Gymnasium, repairs to campus roofs, and the construction of a new residence hall. The projects are projected to be completed in fiscal year 2023. The remaining estimated costs to complete the projects is $690,000 for Hunter Hall renovations, $112,000 for the Replace Exterior Stairs Bell Gymnasium project, $4.8 million for repairs to campus roofs through the Roof Repair and Replacement Pool project, and $17.0 million for the New Residence Hall project.
The Hunter Hall Renovation project is federally funded by a $2.3 million facilities grant from the U.S. Department of Agriculture. The Replace Exterior Stairs Bell Gymnasium project is being funded by the asset preservation pool funds as described in the Economic Factors Impacting Future Periods section within this Management Discussion and Analysis section of this report. The Roof Repair and Replacement Pool project is being funded by an appropriated $5.0 million. This funding is created through Kentucky State Property and Buildings Commission (SPBC) by the issuance of revenue bonds that will finance construction projects. The debt service on the revenue bonds is subject to appropriations for lease payments by the General Assembly. The University will not be funding this project with their own capital. The New Residence Hall project is funded by the issuance of certificates of participation notes as described in Note 8.
Capital assets, net of accumulated depreciation, totaled $126.9 million at June 30, 2022, an increase of $31.7 million. Capital assets as of June 30, 2022 and significant changes in capital assets during the year are as follows:
| Net Additions | |||
| 2022 | (Reductions) FY21-22 | 2021 | |
| Land and land improvement | $ 6,533,787 | $ -0- | $ 6,533,787 |
| Buildings, fixed equipment and infrastructure | 172,788,042 | -0- | 172,788,042 |
| Equipment, vehicles and capitalized software | 55,334,313 | 2,716,877 | 52,617,436 |
| Library materials and art | 10,689,760 | 9,848 | 10,679,912 |
| Construction in progress | 34,535,678 | 34,165,872 | 369,806 |
| Accumulated depreciation | (153,030,912) | (5,171,485) | (147,859,427) |
| Total | $ 126,850,668 | $ 31,721,112 | $ 95,129,556 |
Net Additions
At June 30, 2022, bonds and lease payable amounted to $97.6 million, as summarized below:
15.