The City develops a five-year capital improvement plan every year. The plan is updated each year during the annual budget process and is incorporated into the City's Comprehensive Plan.
In the development of the Capital Improvement Plan, the City will review the operational impact of each project.
Purchased and constructed capital assets are reported at cost or estimated historical cost. Capital assets include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, sidewalks) and similar items. They are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Property, plant, and equipment with an initial, individual cost equal to or exceeding $5,000 with useful lives of over one year are recorded as capital assets. Roads, bridges, and sidewalks are capitalized when their initial costs equal or exceed $25,000 and they have an estimated useful life of more than one year. Subscription Based Information Technology Agreements (SBITA) or software with an initial cost of equal to or exceeding $50,000 are capital assets. Capital assets are recorded at historical or estimated historical costs. Donated capital assets are recorded at the acquisition value at the date of donation. Significant outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of major business-type activities is included as part of the capitalized cost of the assets constructed. Capital asset purchases are recorded as capital outlay expenditures at the fund level in the year of acquisition.
Property, plant, and equipment are depreciated using the straight-line method over the following estimated useful lives:
| Assets: | Useful Life: |
|---|---|
| Land Improvements | 15-40 years |
| Buildings | 10-40 years |
| Infrastructure | 15-40 years |
| Equipment | 3-40 years |
| Software | 3-10 years |
Expenditures for repairs and maintenance are expensed when incurred. Additions, major repairs or replacements that increase the useful life of the asset are capitalized.
The City complies with the standards established by the Governmental Accounting Standards Board Statement (GASB) Statement 34 and all subsequent pronouncements set forth by GASB regarding Capital Asset Accounting.
Table 19 demonstrates the differences in fund balances between Projected and Proposed budgets major and nonmajor funds in aggregate.
The total revenue decreased between FY 2026/27 by 3.42%, and the total expense decreased by 11.91%. The total change in fund balance is $7,159,415 or 5.87% fund balance increase.
Personnel Services projected expenditures for all funds is increased by 5% COLA and $1,000 flat pay to all existing full-time employees. Fringe benefits and pensions are increased as well.
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