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Capital Assets
<br />(net of depreciation)
<br />June 30, 2013 and 2012
<br />Primary Government
<br />Governmental Activities Business -type Activities Total
<br />Additional information on the County's capital assets can be found in note 6 to the basic financial
<br />statements.
<br />Long-term debt. Long-term debt is primarily comprised of bonds of $313.3 million and State
<br />Revolving Fund loans of $20.9 million. At the end of the current fiscal year, the County had total
<br />bonded debt outstanding of $313.3 million. This entire amount was comprised of general
<br />obligation bonds which are backed by the full faith and credit of the County.
<br />The County's total bonded debt increased by $31.5 million (11.2 percent) during the current fiscal
<br />year due to the issuance of new bonds totaling $50.5 million, which were offset by regularly
<br />scheduled principal payments.
<br />At the end of the fiscal year, the County maintained its "AA-" rating from Standard & Poor's and
<br />Fitch and "Aa2" rating from Moody's for general obligation debt.
<br />State statutes limit the amount of general obligation debt the County may issue up to 15 percent
<br />of the total assessed value of all county real property as established for tax purposes on the last
<br />tax assessment rolls. The current debt limitation for the County is $3.5 billion, which is in excess
<br />of the County's outstanding general obligation debt. Currently the County's outstanding debt
<br />represents 9 percent of our debt limitation.
<br />Additional information on the County's long-term debt can be found in note 10 to the basic
<br />financial statements.
<br />ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
<br />The unemployment rate for the County for the current fiscal year is at 8.3 percent, which
<br />represents almost a full percent decline from last year's rate for the same period of 9.2
<br />percent.
<br />• The number of visitors to the County for the current fiscal year was approximately 1.5
<br />million, which represents an approximately 7 percent increase from the previous year's
<br />count of 1.4 million. More importantly, visitors have been increasing their spending
<br />almost constantly since the beginning of 2010 and the spending growth for this sector has
<br />been even stronger than the actual arrivals.
<br />• Astronomy continues to be a major factor in the success of the County's economy with
<br />an estimated nearly 500 new jobs opening up through 2023 to meet the needs of the
<br />-24-
<br />2013
<br />2012
<br />2013
<br />2012
<br />2013
<br />2012
<br />Land and improvements
<br />$ 163,565,168
<br />$ 129,569,750
<br />$ 753,877
<br />$ 753,877
<br />$ 164,319,045
<br />$ 130,323,627
<br />Infrastructure assets
<br />274,969,315
<br />246,938,042
<br />-
<br />-
<br />274,969,315
<br />246,938,042
<br />Ground and site improvements
<br />-
<br />-
<br />75,280
<br />67,580
<br />755280
<br />67,584
<br />Buildings and improvements
<br />476,759,437
<br />455,481,924
<br />754,675
<br />329,730
<br />477,514,112
<br />455,811,654
<br />Easements
<br />3,500,794
<br />3232,428
<br />-
<br />-
<br />3,500,794
<br />3,232,428
<br />Equipment
<br />48,585,309
<br />50,089,791
<br />28,056
<br />157967
<br />487613,365
<br />50,105,758
<br />Construction work in progress
<br />42,477,332
<br />31,937,409
<br />-
<br />-
<br />42,4771IP332
<br />31,937,409
<br />Total
<br />$1,0491.1857,355
<br />$ 917,2491)344
<br />$ 1,611,888
<br />$ 1,167,154
<br />$1,011,469,243
<br />$ 918,4161>498
<br />Additional information on the County's capital assets can be found in note 6 to the basic financial
<br />statements.
<br />Long-term debt. Long-term debt is primarily comprised of bonds of $313.3 million and State
<br />Revolving Fund loans of $20.9 million. At the end of the current fiscal year, the County had total
<br />bonded debt outstanding of $313.3 million. This entire amount was comprised of general
<br />obligation bonds which are backed by the full faith and credit of the County.
<br />The County's total bonded debt increased by $31.5 million (11.2 percent) during the current fiscal
<br />year due to the issuance of new bonds totaling $50.5 million, which were offset by regularly
<br />scheduled principal payments.
<br />At the end of the fiscal year, the County maintained its "AA-" rating from Standard & Poor's and
<br />Fitch and "Aa2" rating from Moody's for general obligation debt.
<br />State statutes limit the amount of general obligation debt the County may issue up to 15 percent
<br />of the total assessed value of all county real property as established for tax purposes on the last
<br />tax assessment rolls. The current debt limitation for the County is $3.5 billion, which is in excess
<br />of the County's outstanding general obligation debt. Currently the County's outstanding debt
<br />represents 9 percent of our debt limitation.
<br />Additional information on the County's long-term debt can be found in note 10 to the basic
<br />financial statements.
<br />ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
<br />The unemployment rate for the County for the current fiscal year is at 8.3 percent, which
<br />represents almost a full percent decline from last year's rate for the same period of 9.2
<br />percent.
<br />• The number of visitors to the County for the current fiscal year was approximately 1.5
<br />million, which represents an approximately 7 percent increase from the previous year's
<br />count of 1.4 million. More importantly, visitors have been increasing their spending
<br />almost constantly since the beginning of 2010 and the spending growth for this sector has
<br />been even stronger than the actual arrivals.
<br />• Astronomy continues to be a major factor in the success of the County's economy with
<br />an estimated nearly 500 new jobs opening up through 2023 to meet the needs of the
<br />-24-
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