793) $ $ S
<br />936,552 2,587,399 (1,650,847) 1,107,842 1,046,429 61,413
<br />5,271 ,254 5,090,872 180,382 1,859 2,068 (209)
<br />3,292,631 1,077,304 2,215,327 8,988,606 8,153,923 834,683
<br />181,229 185,364 (4,135) ]87,593 217,332 (29,739)
<br />4.383 5,156 (773) 151 (]5])
<br />]29,099 155,026 (25,927) 107,823 25,074 82,749
<br />12,250,386 $ 12,058,152 $ 192,234 $ 10,393,723 S 9,444,977 $ 948,746
<br />
<br />.
<br />
<br />Total
<br />
<br />$
<br />
<br />Long-term debt. At the end of the current fiscal year, the City had total bonded debt outstanding of $2,395,000, all of which is
<br />lax increment revenue debt While all ofthe City's bonds have revenue streams, they are all backed by the full faith and credit of
<br />the City,
<br />
<br /> Outstanding Debt
<br /> Governmental Activities Business-type Activities
<br /> 1ncrease Increase:
<br /> 2005 2004 (Decrease) 2005 2004 (Decrease)
<br />Compensated absences $ 83,353 $ 93,157 S (9,804) $ 60,130 $ 52,812 S 7,318
<br />Bonds Payable 2,395,000 4,940,000 (2,545,000)
<br />Total $ 2,478,353 $ 5,033,157 $ (2,554,804) $ 60,130 $ 52,812 S 7,318
<br />
<br />During the prior fiscal year, the City refmanced some of its existing debt to take advantage of favorable interest rates.
<br />
<br />The City maintains a "AA" rating from Standard & Poor's and Fitch and a "Aa" rating from Moody's for general obligation debt
<br />The revenue bonds ofthe Water and Sewer Authority have been rated "A" by all three of these rating agencies,
<br />
<br />Additional informatiou on the City's long-term debt cau be fonnd in Note 3E on pages 35 of this report,
<br />
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