2019 Comprehensive Annual Financial Report (CAFR)

Capital Asset and Debt Administration A. Capital Assets

The City’s investment in capital assets including intangible assets for both its governmental and business-type activities as of June 30, 2019, amounts to $1,538,741,450 (net of accumulated depreciation/amortization). These assets include buildings, roads and bridges, land, machinery and equipment, park facilities, vehicles and intangible assets such as easements, software and licenses and water rights among other types of assets. This investment represents an increase of $158,084,292 or 11.5% over the prior year.

Table C-1 Capital Assets (Net of Depreciation/Amortization - in thousands of dollars)

Governmental

Business-Type

Activities

Activities

Total

2019

2018

2019

2018

2019

2018

Land

$ 101,581 $ 99,422 $ 62,151 $ 53,330 $ 163,732 $ 152,752

Construction in Progress Intangible Assets - Easements

15,621

13,420

178,863 25,049 229,552 24,676

117,478 23,931 166,144 25,370

194,484 25,049 331,281 47,135

130,898 23,931 267,365 49,185

Buildings

101,729 22,459

101,221 23,815

Land Improvements

Improvements other than Buildings Furniture, Fixtures, Machinery and Equipment

82

85

4,052

4,280

4,134

4,365

59,938 186,963

57,250 179,020

52,807 397,470 75,735

37,432 401,942 76,477

112,745 584,433 75,748

94,682 580,962 76,517

Infrastructure

Intangible Assets

13

40

Total Capital Assets

$ 488,386 $ 474,273 $ 1,050,355 $ 906,384 $ 1,538,741 $ 1,380,657

This year’s major capital asset additions included:  Business Activities asset net additions totaled over $107 million, with nearly all of the increase due to new construction in progress for utility system improvements and the Steven Tanger Center for the Performing Arts. Developers also donated approximately $762 thousand of the additional water and sewer infrastructure line improvements.  General government additions were mainly furniture, fixtures, machinery and equipment at $18.7 million and right-of-ways, sidewalks, and streets at $13.1 million, some of which are bond funded. Construction in progress for governmental-type and business-type capital assets totaled $15,620,930 and $178,863,571 respectively as of June 30, 2019 compared to $13,419,839 and $117,478,293 last year. The City adopted the FY 2020-2029 Capital Improvements Program (CIP) totaling $1,255,949,078 for projects as outlined below:

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