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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2007 AND 2006
<br />Note 2: DETAILED NOTES ON ALL FUNDS -CONTINUED
<br />A reconciliation of cash and temporary investments as shown in the fmancial statements for the Utilities follows:
<br /> 2007 2006
<br />Deposits $ 4,662,052 $ 2,819,856
<br />Investments 1,271,612 1,740,274
<br />Cash on hand 400 400
<br />Total $ 5,934,064 $ 4,560,530
<br />Cash and investments
<br />Unrestricted $ 5,200,664 $ 4,114,630
<br />Restricted 733,400 445,900
<br />Total $ 5,934,064 $ 4,560,530
<br />B. Capital Assets
<br />Capital asset activity for the year ended December 31, 2007 was as follows:
<br /> Beginning Ending
<br /> Balance Reclassifications Increases Balance
<br />Capital assets not being depreciated
<br />Land $ 211,236 $ - $ - $ 211,236'
<br />Construction in progress 1,584,495 - 249,990 1,834,485
<br />Total capital assets
<br />not being depreciated 1,795,731 - 249,990 2,045,721
<br />Capital assets being depreciated
<br />Land improvements 63 ,147 - - 63,147
<br />Buildings 3,432,405 - 22,000 3,454,405 ~
<br />Machinery and equipment 3,765,663 - 135,806 3,901,469
<br />Infrastructure 63,986,508 - 4,950,497 68,937,005
<br />Total capital assets
<br />being depreciated 71,247,723 - 5,108,303 76,356,026
<br />Less accumulated depreciation for
<br />Land improvements (31,620) - (2,526) (34,146)
<br />Buildings (768,866) - (111,116) (879,982)
<br />Machinery and equipment (2,282,812) (33,278) (253,042) (2,569,132)
<br />Infrastructure (18,799,521) (153,112) (2,475,564) (21,428,197)
<br />Total accumulated depreciation (21,882,819) (186,390) (2,842,248) (24,911,457)
<br />Total capital assets
<br />being depreciated, net 49,364,904 (186,390) 2,266,055 51,444,569
<br />Business-type activities
<br />capital assets, net $ 51,160,635 $ (186,390) $ 2,516,045 $ 53,490,290
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