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<br />Major capital asset events during the current fiscal year included the following:
<br />• The completion of a recreation facility totaling $12,117,568.
<br />• $431,318 in park improvements and equipment, $136,004 in public safety vehicles and $284,075 in public works
<br />equipment.
<br />• Reconstruction of residential and collector streets totaled $558,136.
<br />• Construction began on a new east/west street corridor ~dthin the City totaling $4,256,305 as of the end of the
<br />current fiscal year.
<br />• Additions of system improvements for Sevt~er - $4,412,078, Water - $211,199 and Electric - $1,214,469.
<br />CitS~ of Elk River Capital Assets
<br />(Net of Depreciation)
<br />Governmental
<br />Activities
<br />2009
<br />2008
<br />Business-type
<br />Activities
<br />2009 2008
<br />Total
<br />2009 2008
<br /> Land $ 37,407,782 $ 37,210,682 $ 1,516,631 $ 1,516,631 $ 38,924,413 $ 38,727,313
<br /> Construction in progress 4,555,760 13,068,992 84,648 4,288,629 4,640,408 17,357,621
<br />' Buildings 27,751,898 17,076,838 12,938,824 8,969,593 40,690,722 26,046,431
<br /> Other improvements 2,497,413 2,698,571 - - 2,497,413 2,698,571
<br /> Equipment 3,635,105 3,769,995 1,359,287 1,462,666 4,994,392 5,232,661
<br /> Infrastructure 39,892,424 42,179,661 63,137,117 65,125,375 103,029,541 107,305,036
<br /> Total $ 115,740,382 $ 116,004,739 $ 79,036,507 $ 81,362,894 $ 194,776,889 $ 197,367,633
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<br /> Additional information on the City's capital assets can be found in Note 3D on pages 47 - 49 of this report.
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<br />Long-term debt. At the end of the current fiscal year, the City had total long-term debt outstanding of $50,990,399, a
<br />decrease of $2,312,237 from 2008. General obligation improvement bonds ($16,677,757) were issued to fmance the
<br />construction of a library, a recreation facility and a street corridor project. General obligation revenue bonds ($17,610,000)
<br />were used to finance the construction of an ice arena, a liquor store, and sewer, water and electric systems. Lease revenue
<br />bonds ($6,175,000) were used to fmance the construction of a public safety/city hall facility. Special assessment bonds
<br />($3,970,000) fmanced improvement projects within the City and are assessed to the benefiting properties. Tax increment
<br />bonds ($440,000) fmanced the City's economic development program. Certificates of indebtedness ($421,716) fmanced
<br />capital equipment purchases.
<br />Additional long-term debt in the amount of $16,992 is for capital leases, $1,629,500 is for contracts for deeds, $2,524,646
<br />is for notes payable, $1,403,849 is for compensated absences, and $120,939 is for other postemployment benefits
<br />obligations.
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