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Minnesota Municipal Power Agency
<br />Notes to Financial Statements
<br />December 31, 2022 and 2021
<br />Note 3: Capital and Lease Assets
<br />Capital and lease assets activity was as follows:
<br />2022
<br />Beginning
<br />Ending
<br />Balance
<br />Additions
<br />Retirements Transfers
<br />Balance
<br />Nondepreciable capital and lease assets
<br />Constructi on work in progress
<br />$ 711,040
<br />$ 11,723,975
<br />$ $ (2,805,364)
<br />$ 9,629,651
<br />Land
<br />10,224,212
<br />785
<br />668,844
<br />10,893,841
<br />Depreciable capital and lease assets
<br />Telemetering and telecommunication
<br />1,341,705
<br />-
<br />-
<br />1,341,705
<br />Lease asset
<br />17,300,349
<br />-
<br />-
<br />17,300,349
<br />Electric plant
<br />391,374,523
<br />-
<br />- 2,136,520
<br />393,511,043
<br />Rotable combustion turbine parts
<br />9,844,205
<br />-
<br />- -
<br />9,844,205
<br />Less accuniAated depreciation and
<br />amortization for
<br />Lease assets in service
<br />(1,655,639)
<br />(1,676,219)
<br />- -
<br />(3,331,857)
<br />Electric plant assets in service
<br />(152,422,518)
<br />(14,927,698)
<br />- -
<br />(167,350,216)
<br />Capital and lease assets, net
<br />$ 276,717,878
<br />$ (I 879,157)
<br />$ - $ -
<br />$ 271,938,721
<br />2021
<br />Beginning
<br />Ending
<br />Balance*
<br />Additions
<br />Retirements Transfers
<br />Balance
<br />Nondepreciable capital assets
<br />Construction work in progress
<br />$ 1,143,638
<br />$ 3,778,414
<br />$ $ (4,211,012)
<br />$ 711,040
<br />Land
<br />7,693,006
<br />19,250
<br />2,511,956
<br />10,224,212
<br />Depreciable capital and lease assets
<br />Telemetering and telecommunication
<br />1,341,705
<br />-
<br />-
<br />1,341,705
<br />Lease asset
<br />16,460,817
<br />-
<br />839,532
<br />17,300,349
<br />Electric plant
<br />390,514,999
<br />-
<br />859,524
<br />391,374,523
<br />Rotable combustion turbine parts
<br />9,844,205
<br />-
<br />- -
<br />9,844,205
<br />Less accurnulated depreciation and
<br />amortization for
<br />Lease assets in service
<br />-
<br />(1,655,638)
<br />- -
<br />(1,655,638)
<br />Electric plant assets in service
<br />(137,621,954)
<br />(14,800,564)
<br />- -
<br />(152,422,518)
<br />Capital and lease assets, net
<br />$ 289,376,416
<br />$ (12,658,538)
<br />$ - $ -
<br />$ 276,717,878
<br />*As restated due to adoption of GASB 87.
<br />161
<br />23
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