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<br />Management Discussion and Analysis - Continued <br />May 4, 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 $14,142,102 (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 following: <br /> <br />. Completion of the 2004 Municipal Street, Hunter's Crossing II and Water Tower projects <br /> <br />Additional information on the City's capital assets can be found in Note 3C on page 29 - 30 of this report. <br /> <br />Capital Assets Net of Depreciation <br /> <br />Business-type Activities <br />Increase <br />2005 2004 ODecrease) <br /> <br />Governmental Activities <br />Increase <br />2005 2004 (Decrease) <br /> <br />Land <br />Buildings <br />Construction in progress <br />Infrastructure <br />Machinery and equipment <br /> <br />Total <br /> <br />Long-term debt. At the end of the current fiscal year, the City had total bonded debt outstanding of $6,052,750. While all of the <br />City's bonds have revenue streams, they are all backed by the full faith and credit of the City. This net increase in General <br />obligation bonds resulted from the prepayment of the GO Improvement Bonds, Series 1998 and the issuance of debt for the Joint <br />Police Station 2005A. <br /> <br />Outstanding Debt <br /> <br />30,479 <br /> <br />19,419 <br /> <br />11,060 <br /> <br /> Business-type Activities <br /> Increase <br /> 2005 2004 (Decrease) <br />$ $ $ <br /> 400,000 (400,000) <br /> 7,608 5,648 1,960 <br />$ 7,608 $ 405,648 $ (398,040) <br /> <br />Governmental Activities <br />Increase <br />2005 2004 (Decrease) <br /> <br />General obligation bonds <br /> <br />General obligation revenue bonds <br /> <br />Compensated absences payable <br /> <br />$ 6,052,750 <br /> <br />$ 5,710,000 <br /> <br />$ 342,750 <br /> <br />$ 6,083,229 <br /> <br />$ 5,729,419 <br /> <br />$ 353,810 <br /> <br />Total <br /> <br />Minnesota statutes limitthe amount of net general obligation debt a City may issue to 2 percent of the market value of taxable <br />property within the City. Net debt is debt payable solely from ad valorem taxes. The City currently has no debt applicable to this <br />limit. <br />Additional information on the City's long-term debt can be found in Note 3D on pages 31 - 32 of this report. <br /> <br />-x- <br />