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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, 2016,
<br />amounts to $20,403,032 (net of accumulated depreciation). This investment in capital assets includes land, structures, improvements,
<br />machinery and equipment, park facilities, roads, highways and bridges.
<br />Additional information on the City's capital assets can be found in Note 3B starting on page 57 of this report.
<br />City of Centerville's Capital Assets
<br />(net of depreciation)
<br />2016
<br />Governmental Activities
<br />2015
<br />Increase
<br />(Decrease)
<br />2016
<br />Business -type Activities
<br />Increase
<br />2015
<br />(Decrease)
<br />Land
<br />$ 3,128,823
<br />$ 3,157,823
<br />$ (29,000)
<br />$ 200,655
<br />$ 200,655
<br />$ -
<br />Construction in progress
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />Buildings
<br />787,966
<br />823,112
<br />(35,146)
<br />340,170
<br />348,450
<br />(8,280)
<br />Infrastructure
<br />9,935,037
<br />10,635,736
<br />(700,699)
<br />5,797,476
<br />6,127,022
<br />(329,546)
<br />Machinery and equipment
<br />188,308
<br />228,284
<br />(39,976)
<br />24,597
<br />36,957
<br />(12,360)
<br />Total
<br />$14,040,134
<br />$14,844,955
<br />$ (804,821)
<br />$ 6,362,898
<br />$ 6,713,084
<br />$ (350,186)
<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 other
<br />assets that have predictable replacement cycles. All major street equipment, building roofs, carpets and similar items will be funded
<br />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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