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<br />Notes to the Financial Statements
<br />June 30, 2020
<br />Summary of changes in the capital assets for the fiscal year ended June 30, 2020 is as follows:
<br />Beginning Ending
<br />balance Additions Retirements Transfers balance
<br />Capital assets not being depreciated:
<br />Land
<br />$ 51,079,051
<br />$ -
<br />$
<br />$ 51,079,051
<br />Construction in progress
<br />2,838,942
<br />447,458
<br />(2,656,018) (66,134)
<br />564,248
<br />Total capital assets not being depreciated
<br />531917,993
<br />447,458
<br />(2,656,018) (66)134)
<br />517643)299
<br />Capital assets being depreciated:
<br />Buildings
<br />10,364,261
<br />18,349
<br />46,417
<br />103429,027
<br />Improvements
<br />52,395,515
<br />17535)330
<br />19717
<br />5319503562
<br />Equipment
<br />3)8797134
<br />462,635
<br />(190,429) -
<br />41151,340
<br />Total capital assets, being depreciated
<br />66,638,910
<br />2,016,314
<br />(190,429) 66,134
<br />687530,929
<br />Less accumulated depreciation:
<br />Buildings
<br />(4,326,920)
<br />(289,381)
<br />-
<br />(4,616,301)
<br />Improvements
<br />(18,890,302)
<br />(2,777,363)
<br />- -
<br />(21,667,665)
<br />Equipment
<br />(2,538,298).
<br />(325,776).
<br />162,654 -
<br />(2,701,420),
<br />Total less accumulated depreciation
<br />(25,755,520).
<br />3,392,520)_.
<br />162,654 -
<br />(28,985,386)
<br />Net capital assets being depreciated
<br />40,883,390
<br />(1,376,206)
<br />(27,775) 66,134
<br />393545,543
<br />Capital assets, net
<br />$ 94,801,383
<br />$ (928,748)
<br />(2,683,793)_ $ -
<br />$ 91)1883842
<br />Depreciation expense of $3,393,520
<br />is charged to the
<br />parks and recreation function in the
<br />Statement of Activities.
<br />NOTE 6 — LONG-TERM LIABILITIES
<br />Changes in long-term liabilities for
<br />the fiscal year ended June 30, 2020 were as follows:
<br />Classification
<br />Beginning
<br />Ending Due within
<br />Due in more
<br />balance
<br />Additions
<br />Deletions
<br />balance one year
<br />than one year
<br />Compensated absences $ 1,463,948
<br />$ 862,000
<br />$ (842,498) $ 1,483,450 $ 926,748
<br />$ 556,702
<br />Claims and judgments payable 727,400
<br />352,806
<br />(257,302) 822,904 487,500
<br />335,404
<br />Total $ 2,191,348
<br />$ 1,214,806
<br />$ (1,099,800) $ 2,306,354 $1,414,248
<br />$ 892,106
<br />These liabilities will be paid in future
<br />years from future resources
<br />primarily from the General Fund.
<br />A. Employee deferred compensation plan
<br />The District offers its employees from the start of employment a deferred compensation plan
<br />(the plan) created in accordance with federal and state laws. Employees participating in the
<br />program may defer income tax recognition on contributions to the plan, up to specified
<br />amounts, and on earnings resulting from the investment of these contributions. Funds may be
<br />withdrawn from the plan upon retirement, disability, or separation from the District's
<br />employment by the participant and, at that time, such funds become subject to income tax.
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