VILLAGE OF GRAFTON NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2016 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) I. NET POSITION/FUND BALANCES (cont.) Business-type Activities Net Investment in Capital Assets Land $ 448,472 Construction in progress 5,240 Intangible assets 89,783 Other capital assets, net of accumulated depreciation 35,745,479 Less: Long-term debt outstanding (7,077,989) Plus: Unspent capital related debt proceeds 204,054 Plus: Unamortized refunding loss 70,364 Less: Unamortized debt premium (83,542) Total Net Investment in Capital Assets 29,401,861 Restricted Equipment replacement 1,092,910 Redemption 134,155 Operations and maintenance 240,281 Total Restricted 1,467,346 Unrestricted 3,782,870 Total Business-type Activities Net Position $ 34,652,077 NOTE IV - OTHER INFORMATION A. EMPLOYEES' RETIREMENT SYSTEM Plan description. The WRS is a cost-sharing multiple-employer defined benefit pension plan. WRS benefits and other plan provisions are established by Chapter 40 of the Wisconsin Statutes. Benefit terms may only be modified by the legislature. The retirement system is administered by the Wisconsin Department of Employee Trust Funds (ETF). The system provides coverage to all eligible State of Wisconsin, local government and other public employees. All employees, initially employed by a participating WRS employer on or after July 1, 2011, and expected to work at least 1200 hours a year and expected to be employed for at least one year from employee’s date of hire are eligible to participate in the WRS. ETF issues a standalone Comprehensive Annual Financial Report (CAFR), which can be found at 79