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Capital Assets and Debt Administration
<br /> Capital assets. The Utilities' investment in capital assets for its business-type activities as of December 31,2014 amounts to
<br /> $48,254,028(net of accumulated depreciation). This investment in capital assets includes land,buildings,improvements and
<br /> equipment. A table summarizing the balances by fund follows:
<br /> Increase
<br /> 2014 2013 (Decrease)
<br /> Land $ 361,303 $ 360,952 $ 351
<br /> Land improvements 8,936 13,846 (4,910)
<br /> Buildings 2,096,195 2,221,552 (125,357)
<br /> Machinery and equipment 1,582,080 1,238,555 343,525
<br /> Infrastructure 43,389,804 42,779,585 610,219
<br /> Construction in progress 815,710 2,265,169 (1,449,459)
<br /> Total $ 48,254,028 $ 48,879,659 $ (625,631)
<br /> The total decrease in the Utilities'investment in capital assets for the current fiscal year was 1.3 percent.
<br /> Major capital asset events during the current fiscal year included the following:
<br /> • The Electric Department upgraded several feeders and began work on the installation of a new feeder,and the Water
<br /> Department completed two water main projects.
<br /> • New accounting software was implemented in 2014 and fully depreciated inactive assets were not brought over. This
<br /> resulted in a decrease in both assets and accumulated depreciation,as well as net assets.
<br /> Additional information on the Utilities'capital assets can be found in Note 2B starting on page 33 of this report.
<br /> Long-term debt. At year end,the Utilities had$8,460,327 in long-term debt down from$9,974,484 in fiscal 2013. The Utilities
<br /> prepaid the 2006 bonds to reduce debt balances.More detailed information about the Utilities' long-term liabilities can be found in
<br /> Note 2C starting on page 34 and below:
<br /> Increase
<br /> 2014 2013 (Decrease)
<br /> G.O.revenue bonds $ 2,835,000 $ 3,430,000 $ (595,000)
<br /> Revenue bonds 3,585,000 4,340,000 (755,000)
<br /> Unamortized premium on bonds 83,233 37,478 45,755
<br /> Promissory note 1,599,876 1,789,224 (189,348)
<br /> Compensated absences payable 302,286 332,740 (30,454)
<br /> OPEB liability 54,932 45,042 9,890
<br /> Total $ 8,460,327 $ 9,974,484 $ (1,514,157)
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