Agenda Packets - 2025/05/11 - Laserfiche WebLink

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NOTE 5—CAPITAL ASSETS (CONTINUED) C. Depreciation Expense by Function Depreciation expense was charged to functions/programs of the City as follows: Governmental activities General government $ 200,259 Public safety 163,850 Streets and highways 1,996,184 Culture and recreation 588,641 Total depreciation expense—governmental activities $ 2,948,934 Business-type activities Water $ 337,002 Sewer 152,148 Storm water 28,514 Total depreciation expense—business-type activities $ 517,664 The City's commitment for uncompleted work on December 31, 2025,is $1,232,101. NOTE 6—LONG-TERM LIABILITIES A. General Obligation Bonds Payable The City currently has the following general obligation bonds payable outstanding: Maturity Balance— Original Issue Interest Rate Date End of Year Governmental activities 2017 General Obligation Capital Improvement Plan Bonds $ 6,000,000 2.7-3.5% 2038 $ 4,270,000 Business-type activities 2020A G.O.Water Revenue Bonds $ 5,830,000 1.0-2.0% 2036 4,430,000 Total bonds $ 8,700,000 These bonds were issued to finance the acquisition and construction of major capital facilities and firefighting equipment. All bonds are backed by the full faith and credit of the City. Assets of the debt service fund, together with scheduled future ad valorem tax levies, are dedicated for the retirement of governmental activities bonds. Revenues of the Water Fund have been pledged to finance the payment for the outstanding business-type activity bonds. B. Revenue Pledged Future revenue pledged for the payment of water revenue bonds is as follows: Revenue Pledged Current Year Percent of Remaining Principal Pledged Use of Total Term of Principal and Interest Revenue Debt Issue Proceeds Type Debt Service Pledge and Interest Paid Received Water Revenue Bonds of 2020A Utility improvements Utility charges 100% 2020-2036 $ 4,748,175 $ 431,206 $ 1,672,709 -46-