2020 Comprehensive Annual Financial Report

FY 2020 included a 3% average merit increase for employees, along with further implementation of compensation study recommendations.

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, 2020, amounts to $1,665,883,226 (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 $127,141,776 or 8.3% over the prior year.

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

Governmental

Business-Type

Activities

Activities

Total

2020

2019

2020

2019

2020

2019

Land

$ 113,678 $ 101,581 $

61,666 $

62,151 $

175,344 $ 163,732

Construction in Progress Intangible Assets - Easements

25,193

15,621

175,237 26,240 300,652 23,053

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

200,430 26,240 397,235 46,705

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

Buildings

96,583 23,652

101,729 22,459

Land Improvements

Improvements other than Buildings Furniture, Fixtures, Machinery and Equipment

80

82

3,894

4,052

3,974

4,134

58,007 214,509

59,938 186,963

61,025 407,736 74,670

52,807 397,470 75,735

119,032 622,245 74,678

112,745 584,433 75,748

Infrastructure

Intangible Assets

8

13

Total Capital Assets

$ 531,710 $ 488,386 $ 1,134,173 $

1,050,355 $ 1,665,883 $ 1,538,741

This year’s major capital asset additions included: • Business Activities asset net additions totaled over $84 million, with nearly all of the increase due to new construction for the completion of Steven Tanger Center for the Performing Arts facility and construction in progress for utility system improvements. Developers also donated approximately $2.8 million of the additional water and sewer infrastructure line improvements. • General government additions were mainly furniture, fixtures, machinery and equipment at $8.6 million, right-of-ways, sidewalks, and at $35.4 million, $6.5 million for improvements at the Natural Science Center, $8.5 million in land for the Downtown Greenway and $1.7 million for improvements at Keeley Park, most of which are bond funded.

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