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<br /> 75 <br />City of Elk River <br />Notes to Basic Financial Statements <br /> <br /> <br />NOTE 8 – CAPITAL ASSETS (CONTINUED) <br /> <br />Capital asset activity for the HRA for the year ended December 31, 2022, was as follows: <br /> <br />Discretely Presented Component Unit <br /> <br />Beginning Ending <br />Balance Increases Decreases Balance <br />Capital assets not being depreciated <br />Land 315,900$ -$ -$ 315,900$ <br />Capital assets being depreciated <br />Improvements other than buildings 174,290 - - 174,290 <br />Less accumulated depreciation for <br />Improvements other than buildings 117,162 11,619 - 128,781 <br />Total capital assets being <br /> depreciated, net 57,128 (11,619) - 45,509 <br />Component unit <br /> capital assets, net 373,028$ (11,619)$ -$ 361,409$ <br />Depreciation expense was charged to functions/programs of the HRA as follows: <br /> <br />Business-type activities <br />Housing and Redevelopment Authority 11,619$ <br />NOTE 9 – LONG-TERM DEBT <br /> <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 /> <br />Page 196 of 464