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<br />,.
<br />City of Eugene's Capital Assets, Net of Accumulated Depreciation
<br />Land
<br />Construction in progress
<br />Buildings and equipment
<br />Improvements other than buildings
<br />Storm sewers and trunk sewers
<br />Infrastructure
<br />Governmental Activities
<br />2008 2007
<br />54,946,065 55,116,105
<br />24,101, 519 14, 583, 682
<br />150,286,856 146,040, 698
<br />35,424,116 31,016,271
<br />0 0
<br />123,725,706 121,403,727
<br />388,484,262 368,160,483
<br />Business-tvoe Activities
<br />2008 2007
<br />13,475,026 13,475,026
<br />14,512,503 7,131,167
<br />37,326,831 37,994,170
<br />43,125,593 44,928,052
<br />126,544,765 126,411,436
<br />0 0
<br />234,984,718 229,939,851
<br />Total
<br />2008 2007
<br />68,421,091 68,591,131
<br />38,614,022 21,714,849
<br />187, 613, 687 184 , 034, 868
<br />78,549,709 75,944,323
<br />126,544,765 126,411,436
<br />123,725,706 121,403,727
<br />623,468,980 598,100,334
<br />Major capital asset additions during the current fiscal year included the purchase of additional fleet vehicles and road
<br />and infrastructure improvements.
<br />Additional information on the City's capital assets can be found in the Notes to Basic Financial Statements (Note 4E).
<br />Bonded Debt. At the end of the current fiscal year, the City had total liabilities of $163.2 million. Of this amount,
<br />$118.0 million represented outstanding bonded indebtedness. Outstanding bonded debt included $40.1 million in
<br />general obligation bonds to be serviced by general property taxes, $1.3 million in certificates of participation to be
<br />serviced by general property taxes, $4.6 million in certificates of participation to be serviced by tax increment revenues,
<br />$0.7 million in limited tax improvement bonds to be serviced by property owners subject to the improvements, and $64.3
<br />million in limited tax pension bonds to be repaid from existing revenue sources, all backed by the full faith and credit of
<br />the City. The remainder of the City's bonded debt includes $5.5 million in limited tax bonds and $1.5 million in
<br />certificates of participation, all serviced by specific fund revenues.
<br />
<br /> Cit y of Eugene's Bonded Debt
<br /> Governmental Activities Business-type Activities Total
<br /> 2008- 2007 2008 2007 2008 2007
<br />General obligation bonds - $ 40,130,000 39,245,000 0 415,000 40,130,000 39,660,000
<br />Certificates of participation 7,365,000 9,785,000 0 0 7,365,000 9,785,000
<br />Limited tax bonds 64,999,879 64,869,254 5,505,000 5,790,000 70,504,879 70,659,254
<br />Revenue bonds 0 0 0 590,000 0 590,000
<br />Deferred amounts 20,699 42,343 (15,994) (19,018) 4,705 23,325
<br /> $ 112,515,578 113,941,597 5,489,006 6,775,982 118,004,584 120,717,579
<br />
<br />The City's total bonded debt decreased by $2.7 million (2.2%) during the current fiscal year, due to $9.0 million in
<br />scheduled debt payments, less $5.2 million in General Obligation Bond and Revolving Credit Facility draws and $1.1
<br />million in accretion of deep discounts on limited tax pension bonds.
<br />Moody's Investors Service rates most of the City's bond issues. The City's most recent ratings from Moody's are as
<br />follows:
<br />• Aa2 for general obligation bonds (February 2006) with the following exceptions:
<br />• The General Obligation Refunding Bonds, Series 2006 are insured by Ambac Assurance and were rated Aaa
<br />at issuance. Subsequent to issuance, Ambac Assurance .was downgraded by Moody's Investors Service.
<br />Ambac Assurance is currently rated as Aaa.
<br />• The General Obligation Fire Projects Bonds, Series 2002 are insured by MBIA Insurance Corporation and were
<br />rated Aaa at issuance. Subsequent to issuance, MBIA Insurance Corporate was downgraded by Moody's
<br />Investors Service. MBIA Insurance Corporate is currently rated as A2.
<br />• Aaa for full faith and credit obligations, which includes the Library Obligations, the Atrium Obligations, the Santa
<br />Clara Fire Station Obligations, and the Broadway Garages Limited Tax Bonds (October 2003).
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