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Capital Assets
<br /> (net of depreciation)
<br /> June 30,2012 and 2011
<br /> Primary Government
<br /> Governmental Activities Business-type Activities Total
<br /> 2012 2011 2012 2011 2012 2011
<br /> Land and improvements $129,569,750 $107,682,068 $ 753,877 $ 753,877 $130,323,627 $108,435,945
<br /> Infrastructure assets 246,938,042 204,755,865 - - 246,938,042 204,755,865
<br /> Ground and site improvements - - 67,580 71,334 67,580 71,334
<br /> Buildings and improvements 455,481,924 387,259,565 329,730 354,345 455,811,654 387,613,910
<br /> Easements 3,232,428 1,649,304 - - 3,232,428 1,649,304
<br /> Equipment 50,089,791 52,130,844 15,967 13,642 50,105,758 52,144,486
<br /> Construction work in progress 31,937,409 83,196,457 - - 31,937,409 83,196,457
<br /> Total S 917,249,344 $836,674,103 $1,167,I54 $ 1,193,198 $918,416,498 $837,867,301
<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$281.8 million, State
<br /> Revolving Fund loans of$29.1 million and general obligation bond anticipation notes of$33.0
<br /> million. At the end of the current fiscal year,the County had total bonded debt outstanding of
<br /> $281.8 million. This entire amount was comprised of general obligation bonds which are backed
<br /> by the full faith and credit of the County.
<br /> The County's total bonded debt decreased by$19.8 million (6.6 percent)during the current fiscal
<br /> year due to regularly 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 $3.7 billion, which is in excess
<br /> of the County's outstanding general obligation debt. Currently the County's outstanding debt
<br /> represents 8 percent of our debt limitation.
<br /> At the end of the current fiscal year,the County also had notes payable to the U.S. Department of
<br /> Agriculture, Farmers Home Administration amounting to$0.9 million.
<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 9.2 percent,which
<br /> represents a slight decline from last year's rate for the same period of 9.5 percent.
<br /> • The number of visitors to the County for the current fiscal year was 1,371,073,which
<br /> represents a 4 percent increase from the previous year's count of 1,322,289. More
<br /> importantly, spending growth for this sector has been even stronger than the actual
<br /> arrivals.
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