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2002 Comprehensive Annual Financial Report
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2002 Comprehensive Annual Financial Report
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was taking place. The underspending of the expenditures has to do with certain capital <br />expenditures that did not take place in 2002, although the City plans that these projects will be <br />start in 2003. Part of these saving also can be attributed to the fact that the City budgets at full <br />staff and not all positions were filled in 2002. In all, this saving provides evidence that the <br />City's budget has been prepared on a conservative basis, and has provided adequate resources to <br />fund services provided. All cities have limited resources and, thus, limited number of programs <br />and services that can be provided. We are proud to say that we have done well in terms of <br />maintaining a solid, financially sound organization by spending within our means. <br />Capital Asset and Debt Administration <br />Capital assets. The City's investment in capital assets for its governmental and business type <br />activities at December 31, 2002 amounts to $246,809,669 (net of accumulated depreciatio )n . <br />This investment in capital assets includes land, buildings, roads, improvements, service lines, <br />automobiles and equipment, and street lights. A detailed notes of these cappital assets can be <br />found in the Notes to the General Purpose Financial Statements (Note IV C). <br />Major capital asset additions during the current fiscal year include the following: <br />- Several ppolice and other vehicles were acquired for the General Government at cost of <br />$1.8 mllion. <br />-Major renovation to the Palais Royale ballroom at a cost of $5.9 million. <br />- Various Park equipment and facilities upgrades at a cost of $570 thousand. <br />- Northwest water tower installation at $ l . l million. <br />Upgrade to Wastewater lagoon number one at $920 thousand <br />Debt Administration. At December 31, 2002, the City had a number of debt issues outstanding. <br />These issues included $2,085,000 of general obli ation bonds, $72,425,000 of revenue bonds <br />payable from governmental funds $58,242,109 0~ revenue bonds pa able from enterprise funds <br />and $1,453,247 of first mortgage ~ionds payable from governmental funds. Under the Indiana <br />Constitution and state statute, the City's general obligation bonded debt issuances are subject to a <br />legal limitation based upon 2% of total assessed value of real and personal property. Since <br />Indiana's assessment statutes call for an assessed valuation of one-third of cost less depreciation, <br />its general obligation debt limitation is one of the most conservative in the United States. <br />A detailed listing of this debt can be found in the Notes to the General Purpose Financial <br />Statements (Note IV G). A calculation of the City's legal debt limitation can be found in the <br />statistical section of this document. <br />Economic Factors and Next Year's Budgets and Rates <br />As noted earlier, property taxes are the City's largest source of revenue. Under current <br />legislation all Indiana cities must convert their assessed values from 33 %2 percent to 100 percent <br />or market values in 2003. Under this new method all properties are being re-assessed to reflect <br />the changes in values. Due to the current changes the City is anticipating that the 2003 tax <br />distributions will be less than in previous due to tie fact that the potential for more appeals will <br />be present. <br />A new Sewer rate will be enacted in early 2003. The overall revenue enhancement with this rate <br />increase will be 24 percent. These rates will be revised again in 2005 to assure that the <br />municipal sewer system has sufficient revenue. <br />One of the ma or capital pro ects in 2003 will be the renovation of the municipal service facility, <br />(MSF), for $2~.5 million. ~e MSF houses all of the Police and part of the Fire departments. <br />The renovation will convert this building into a. state of the art Police facility, while building a <br />new facility for the Fire department central station. <br />10 <br />
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