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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> DECEMBER 31,2003 AND 2002
<br /> Note 2: DETAILED NOTES ON ALL FUNDS-CONTINUED
<br /> D. Capital Assets
<br /> Capital asset activity for the year ended December 31,2003 was as follows:
<br /> Beginning Ending
<br /> Balance Increases Decreases Balance
<br /> Capital assets:
<br /> Electric
<br /> Production $ 5,475,522 $ 128,589 $ (66,941) $ 5,537,170
<br /> Transmission 453,431 15,495 (15,921) 453,005
<br /> Distribution 18,603,468 14,810,317 (12,666,114) 20,747,671
<br /> General 4,152,728 1,567,833 (512,333) 5,208,228
<br /> Work in process 25,578 - (19,179) 6,399
<br /> Total capital assets 28,710,727 16,522,234 (13,280,488) 31,952,473
<br /> Less accumulated depreciation for:
<br /> Production $ (2,181,133) $ (169,398) $ 16,911 $ (2,333,620)
<br /> Transmission (411,547) (25,007) 14,557 (421,997)
<br /> Distribution (5,701,023) (4,815,591) 4,095,337 (6,421,277)
<br /> General (1,879,147) (196,113) 218,548 (1,856,712)
<br /> Total accumulated depreciation (10,172,850) (5,206,109) 4,345,353 (11,033,606)
<br /> Total electric capital assets,net 18,537,877 11,316,125 (8,935,135) 20,918,867
<br /> Water
<br /> Production 8,644,505 340,787 (430,464) 8,554,828
<br /> Distribution 2,630,252 13,379,161 (475,487) 15,533,926
<br /> General 250,000 443,793 (29,828) 663,965
<br /> Work in process 8,526 1,147 - 9,673
<br /> Total capital assets 11,533,283 14,164,888 (935,779) 24,762,392
<br /> Less accumulated depreciation for:
<br /> Production $ (1,444,070) $ (264,884) $ 32,390 $ (1,676,564)
<br /> Distribution (507,501) (1,653,984) 87,562 (2,073,923)
<br /> General (45,670) (14,595) 7,409 (52,856)
<br /> Total accumulated depreciation (1,997,241) (1,933,463) 127,361 (3,803,343)
<br /> Total water capital assets, net 9,536,042 12,231,425 (808,418) 20,959,049
<br /> Total capital assets, net $2 073 919 $ 23.547.551 $_19,/‘13,551) S 1 877
<br /> Depreciation expense was charged to functions/programs of the Utilities as follows:
<br /> Electric $ 1,067,063
<br /> Water 585,354
<br /> Total depreciation expense 1.652417
<br /> -19-
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