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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 $22,658,749 (net of accumulated depreciation). This investment in capital assets includes land, structures, improvements,
<br />machinery and equipment, park facilities, roads, highways and bridges.
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<br />Major capital asset events during the current fiscal year included the following:
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<br />Costs incurred for the 2013 street and utility project
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<br />The Royal Meadows watermain improvement project was started in 2014
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<br />The City made improvements to Old Mill Road and other road improvements
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<br />Purchase of three vehicles for the Public Works Department
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<br />Additional information on the City’s capital assets can be found in Note 3B starting on page 56 of this report.
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<br />City of Centerville’s Capital Assets
<br />(net of depreciation)
<br />Governmental ActivitiesBusiness-type Activities
<br />IncreaseIncrease
<br />20142013(Decrease)20142013(Decrease)
<br />Land$ 3,179,023$ 3,337,023$ (158,000) $ 200,655$ 200,655$ -
<br />Construction in progress 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$ (603,877) $ 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 $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.
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<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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