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GENERAL FUND BUDGETARY HIGHLIGHTS
<br />General Fund revenues exceeded the budgeted amount by $1,170,770, primarily as a result of higher than
<br />expected franchise taxes, intergovernmental, investment earnings, and miscellaneous sources. Conservative
<br />budgeting for these less predictable sources contributed to the favorable variance.
<br />Total expenditures were $49,192, or 0.6 percent, under the amount approved in the final budget. Actual
<br />spending for general government purposes was more than offset by underspending for public safety.
<br />Difficulty filling open positions and insurance savings accounted for the variance in police spending.
<br />CAPITAL ASSETS AND LONG-TERM DEBT
<br />Capital Assets — The City's investment in capital assets for its governmental and business -type activities
<br />as of December 31, 2023 was $53,594,644 (net of accumulated depreciation). This investment in capital
<br />assets includes land, construction in progress, buildings, infrastructure, and equipment.
<br />Table 3
<br />Capital Assets
<br />Governmental Activities
<br />Business -Type
<br />Activities
<br />Total
<br />2023
<br />2022
<br />2023
<br />2022
<br />2023
<br />2022
<br />Capital assets
<br />Land
<br />$ 775,377
<br />$ 775,377
<br />$ 563,579
<br />$ 563,579
<br />$ 1,338,956 $
<br />1,338,956
<br />Construction in progress
<br />4,562,379
<br />2,506,934
<br />7,987,811
<br />6,707,373
<br />12,550,190
<br />9,214,307
<br />Buildings
<br />18,435,519
<br />18,378,186
<br />4,845,700
<br />4,845,700
<br />23,281,219
<br />23,223,886
<br />Infrastructure
<br />42,853,363
<br />42,671,198
<br />12,720,092
<br />12,694,642
<br />55,573,455
<br />55,365,840
<br />Equipment
<br />8,530,407
<br />8,469,477
<br />2,901,820
<br />2,781,940
<br />11,432,227
<br />11,251,417
<br />Total capital assets
<br />75,157,045
<br />72,801,172
<br />29,019,002
<br />27,593,234
<br />104,176,047
<br />100,394,406
<br />Less accumulated
<br />depreciation
<br />(35,204,631)
<br />(32,567,646)
<br />(15,376,772)
<br />(15,065,467)
<br />(50,581,403)
<br />(47,633,113)
<br />Total capital assets,
<br />net of depreciation
<br />$ 39,952,414
<br />$ 40,233,526
<br />$ 13,642,230
<br />$ 12,527,767
<br />$ 53,594,644 $
<br />52,761,293
<br />Major capital assets events during the current year included the following:
<br />• Street project and related utility improvements.
<br />• City park and shelter improvements.
<br />• Water meter replacement project.
<br />• Water treatment plants and booster station rehabilitation.
<br />• Sewer lining improvements.
<br />Additional information on the City's capital assets can be found in Note 5 to the basic financial statements.
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