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IV-27CITY OF ELK RIVER NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2019 NOTE 3 DEPOSITS AND INVESTMENTS (CONTINUED) C. Investments (Continued) Fair Value Measurements (Continued) Level 2 -Financial assets and liabilities are valued based on quoted prices for similar assets or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 3 -Financial assets and liabilities are valued using pricing inputs which are unobservable for the asset, inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset. Investment Type Negotiable Certlllcate• of Oeposit Federal Home Loan Bank Federal National Mortgage Association Federal Farm Credit Bank Bond Municipal Bonds Total Investments Measured at Fair Value Investments Measured at Amortized Cost Total Investments NOTE 4 NOTES RECEIVABLE Level 1 ! Lavel2 ~288 1,327,779 1.501,880 500,375 19.205,047 s a5i0e5i14e~ Level 3 Total $ 12.581,268 1,327,779 1,501,680 500,375 19,205,047 35,098,149 38,954,051 $ 72,050,200 The City has made several business subsidy loans to local businesses, some of which were funded with grant proceeds received from the state and federal governments. The terms of repayment vary with each loan and will be repaid over a period of 10 years. Under the terms of the grant agreement, the City retains the grant repayments. Notes receivable of $375,378 in the Revolving Loan fund and $414,034 in the State DEED fund are outstanding at December 31, 2019. In 2015, the City issued a $1,288,589 long-term note receivable related to the sale of property to a developer under an abatement agreement. The note shall be payable in semiannual installments as tax abatement revenues are received, commencing on August 1, 2017, and maturing February 1, 2037. A note receivable of $1,008,954 in the Development Fund is outstanding at December 31, 2019. In 2006, the HRA issued a loan to a developer to assist in the financing of a housing development for the benefit of low and moderate income residents which was funded with state grant proceeds. Repayment of the loan is deferred for 30 years, payable in one lump sum at an interest rate of ~ %. Notes receivable of $400,000 in the HRA is outstanding at December 31, 2019. CITY OF ELK RIVER NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2019 NOTE 4 NOTES RECEIVABLE (CONTINUED) In 2015, the HRA issued loans to applicants under the rehabilitation loan program. The terms of each loan vary and are payable over five to 15 years with rates from 1.25% to 3.25%. Notes receivable of $220,681 in the HRA are outstanding at December 31, 2019. NOTE 5 CAPITAL ASSETS Capital asset activity for the year ended December 31, 2019 was as follows: Beginning PRIMARY GOVERNMENT ~ Governmental Activities: Cspital ABsn, Not Being Oeorecialed: Land s 40,927,633 Construction in Progress Total Capital Assets, Not Being Depreciated 40,927,633 Capital Assets, Being Depreciated: Buildings 45,048,097 Other Improvements s.ss1.m Equipment 13,849,140 1-.. 70,437,858 Total capital Allets, Being Depreciated 135,892,888 Accumulated Depreciation for: Buildings (22,034,934) other lmproyements (4,248,020) Equipment (9,385,328) lnfraetructure (48,597,889) Total Accumulated Depreciation (82,245,949) Total Capital Assets, Being Depreciated, Net 53,648,917 Governmental Activities Capital Assets, Net $ 94,574,550 Beginning PRIMARY GOVERNMENT Balance BusineM-Type Activttlea: Cspital -. Not Balng Oepioclaled: Land $ 1,843,en Construction in Progress 487,470 Total Cspital ABsn, Not Being -aled 2,311,447 Cspital ABsn, Being Depreciated: Buildings and Improvements 27,345,582 Equipment 11,338,300 Intangible A888l8 23,279,955 Collection and Dlsbtbution 129,022,079 T olal Capital Aaaets, Being Depreciated 190,985,916 Accumulated Depreciation for: Buildings and Improvements (9,323,326) Equipment (3,814,487) Intangible Assets (165,883) Collection and Disbibution (82,392,784) Total Accumulated Depreciation (75,-,492) Total Capital Assats, Being Oepraclalad, Net 115,489,424 Buaineu-Type Activities capital AaHts, Net $ 117,800,871 Additions $ 18,548 12,883,985 12,902,533 42,054 993,972 2,572,214 3,608,240 (1,380.197) (244,331) (843,224) !2,898,939) !"· 184,691 ! (1,558,451) $ 11,346,082 ~reasas 2,058,385 2,058,385 27,086 545,547 834,184 1,686,064 3,092,861 (904,807) (718,531) (888,134) (3,939,157) (8,228,829! !3,135,768) s c1.on.403) Deletions (92,224) (544,843) (1,693,087) (2,529,954) 92,224 513,382 1,838,858 2,444,462 (65,492) (65,492) DecreBses ~ (1,514,127) (258,491) (201,842) (480,133) 221,919 187,178 409!097 (51,038! (1,565,163} Ending Balance 40,948,181 12,883,985 53,830,188 44,997,927 e,ss1,n1 14,298,489 71,116,985 136,971,152 (23,322,907) (4,492,351) (9,895.188) (47,455,752) (84,988.178) 52,004,974 ~ Ending Balance 1,843,en 1,011,708 2,855,885 27,372,648 11,625,356 24,114,139 130,506,501 ~ (10,228.135) (4,109,109) (834,017) (BB, 144,783) (81,318,024) 112,302,620 ~ 175
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