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Elk River Municipal Utilities
<br />Elk River, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2023
<br />Note 2: Detailed Notes on All Funds (Continued)
<br />Future lease receivable payments are as follows:
<br />Year Ending
<br />December 31,
<br />Principal
<br />Interest
<br />Total
<br />2024
<br />$ 235,035
<br />$ 78,407
<br />$ 313,442
<br />2025
<br />250,524
<br />74,806
<br />325,330
<br />2026
<br />266,714
<br />70,966
<br />337,680
<br />2027
<br />283,634
<br />66,879
<br />350,513
<br />2028
<br />301,313
<br />62,531
<br />363,844
<br />2029 - 2033
<br />1,800,598
<br />237,505
<br />2,038,103
<br />2034 - 2038
<br />1,357,282
<br />103,298
<br />1,460,580
<br />2039 - 2043
<br />425,953
<br />23,424
<br />449,377
<br />2044 - 2045
<br />47,402
<br />851
<br />48,253
<br />Total
<br />$ 4,968,455
<br />$ 718,667
<br />$ 5,687,122
<br />C. Capital Assets
<br />Capital asset activity for the year ended December 31, 2023 was as follows:
<br />Beginning
<br />Ending
<br />Balance
<br />Increases
<br />Decreases
<br />Balance
<br />Capital Assets not
<br />being Depreciated
<br />Land
<br />$ 898,584
<br />$ -
<br />$
<br />$ 898,584
<br />Intangible
<br />5,290,120
<br />933,158
<br />6,223,278
<br />Construction in progress
<br />2,351,587
<br />3,237,777
<br />(3,278,633)
<br />2,310,731
<br />Total Capital Assets
<br />not being Depreciated
<br />8,540,291
<br />4,170,935
<br />(3,278,633)
<br />9,432,593
<br />Capital Assets being Depreciated
<br />Intangible
<br />21,546,212
<br />-
<br />21,546,212
<br />Land improvements
<br />34,081
<br />-
<br />34,081
<br />Buildings
<br />16,918,649
<br />1,123,373
<br />18,042,022
<br />Machinery and equipment
<br />5,340,608
<br />924,982
<br />(466,211)
<br />5,799,379
<br />Infrastructure
<br />93,930,549
<br />4,170,536
<br />-
<br />98,101,085
<br />Total Capital Assets
<br />being Depreciated
<br />137,770,099
<br />6,218,891
<br />(466,211)
<br />143,522,779
<br />Less Accumulated
<br />Depreciation for
<br />Intangible
<br />(2,838,423)
<br />(668,135)
<br />(3,506,558)
<br />Land improvements
<br />(23,126)
<br />(1,648)
<br />(24,774)
<br />Buildings
<br />(2,545,853)
<br />(539,024)
<br />-
<br />(3,084,877)
<br />Machinery and equipment
<br />(3,168,162)
<br />(443,210)
<br />421,637
<br />(3,189,735)
<br />Infrastructure
<br />(48,509,118)
<br />(2,699,855)
<br />-
<br />(51,208,973)
<br />Total Accumulated
<br />Depreciation
<br />(57,084,682)
<br />(4,351,872)
<br />421,637
<br />(61,014,917)
<br />Total Capital Assets
<br />being Depreciated, Net
<br />80,685,417
<br />1,867,019
<br />(44,574)
<br />82,507,862
<br />Business -type Activities
<br />Capital Assets, Net
<br />$ 89,225,708
<br />$ 6,037,954
<br />$ (3,323,207)
<br />$ 91,940,455
<br />38
<br />103
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