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Capital Asset and Debt Administration
<br />Capital Assets
<br />The City of Paris' investment in capital assets for its governmental and business-type activities as of September 30, 2011,
<br />amounts to $81,055,253 ($90,542,054 the previous year). Both of these amounts are net of accumulated depreciation. This
<br />investment in capital assets includes land, buildings, improvements, machinery and equipment, park facilities, roads, highways,
<br />and bridges. The increase was primarily due to the acquisition of water rights in Pat Mayse Reservoir.
<br />Net Capital Assets
<br />Governmental Activities
<br />Business-ty
<br />pe Activities
<br />Total
<br />2011
<br />2010
<br />2011
<br />2010
<br />2011
<br />2010
<br />Land
<br />$ 5,912,108
<br />$ 5,912,108
<br />$ 339,620
<br />$ 339,620
<br />$ 6,251,728
<br />$ 6,251,728
<br />Buildings and System
<br />10,719,401
<br />11,112,173
<br />38,242,651
<br />39,644,856
<br />48,962,052
<br />50,757,029
<br />Improvements Other
<br />than Buildings
<br />3,509,976
<br />3,080,230
<br />-
<br />-
<br />3,509,976
<br />3,080,230
<br />Machinery, Furniture,
<br />and Equipment
<br />1,952,302
<br />2,559,125
<br />432,051
<br />583,014
<br />2,384,353
<br />3,142,139
<br />Infrastructure
<br />14,709,357
<br />13,324,302
<br />-
<br />-
<br />14,709,357
<br />13,324,302
<br />Construction in Progress
<br />342,635
<br />11,162,124
<br />532,553
<br />1,053,876
<br />875,188
<br />12,216,000
<br />Water Rights-Net
<br />-
<br />-
<br />3,563,235
<br />778,803
<br />3,563,235
<br />778,803
<br />Unamortized
<br />Bond Expense
<br />271,972
<br />299,932
<br />527,392
<br />691,891
<br />799,364
<br />991,823
<br />Total
<br />$37,417,751
<br />$47,449,994
<br />$43,637,502
<br />$43,092,060
<br />$81,055,253
<br />$90,542,054
<br />Additional information on the City of Paris' capital assets can be found in note IV C of the Notes to the Financial Statements.
<br />Long-term Debt
<br />At the end of the current fiscal year, the City of Paris had total bonded debt outstanding of $23,085,000. Of this amount,
<br />$11,830,800 comprises debt being paid for by property tax revenues, and $11,254,200 represents bonds being paid for by water
<br />and sewer revenues.
<br />Outstanding Long-term Debt
<br />Governmental Activities Business-type Activities Total
<br />2011 2010 2011 2010 2011 2010
<br />General Obligation Bonds $ 11,830,800 $ 12,766,600 $ - $ - $ 11,830,800 $ 12,766,600
<br />Revenue Bonds - - 11,254,200 14,638,400 11,254,200 14,638,400
<br />Note - 9,216 - - - 9,216
<br />Total $ 11,830,800 $ 12,775,816 $ 11,254,200 $ 14,638,400 $ 23,085,000 $ 27,414,216
<br />The City of Paris' bond debt decreased by $4,320,000 (15.76%) during the fiscal year. The City maintains an underlying bond
<br />rating from Moody's of A2 (affirmed January 2010) with that rating being upgraded to Aa3 when the issues are insured. In
<br />February 2010, S&P granted the City an underlying rating of A+ upgraded to AAA when insured.
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