2022 Annual Comprehensive Financial Report

Company to the City. The present value of the note receivable as of June 30, 2022 is $6,738,921. Interest income of $1,657,946 will be recognized by the effective yield method over the remaining 5-year term of the note, based on an imputed interest rate of 8.95%. Terms of certain of the notes receivable of the Redevelopment Commission are such that principal and interest may be forgiven upon meeting certain conditions. In addition, corresponding revenue was not recognized at the government-wide financial statement level because the loans were not considered substantially collectible.

D. Capital Assets Capital asset activity of the year ended June 30, 2022 was as follows:

Beginning Balance, Restated

Ending Balance

Increases

Adjustments

Decreases

Governmental Activities: Capital Assets, Non-depreciable: Land

116,939,018 $

1,497,737 $ $

$

118,436,755 $

Construction in Progress

25,213,006 142,152,024

9,832,074 11,329,811

(18,196,784) (18,196,784)

16,848,296 135,285,051

Total Capital Assets Non-Depreciable

Capital Assets, Depreciable: Buildings

209,252,795 52,136,290 176,676,376 408,184,252

20,025,944 5,319,474 12,851,774 12,797,029

(3,239,414) (193,500)

226,039,325 57,262,264 179,083,568 420,981,281

Improvements Other Than Buildings

Furniture, Fixtures, Machinery and Equipment

(10,444,582)

Infrastructure

Intangible Assets - Software & Licenses

4,474,490

440,514

4,915,004

Total Capital Assets, Depreciable

850,724,203

51,434,735

(3,432,914)

(10,444,582)

888,281,442

Less Accumulated Depreciation For: Buildings Improvements Other Than Buildings

(100,255,263) (27,961,245) (126,443,185) (178,468,289) (4,094,662) (437,222,644)

(5,396,786) (2,356,292) (12,977,902) (8,585,855)

(105,652,049) (30,317,537) (130,439,874) (187,054,144) (4,333,631) (457,797,235)

Furniture, Fixtures, Machinery and Equipment

8,981,213

Infrastructure

Intangible Assets - Software & Licenses

(238,969)

Total Accumulated Depreciation

(29,555,804)

8,981,213

Total Capital Assets, Depreciable, Net

413,501,559

21,878,931

(3,432,914)

(1,463,369)

430,484,207

Capital Assets, Net Governmental Activities

555,653,583 $

33,208,742 $

(3,432,914) $

$

(19,660,153)

565,769,258 $

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