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<br /> 73
<br />City of Elk River
<br />Notes to Basic Financial Statements
<br />
<br />
<br />NOTE 8 – CAPITAL ASSETS
<br />
<br />Capital asset activity for the year ended December 31, 2023, was as follows:
<br />
<br />Primary Government
<br />
<br />Beginning Ending
<br />Balance Increases Decreases Balance
<br />Governmental activities
<br />Capital assets not being depreciated
<br />Land 38,838,959$ -$ -$ 38,838,959$
<br />Construction in progress 1,913,782 18,875 1,912,657 20,000
<br />Total capital assets
<br /> not being depreciated 40,752,741 18,875 1,912,657 38,858,959
<br />Other capital assets
<br />Buildings 80,179,661 1,702,712 64,200 81,818,173
<br />Other Improvements 15,044,458 130,895 - 15,175,353
<br />Equipment 18,517,735 1,876,870 595,668 19,798,937
<br />Infrastructure 78,753,214 5,345,624 1,428,483 82,670,355
<br />Leased equipment 510,027 - 2,509 507,518
<br />Total other capital assets
<br /> at historical cost 193,005,095 9,056,101 2,090,860 199,970,336
<br />Less accumulated depreciation for
<br />Buildings 23,646,255 2,839,060 64,200 26,421,115
<br />Other Improvements 5,476,987 692,212 - 6,169,199
<br />Equipment 10,773,755 1,250,419 595,668 11,428,506
<br />Infrastructure 49,223,207 2,570,236 1,428,483 50,364,960
<br />Less accumulated amortization for
<br />Leased equipment 100,938 114,969 2,509 213,398
<br />Total accumulated
<br /> depreciation and amortization 89,221,142 7,466,896 2,090,860 94,597,178
<br />Total other capital
<br /> assets, net 103,783,953 1,589,205 - 105,373,158
<br />Governmental activities capital
<br /> assets, net 144,536,694$ 1,608,080$ 1,912,657$ 144,232,117$
<br />Depreciation and amortization expense was charged to functions/programs of the governmental
<br />activities as follows:
<br />
<br />Governmental activities
<br />General government 378,590$
<br />Public safety 1,381,142
<br />Public works 3,264,341
<br />Culture and recreation 2,442,823
<br />Total depreciation and amortization expense - governmental activities 7,466,896$
<br />Page 194 of 464
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