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Capital Asset and Debt Administration Capital Assets As of June 30 , 2002 , the Academy had invested $ 78 , 589 in a variety of capital assets, as reflected in the following schedule , which represents a net increase (additions less depreciation) of $29 ,762 , or 61 . 0% from the end of last year. 2002 2001 Improvements other than buildings $ 7 ,411 85309 Buildings and improvements 791 856 Furniture , fixtures , and equipment 493521 327774 Computer software 41051 1 , 888 Construction in progress 16 , 815 51000 Governmental capital assets , net $ 781589 48 , 827 Long-term Debt As of June 30 , 2002 , the Academy had no long-term debt financing . Factors Bearing on the Academy ' s Future At the time these financial statements were prepared and audited, the Academy was aware of the following circumstances that could significantly affect its financial health in the future : • The Academy has previously entered into a new lease for additional property for the purpose of constructing a new multipurpose educational facility . The lease calls for an initial payment of $ 364, 875 to cover the lease of the property and construction costs of the new facility . The actual construction costs are subject to change , possibly resulting in a change in the amount of the lease, upon completion, which is anticipated to occur during 2003 . Contacting the Academy ' s Financial Management This financial report is designed to provide our citizens , taxpayers, customers , and investors and creditors with a general overview of the Academy ' s finances and to demonstrate the Academy ' s accountability for the money it receives . If you have any questions about this report or need additional information, contact the Administrator ' s Office, St. Peters Human Services , Incorporated, 4250 38`'' Avenue, Vero Beach, FL 32967 . 6