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At June 30, 2011, the City’s business-type activities had $39.5 million ($35.7 million net of depreciation) invested<br />
in capital assets, primarily utility infrastructure. The increase of $2.9 million over FY 2009-10 is primarily<br />
attributed to the increase in infrastructure. Table 4 presents the City’s capital assets by asset type.<br />
Table 4<br />
Capital Assets at Year End<br />
(Net of Depreciation)<br />
For the Year Ended June 30, 2011<br />
Governmental<br />
Activities<br />
Business-type<br />
Activities<br />
Land $ 308,409,790 $ 1,237,459<br />
Buildings and improvements 74,917,485 -<br />
Machinery and equipment 1,890,494 -<br />
Vehicles 2,263,849 -<br />
Construction in progress 50,309,666 283,653<br />
Infrastructure 391,948,877 34,213,160<br />
Total $ 829,740,161 $ 35,734,272<br />
Additional information on the City’s capital assets can be found in Note 5 to the basic financial statements.<br />
Long-Term Debt<br />
At year-end, the City’s governmental activities had $110.4 million in bonds, certificates of participation, notes<br />
and accrued interest, leases and compensated absences, versus $113.9 million last year, a decrease of $3.5 million,<br />
or 3.1%. The decrease was the result of normal maturity on existing debt.<br />
At June 30, 2011, the City’s business-type activities had $29.5 million in bonds, capital leases and compensated<br />
absences versus $30.1 million last year, a decrease of $0.6 million. The decrease was the result of normal<br />
maturity on existing debt. The City was able to meet its current debt obligations in a timely manner. The City<br />
has an active Debt Management Committee and a City Council-approved Debt Management Policy. Table 5<br />
provides the total long-term debt by category.<br />
Table 5<br />
Outstanding Debt at Year End<br />
For the Year Ended June 30, 2011<br />
Governmental<br />
Activities<br />
Business-type<br />
Activities<br />
Special tax bonds $ 13,655,000 $ -<br />
Certificates of participation 7,615,500 -<br />
Lease revenue bonds 39,660,000 29,495,429<br />
Tax allocation bonds 42,475,000 -<br />
Notes (plus accrued interest) 1,736,067 -<br />
Capital leases - 2,482<br />
Compensated absences 5,214,212 14,284<br />
Total $ 110,355,779 $ 29,512,195<br />
Additional information on the City’s long-term debt can be found in Note 6 to the basic financial statements.<br />
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