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City of Elk River <br />Notes to Basic Financial Statements <br />NOTE 7 — CAPITAL ASSETS (CONTINUED) <br />Capital asset activity for the HRA for the year ended December 31, 2021, was as follows: <br />Discretely Presented Component Unit <br />Beginning <br />Ending <br />Balance <br />Increases Decreases <br />Balance <br />Capital assets not being depreciated <br />Land <br />$ 257,100 <br />$ - $ - <br />$ 257,100 <br />Capital assets being depreciated <br />Improvements other than buildings <br />174,290 <br />- - <br />174,290 <br />Less accumulated depreciation for <br />Improvements other than buildings <br />93,923 <br />11,619 - <br />105,542 <br />Total capital assets being <br />depreciated, net <br />80,367 <br />(11,619) - <br />68,748 <br />Component unit <br />capital assets, net <br />$ 337,467 <br />$ (I1,619) $ - <br />$ 325,848 <br />Depreciation expense was charged to <br />functions/programs of the HRA as follows: <br />Business -type activities <br />Housing and Redevelopment Authority <br />$ 11,619 <br />NOTE 8 — LONG-TERM DEBT <br />A. General Obligation Bonds <br />The City issues general obligation (G.O.) bonds to provide for the construction of major capital <br />improvements having a relatively long life. They are payable from special assessments levied and <br />collected on local improvements to property and are backed by the full faith and credit of the City. <br />74 <br />