Capital assets, net of accumulated depreciation, totaled $75.1 million at June 30, 2016, a decrease of $2.0 million. Capital assets as of June 30, 2016 and significant changes in capital assets during the year are as follows (in millions):
| June 30, 2016 | Net Additions (Reductions) FY 15-16 | June 30, 2015 | Net Additions (Reductions) FY 14-15 | June 30, 2014 | |
|---|---|---|---|---|---|
| Land and land improvements | $6.3 | $- | $6.3 | $- | $6.3 |
| Buildings, fixed equipment and infrastructure | 154.7 | 154.7 | - | 154.7 | |
| Equipment, vehicles and capitalized software | 28.3 | 1.2 | 27.1 | (5.2) | 32.3 |
| Library materials and art | 10.5 | 0.1 | 10.4 | - | 10.4 |
| Construction in progress | 2.4 | 1.3 | 1.1 | 0.1 | 1.0 |
| Accumulated depreciation | (127.1) | (4.6) | (122.5) | 1.5 | (124.0) |
| Total | $75.1 | $(2.0) | $77.1 | $(3.6) | $80.7 |
At June 30, 2016, the University has capital construction projects in progress with approximately $1.4 million remaining.
At June 30, 2016, bonds and lease payable amounted to $5.9 million, as summarized below:
| 2016 | 2015 | 2014 | |
| Lease Obligations | $ 2,783,028 | $ 3,300,007 | $ 3,796,904 |
| Note payable to City of Frankfort | 150,000 | 200,000 | 250,000 |
| General Receipts Bonds | 2,980,000 | 3,195,000 | 3,405,000 |
| Bond discount and issue costs | (49,798) | (49,798) | (49,798) |
| Total | $ 5,863,230 | $ 6,645,209 | $ 7,402,106 |