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<br />CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31,2005
<br />
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />C. Capital Assets
<br /> In accordance with GASB Statement No. 34, the City has reported all capital assets including infrastructure in the
<br /> government-wide statement of net assets. Capital asset activity for the year ended December 31, 2005 was as follows:
<br /> Adjustments
<br /> Beginning Due to Ending
<br /> Primary Government Balance Restatement Additions Deletions Balance
<br /> Governmental activities:
<br /> Capital assets not being depreciated:
<br /> Land $ 29,033,685 $ 1,290,000 $ 1,539,970 $ (373,688) $ 31,489,967
<br /> Construction in progress 2,432,002 2,432,002
<br /> Total capital assets
<br /> not being depreciated 29,033,685 1,290,000 3,971,972 (373,688) 33,921,969
<br /> Capital assets being depreciated:
<br /> Buildings 18,525,212 419,143 18,944,355
<br /> Other improvements 1,923,177 291,305 2,214,482
<br /> Equipment 6,109,160 1,251,923 (339,664) 7,021,419
<br /> Infrastructure 57,102,256 2,544,899 59,647,155
<br /> Total capital assets
<br /> being depreciated 83,659,805 4,507,270 (339,664) 87,827,411
<br /> Less accumulated depreciation for:
<br /> Buildings 3,462,404 778,067 4,240,471
<br /> Other improvements 706,440 125,003 831,443
<br /> Equipment 3,623,293 603,568 (317,639) 3,909,222
<br /> Infrastructure 18,142,923 2,470,079 20,613,002
<br /> Total accumulated depreciation 25,935,060 3,976,717 (317,639) 29,594,138
<br /> Total capital assets
<br /> being depreciated, net 57,724,745 530,553 (22,025) 58,233,273
<br /> Governmental activities
<br /> capital assets, net $ 86.758.430 $ 1.290.000 $ 4.502.525 $ (395.713) $ 92.155242
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