Capital Asset and Debt Administration
Capital assets, net of accumulated depreciation, totaled $83 million at June 30, 2010, an increase of $2.4 million. Capital assets as of June 30, 2010 and significant changes in capital assets during the year are as follows (in millions):
| June 30, 2008 | Net Additions (Reductions) FY 08-09 | June 30, 2009 | Net Additions (Reductions) FY 09-10 | June 30, 2010 |
|---|
| Land and land improvements | $ 5.5 | $ 0.1 | $ 5.6 | $ - | $ 5.6 |
|---|
| Buildings, fixed equipment and infrastructure | 114.4 | 0.1 | 114.5 | 27.5 | 142.0 |
|---|
| Equipment, vehicles and capitalized software | 25.5 | 0.1 | 25.6 | 2.4 | 28.0 |
|---|
| Library materials and art | 9.2 | 0.2 | 9.4 | 0.4 | 9.8 |
|---|
| Construction in progress | 22.2 | 4.0 | 26.2 | (22.9) | 3.3 |
|---|
| Accumulated depreciation | (97.3) | (3.4) | (100.7) | ( 5.0) | (105.7) |
|---|
| Total | $ 79.5 | $ 1.1 | $ 80.6 | $ 2.4 | $ 83.0 |
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At June 30, 2010, the University has capital construction projects in progress totaling $3.3 million in scope.
At June 30, 2010, bonds and lease payable amounted to $11.1 million, as summarized below:
| 2010 | 2009 | 2008 |
|---|
| Lease Obligations | $ 5,402,329 | $ 5,927,415 | $ 6,457,068 |
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| Consolidated Educational Buildings Revenue | | | |
|---|
| Bonds | 935,000 | 1,825,000 | 2,690,000 |
|---|
| General Receipts Bonds | 4,875,000 | 5,215,000 | 5,535,000 |
|---|
| Bond discount and issue costs | (70,720) | (70,720) | (70,720) |
|---|
| Total | $ 11,141,609 | $ 12,896,695 | $ 14,611,348 |
|---|
University management continues its strategic mission to uniquely position Kentucky State University as an institution of excellence for the citizens of the Commonwealth and for advancing higher education in Kentucky by inspiring innovation, growing leaders and advancing Kentucky. Executive management continues to work with the Council on Postsecondary Education to address the needs of the Commonwealth and believes that it has well-positioned the University for becoming a strong, financially viable and efficient institution of higher learning as funding issues continue to be decided.
13.