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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, 2015,
<br />amounts to $21,558,039 (net of accumulated depreciation). This investment in capital assets includes land, structures, improvements,
<br />machinery and equipment, park facilities, roads, highways and bridges.
<br />Major capital asset events during the current fiscal year included the following:
<br />The 2013 street and utility project was completed.
<br />• The Royal Meadows watermain improvement project was completed.
<br />The City made improvements to the Thin Bituminous Overlay and other road improvements
<br />Additional information on the City's capital assets can be found in Note 3B starting on page 57 of this report.
<br />City of Centerville's Capital Assets
<br />(net of depreciation)
<br />Governmental Activities Business -type Activities
<br />Increase Increase
<br />2015 2014 (Decrease) 2015 2014 (Decrease)
<br />Land
<br />$ 3,157,823
<br />$ 3,179,023
<br />$ (21,200)
<br />$ 200,655
<br />$ 200,655
<br />$ -
<br />Construction in progress
<br />-
<br />1,320,356
<br />(1,320,356)
<br />-
<br />705,124
<br />(705,124)
<br />Buildings
<br />823,112
<br />860,402
<br />(37,290)
<br />348,450
<br />356,730
<br />(8,280)
<br />Infrastructure
<br />10,635,735
<br />9,952,484
<br />683,251
<br />6,127,023
<br />5,712,861
<br />414,162
<br />Machinery and equipment
<br />228,285
<br />304,072
<br />(75,787)
<br />36,956
<br />67,042
<br />(30,086)
<br />Total $14,844,955 $15,616,337 $ (771,382) $ 6,713,084 $ 7,042,412 $ (329,328)
<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 $500 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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