KENTUCKY STATE UNIVERSITY
Management's Discussion and Analysis, continued
Capital assets, net of accumulated depreciation, totaled $80.7 million at June 30, 2013, a decrease of $2.5 million. Capital assets as of June 30, 2014 and significant changes in capital assets during the year are as follows (in millions):
| June 30, 2014 | Net Additions (Reductions) FY 13-14 | June 30, 2013 | Net Additions (Reductions) FY 12-13 | June 30, 2012 |
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| Land and land improvements | $6.3 | $- | $6.3 | $0.6 | $5.7 |
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| Buildings, fixed equipment and infrastructure | 154.7 | - | 154.7 | 1.6 | 153.1 |
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| Equipment, vehicles and capitalized software | 32.3 | 0.9 | 31.4 | 1.5 | 29.9 |
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| Library materials and art | 10.4 | - | 10.4 | 0.6 | 9.8 |
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| Construction in progress | 1.0 | 1.0 | - | (1.1) | 1.1 |
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| Accumulated depreciation | (124.0) | (4.4) | (119.6) | (4.5) | (115.1) |
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| Total | $80.7 | $(2.5) | $83.2 | $(1.3) | $84.5 |
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At June 30, 2014, the University has capital construction projects in progress totaling $970,250 in scope.
At June 30, 2014, bonds and lease payable amounted to $7.3 million, as summarized below:
| 2014 | 2013 | 2012 |
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| Lease Obligations | $ 3,796,904 | $ 4,139,613 | $ 4,565,078 |
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| Note payable to City of Frankfort | 250,000 | 300,000 | - |
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| General Receipts Bonds | 3,405,000 | 3,790,000 | 4,165,000 |
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| Bond discount and issue costs | (49,798) | (53,629) | (57,460) |
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| Total | $ 7,402,106 | $ 8,175,984 | $ 8,672,618 |
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