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CAPITAL ASSETS
<br /> The Utilities' investment in capital assets for its business-type activities as of December 31,2013 amounts to$48,879,659(net of
<br /> accumulated depreciation). This investment in capital assets includes land,buildings, improvements and equipment. A table
<br /> summarizing the balances by fund follows:
<br /> Increase
<br /> 2013 2012 (Decrease)
<br /> Land $ 360,952 $ 321,637 $ 39,315
<br /> Land improvements 13,846 16,372 (2,526)
<br /> Buildings 2,221,552 2,212,880 8,672
<br /> Machinery and equipment 1,238,555 1,143,015 95,540
<br /> Infrastructure 42,779,585 43,802,050 (1,022,465)
<br /> Construction in progress 2,265,169 285,001 1,980,168
<br /> Total $ 48,879,659 $ 47,780,955 $ 1,098,704
<br /> The total increase in the Utilities' investment in capital assets for the current fiscal year was 2.3 percent.
<br /> Major capital asset events during the current fiscal year included the following:
<br /> • The Electric Department upgraded the transformer at the North Substation,and the Water Department sandblasted and
<br /> repainted the Freeport Water Tower.
<br /> • The increase in capital projects completed resulted in$2.2 million assets being added,and an additional$2.2 million in
<br /> projects carried over to the next fiscal year as Construction in Progress.
<br /> • Accumulated depreciation for the year increased$3 million from prior year's asset additions.
<br /> Additional information on the Utilities' capital assets can be found in Note 2B starting on page 38 of this report.
<br /> LONG-TERM DEBT
<br /> At year end,the Utilities had$9,974,484 in long-term debt down from$11,457,123 in fiscal 2012. The Utilities prepaid the 2004A
<br /> bonds to reduce debt balances. More detailed information about the Utilities' long-term liabilities is presented in the Notes to the
<br /> Financial Statements starting on page 40 and below:
<br /> Increase
<br /> 2013 2012 (Decrease)
<br /> G.O.revenue bonds $ 3,430,000 $ 4,015,000 $ (585,000)
<br /> Revenue bonds 4,340,000 5,085,000 (745,000)
<br /> Unamortized premium on bonds 37,478 41,567 (4,089)
<br /> Promissory note 1,789,224 1,975,812 (186,588)
<br /> Compensated absences payable 332,740 299,384 33,356
<br /> OPEB liability 45,042 40,360 4,682
<br /> Total $ 9,974,484 $ 11,457,123 $ (1,482,639)
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