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City of Elk River <br />Notes to Basic Financial Statements <br />NOTE 8 — CAPITAL ASSETS (CONTINUED) <br />Capital asset activity for the HRA for the year ended December 31, 2022, was as follows: <br />Discretely Presented Component Unit <br />Capital assets not being depreciated <br />Land <br />Capital assets being depreciated <br />Improvements other than buildings <br />Less accumulated depreciation for <br />Improvements other than buildings <br />Total capital assets being <br />depreciated, net <br />Component unit <br />capital assets, net <br />Beginning Ending <br />Balance Increases Decreases Balance <br />$ 257,100 $ 58,800 $ - $ 315,900 <br />174,290 - - 174,290 <br />105,542 11,620 - 117,162 <br />68,748 (11,620) <br />57,128 <br />$ 325,848 $ 47,180 $ - $ 373,028 <br />Depreciation expense was charged to functions/programs of the HRA as follows: <br />Business -type activities <br />Housing and Redevelopment Authority $ 11,620 <br />NOTE 9 — 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 />72 <br />