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Elk River Municipal Utilities
<br />Elk River, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2024
<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 />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
<br />319,783
<br />57,912
<br />377,695
<br />2030 - 2034
<br />1,906,000
<br />209,896
<br />2,115,896
<br />2035 - 2039
<br />1,038,579
<br />81,316
<br />1,119,895
<br />2040 - 2044
<br />366,873
<br />15,954
<br />382,827
<br />Total
<br />$ 4,733,420
<br />$ 640,260
<br />$ 5,373,680
<br />C. Capital Assets
<br />Capital asset activity for the year ended December 31, 2024 was as follows:
<br />Beginning
<br />Ending
<br />Balance Increases
<br />Decreases
<br />Balance
<br />Capital Assets not
<br />being Depreciated
<br />Land
<br />$ 898,584 $
<br />- $
<br />$ 898,584
<br />Intangible
<br />6,223,278
<br />946,134
<br />7,169,412
<br />Construction in progress
<br />2,310,731
<br />6,746,325 (8,731,058)
<br />325,998
<br />Total Capital Assets
<br />not being Depreciated
<br />9,432,593
<br />7,692,459 (8,731,058)
<br />8,393,994
<br />Capital Assets being Depreciated
<br />Intangible
<br />21,546,212
<br />21,546,212
<br />Land improvements
<br />34,081
<br />-
<br />34,081
<br />Buildings
<br />18,042,022
<br />883,554
<br />18,925,576
<br />Machinery and equipment
<br />5,799,379
<br />197,631
<br />(26,863)
<br />5,970,147
<br />Infrastructure
<br />98,101,085
<br />9,310,690
<br />(691,916)
<br />106,719,859
<br />Total Capital Assets
<br />being Depreciated
<br />143,522,779
<br />10,391,875
<br />(718,779)
<br />153,195,875
<br />Less Accumulated
<br />Depreciation for
<br />Intangible
<br />(3,506,558)
<br />(668,135)
<br />(4,174,693)
<br />Land improvements
<br />(24,774)
<br />(1,228)
<br />(26,002)
<br />Buildings
<br />(3,084,877)
<br />(604,648)
<br />-
<br />(3,689,525)
<br />Machinery and equipment
<br />(3,189,735)
<br />(463,321)
<br />26,863
<br />(3,626,193)
<br />Infrastructure
<br />(51,208,973)
<br />(2,803,530)
<br />660,917
<br />(53,351,586)
<br />Total Accumulated
<br />Depreciation
<br />(61,014,917)
<br />(4,540,862)
<br />687,780
<br />(64,867,999)
<br />Total Capital Assets
<br />being Depreciated, Net
<br />82,507,862
<br />5,851,013
<br />(30,999)
<br />88,327,876
<br />Business -type Activities
<br />Capital Assets, Net
<br />$ 91,940,455
<br />$ 13,543,472
<br />$ (8,762,057)
<br />$ 96,721,870
<br />38
<br />101
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