Town of Phippsburg 2012 Annual Report

TOWN OF PHIPPSBURG
mit), and Road Capital - $192,437 ($5,151 was used for culvert liners on Clifford Road, $6,117
was used for culvert liners on Fiddlers Reach Road, $12,936 was used for Parker Head Road
surveys and engineering plans, $5,937 was used for drainage construction on Sea Street).
Capital Asset Depreciation
Capital assets are depreciated (Audit Note C) according to the following schedule: Buildings
- 20 to 50 years, Machinery and Equipment - 5 to 10 years, Improvements - 10 to 20 years,
Other Infrastructure - 10 to 50 years. The accumulated depreciation expense totaled $4,378,745
(last year it was $4,066,810).
Assets
Major assets (value over $2,000) added this year includes:
Police Department – Vehicle (Police Interceptor) and Equipment ($44,371).
Town Hall Building– Shingles, Siding, Windows, Painting, Carpeting, Tiles ($73,512)
and Basement Rebuild due to mold ($16,116).
Town Administration – Computer Server ($5,000).
Fire Department – Jaws of Life ($27,240).
Totman Library – 6 Laptops ($7,200), 3 Desktop Computers ($2,700), Books and Videos
($9,000).
Town Landings – Paving Alliquippa Landing ($4,895), Paving Parker Head Landing
($9,510), Rebuild of Cat Cove Landing ($4,092), Acre Lot Wharf Plans ($3,500).
Roads – Kenyon Road Paving ($30,767), Meadowbrook Road Paving ($48,665), Alliquippa
Road Paving ($30,505), Sam Day Hill Road Paving ($75,639), Parker Head
Road Rebuild ($12,936), Sea Street Basin & Culverts ($5,937), Clifford Road Culvert
Linings ($5,152), Fiddlers Reach Road Culvert Linings ($6,118), Blacks Landing Road
Paving ($36,462).
No assets with a depreciated value of over $2,000 were disposed of.
Long-Term Debt
At the end of this year the Town had a total long-term debt (Audit Note D) of $565,426
($525,000 principal and $40,426 interest) for the following projects: Town Hall repairs
($135,000), rebuilding sections of Parker Head and Basin Roads ($325,000), computer upgrades
($5,000), paving the Totman Library parking lot ($15,000), purchase of a new police
vehicle to replace the Crown Victoria ($37,000), rebuilding the recycling pad at the town parking
lot ($8,000). This debt will be paid in full in FY 2019. All debt is backed by the full faith
and credit of the Town.
The Town does not have a rating from Moody’s for its general obligation debt.
State statute limits the amount of general obligation debt a municipality may issue to 15% of its
total State assessed valuation. The current debt limitation for the Town is $91,372,500 (last
year it was $93,067,500) far exceeding the Town’s outstanding general obligation debt of
$565,426.
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