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Capital Asset and Debt Administration
<br /> Capital assets. The City's investment in capital assets for its governmental and business-type activities as of December 31,2014,
<br /> amounts to$22,658,749(net of accumulated depreciation). This investment in capital assets includes land,structures,improvements,
<br /> machinery and equipment,park facilities,roads,highways and bridges.
<br /> Major capital asset events during the current fiscal year included the following:
<br /> • Costs incurred for the 2013 street and utility project
<br /> • The Royal Meadows watermain improvement project was started in 2014
<br /> • The City made improvements to Old Mill Road and other road improvements
<br /> • Purchase of three vehicles for the Public Works Department
<br /> Additional information on the City's capital assets can be found in Note 313 starting on page 56 of this report.
<br /> City of Centerville's Capital Assets
<br /> (net of depreciation)
<br /> Governmental Activities Business-type Activities
<br /> Increase Increase
<br /> 2014 2013 (Decrease) 2014 2013 (Decrease)
<br /> Land $ 3,179,023 $ 3,337,023 $ (158,000) $ 200,655 $ 200,655 $ -
<br /> Construction inprogress 1,320,356 1,229,234 91,122 705,124 225,983 479,141
<br /> Buildings 860,402 897,692 (37,290) 356,730 365,010 (8,280)
<br /> Infrastructure 9,952,484 10,487,341 (534,857) 5,712,861 5,963,361 (250,500)
<br /> Machinery and equipment 304,072 268,924 35,148 67,042 97,128 (30,086)
<br /> Total $15,616,337 $16,220,214 _L_±03 877) $ 7,042,412 $ 6,852,137 $ 190,275
<br /> Street maintenance program.Beginning in 2012 the City began annually accumulating funds for a street maintenance program that
<br /> will consist of mill and overlay to each segment of street in the city,at approximately every twelve year intervals. The initial
<br /> construction program began in 2014 to be paid from funds accumulated in a revolving improvement account. A minimal special
<br /> assessment of around 5500 per residential lot will cover approximately 20 percent of the cost,which combined with the City levy
<br /> contribution each year,should sustain the program.Each year going forward,a similar project is anticipated.
<br /> Equipment funding. In 2012,the City Council approved as part of the budget,a capital replacement program for equipment and
<br /> other assets that have predictable replacement cycles. All major street equipment,building roofs,carpets and similar items will be
<br /> funded through an equipment replacement fund that will be sustained by an annual levy.Likewise,the enterprise funds have identified
<br /> equipment and other assets that need periodic upgrading and replacement. Sufficient retained earnings will be protected to allow these
<br /> repairs/replacements to be completed without incurring debt.
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