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CITY OF ELK RIVER
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2019
<br />NOTE 4 NOTES RECEIVABLE (CONTINUED)
<br />In 2015, the HRA issued loans to applicants under the rehabilitation loan program. The
<br />terms of each loan vary and are payable over five to 15 years with rates from 1.25% to
<br />3.25%. Notes receivable of $220,681 in the HRA are outstanding at December 31, 2019.
<br />NOTE 5 CAPITAL ASSETS
<br />Capital asset activity for the year ended December 31, 2019 was as follows:
<br />Beginning
<br />Ending
<br />PRIMARY GOVERNMENT
<br />Balance
<br />Additions
<br />Deletions
<br />Balance
<br />Governmental Activities:
<br />Capital Assets, Not Being Depreciated:
<br />Land
<br />$
<br />40,927,633
<br />$
<br />18,548
<br />$
<br />$
<br />40,946,181
<br />Construction in Progress
<br />-
<br />12,883,985
<br />12,883,985
<br />Total Capital Assets, Not Being Depreciated
<br />40,927,633
<br />12,902,533
<br />53,830,166
<br />Capital Assets, Being Depreciated:
<br />Buildings
<br />45,048,097
<br />42,054
<br />(92,224)
<br />44,997,927
<br />Other Improvements
<br />6,557,771
<br />-
<br />6,557,771
<br />Equipment
<br />13,849,140
<br />993,972
<br />(544,643)
<br />14,298,469
<br />Infrastructure
<br />70,437,858
<br />2,572,214
<br />(1,893,087)
<br />71,116,985
<br />Total Capital Assets, Being Depreciated
<br />135,892,866
<br />3,608,240
<br />(2,529,954)
<br />136,971,152
<br />Accumulated Depreciation for:
<br />Buildings
<br />(22,034,934)
<br />(1,380,197)
<br />92,224
<br />(23,322,907)
<br />Other Improvements
<br />(4,248,020)
<br />(244,331)
<br />-
<br />(4,492,351)
<br />Equipment
<br />(9,365,326)
<br />(843,224)
<br />513,382
<br />(9,695,168)
<br />Infrastructure
<br />(46,597,669)
<br />(2,696,939)
<br />1,838,856
<br />(47,455,752)
<br />Total Accumulated Depreciation
<br />(82,245,949)
<br />(5,164,691)
<br />2,444,462
<br />(84,966,178)
<br />Total Capital Assets, Being Depreciated, Net
<br />53,646,917
<br />(1,556,451)
<br />(85,492)
<br />52,004,974
<br />Governmental Activities Capital Assets, Net
<br />$
<br />94,574,550
<br />$
<br />11,346,082
<br />$
<br />(85,492)
<br />$
<br />105,835,140
<br />Beginning
<br />Ending
<br />PRIMARY GOVERNMENT
<br />Balance
<br />Increases
<br />Decreases
<br />Balance
<br />Business -Type Activities:
<br />Capital Assets, Not Being Depreciated:
<br />Land
<br />$
<br />1,843,977
<br />$
<br />-
<br />$
<br />-
<br />$
<br />1,843,977
<br />Construction in Progress
<br />467,470
<br />2,058,365
<br />(1,514,127)
<br />1,011,708
<br />Total Capital Assets, Not Being Depreciated
<br />2,311,447
<br />2,058,365
<br />(1,514,127)
<br />2,855,685
<br />Capital Assets, Being Depreciated:
<br />Buildings and Improvements
<br />27,345,582
<br />27,066
<br />27,372,648
<br />Equipment
<br />11,338,300
<br />545,547
<br />(258,491)
<br />11,625,356
<br />Intangible Assets
<br />23,279,955
<br />834,184
<br />24,114,139
<br />Collection and Distribution
<br />129,022,079
<br />1,686,064
<br />(201,642)
<br />130,506,501
<br />Total Capital Assets, Being Depreciated
<br />190,985,916
<br />3,092,861
<br />(460,133)
<br />193,618,644
<br />Accumulated Depreciation for:
<br />Buildings and Improvements
<br />(9,323,328)
<br />(904,807)
<br />-
<br />(10,228,135)
<br />Equipment
<br />(3,614,497)
<br />(716,531)
<br />221,919
<br />(4,109,109)
<br />Intangible Assets
<br />(165,883)
<br />(668,134)
<br />-
<br />(834,017)
<br />Collection and Distribution
<br />(62,392,784)
<br />(3,939,157)
<br />187,178
<br />(66,144,763)
<br />Total Accumulated Depreciation
<br />(75,496,492)
<br />(6,228,629)
<br />409,097
<br />(81,316,024)
<br />Total Capital Assets, Being Depreciated, Net
<br />115,489,424
<br />(3,135,768)
<br />(51,036)
<br />112,302,620
<br />Business -Type Activities Capital Assets, Net
<br />$
<br />117,800,871
<br />$
<br />(1,077,403)
<br />$
<br />(1,565,163)
<br />$
<br />115,158,305
<br />(52)
<br />
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