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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 equipment, park facilities. roads, highways and bridges.
<br />
<br />Major capital asset events during the current fiscal year included the follmving:
<br />
<br />. Constmcrion in process totaled approximately $2 million.
<br />
<br />Additional infonnation on the City's capital assets can be found in Note 3C on pages 32 - 33 of this report.
<br />
<br />bnd
<br />Construction work
<br />in process
<br />Buildings and struclures
<br />Infra-;tructureand
<br />
<br />$
<br />
<br /> Capital Assets Net of Depreciation
<br /> Governmental Acti....--itics Business-type Activities
<br /> Increase Increase
<br />2005 2004 (Decrease) 2005 2004 (Decrease)
<br />2,435,238 $ 2,957,031 S (52],793) $ I $
<br />936,552 2,587,399 (1.650,847) U07,842 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 ]85,364 (4.135) 187,593 217,332 (29,739)
<br />4,383 5,156 (773) 151 (151)
<br />129,099 155,026 (25,927) 107,823 25,074 82,749
<br />12,250.386 $ 12,058,152 $ 192.234 $ 10,393,723 $ 9,444,977 $ 948,746
<br />
<br />m,proyemenlS
<br />Machinery and equipment
<br />Office furniture and
<br />. eqUlpmenl
<br />Vehicles
<br />
<br />Total
<br />
<br />$
<br />
<br />Long-term debt. At the end of the current tlscal year, the City had total bonded debt outstanding of $2,395,000, all of which is
<br />tax increment revenue debt. While all of the City's bonds have revenue streams, they are all backed by the full faith and credit of
<br />Ibe City.
<br />
<br /> Outstanding Debt
<br /> Governmental Activities Business-type Activities
<br /> Incrcas.e Increase
<br /> 2005 2004 (DccH~ase ) 2005 2004 (Decrease)
<br />Compensated absences $ 83,353 $ 93.157 S (9,804) S 60,130 I 52,8]2 $ 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,]30 $ 52,812 $ 7,318
<br />
<br />During the prior fiscal year, the City refinanced some of its existing debt to take advantage of favorable interest rates.
<br />
<br />The City maintains a "A.1\." rating from Standard & Poor's and Fitch and a "Aa" rating from Moody's for general obligation debt
<br />The revenue bonds of [he Water and Sewer Authority have been rated "A" by all three of these rating agencies.
<br />
<br />Additional information on the City's long-tenn debt can be found in Note 3E on pages 35 oftlris report.
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