|
Management Discussion & Analysis
<br /> Major Capital Asset Project Spending in 2011
<br /> Buildings
<br /> Morris Civic Center Renovations 506,935 New project
<br /> Animal Shelter for code enforcement 647,711 New project
<br /> Polawalomi Conservatory 163,918 New project
<br /> Improvements
<br /> Northside Trail 513,515 New project
<br /> Edison/Gordon Turn Lane 78,400 New project
<br /> Main/Jefferson Slreelscape Improvements 66,294 New project
<br /> Diamond Avenue Storm Sewer 3,983,387 Continued project
<br /> East Bank Sewer Separation 2,554,488 Continued project
<br /> Ironwood/Aulen Water Main 22,849 New project
<br /> M&E Ewing Avenue improvements 412,597 Continued project
<br /> Digester upgrade 486,360 New project
<br /> Michigan St Lift Station Replacement 79,863 New project
<br /> Wastewater Blowers to and 1B Replacement 330,940 Continued project
<br /> Roads
<br /> Portage Avenue improvements 1,138,752 Continued project
<br /> Colter Street Construction 571,899 New project
<br /> Western&Walnut Intersection 818,877 Continued project
<br /> Mayflower Boulevard Construction 2,002,336 New project
<br /> Capital Assets Analysis
<br /> Government wide capital assets, net of accumulated depreciation as of December 31, 2011 of
<br /> $503,970,453 increased by$14,816,809 or 3.0%when compared to the level as of December 31,
<br /> 2010. Construction in progress capital assets decreased by $40,071,107, whereas, capitalized
<br /> assets in land, buildings, improvements, machinery and equipment, and roads, net of
<br /> depreciation, increased by$54,887,916, when compared to December 31, 2010.
<br /> Several major capital projects were completed in fiscal 2011, as identified in the chart above, and
<br /> included capital investments in buildings, improvements, machinery & equipment and roads.
<br /> At December 31, 2011, the cost of Roads ($380,500,515) was the major asset class followed by
<br /> Buildings ($205,160,276)and Non-Building Improvements ($203,339,544).
<br /> Total depreciation expense for 2011 was$22,509,969 as compared to$19,365,078 for 2010.
<br /> Additional information on capital assets can be found in the notes to the financial statements in
<br /> statement note I.D.6, capital asset capitalization policy, statement note III.C, capital asset activity,
<br /> and statement note III.D, construction commitments.
<br /> Debt Administration
<br /> Outstanding debt principal as of December 31, 2011 was $239,076,065, an increase of
<br /> $3,898,754 or 1.7%. City outstanding debt includes revenue bonds, mortgage bonds, notes &
<br /> loans payable and capital leases.
<br /> Type Beginning Additions Retirements Ending
<br /> Revenue bonds 184,165,000 59,807,431 53,845,000 190,127,431
<br /> Mortgage bonds 21,835,000 - 1,450,000 20,385,000
<br /> Notes&loans 23,078,568 647,505 3,751,830 19,974,243
<br /> Capital leases 6,098,743 4,057,635 1,567,987 8,588,391
<br /> Total Debt 235,177,311 64,512,571 60,614,817 239,075,065
<br /> 32
<br />
|