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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2020
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<br />NOTE 5 CAPITAL ASSETS
<br />A. Changes in Capital Assets Used in Governmental Activities
<br />Capital asset activity for the year ended December 31, 2020 was as follows:
<br /> Beginning Ending
<br /> Balance Increases Decreases Balance
<br />Governmental Activities:
<br />Capital assets, not being depreciated:
<br />Land $ 3,620,111 $ - $ - $ 3,620,111
<br />Construction in progress 2,886,861 181,002 (2,886,861) 181,002
<br />Total capital assets, not being depreciated 6,506,972 181,002 (2,886,861) 3,801,113
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<br />Capital assets, being depreciated:
<br />Buildings and improvements 7,576,455 - (1,209) 7,575,246
<br />Machinery and equipment 5,684,696 131,813 (219,666) 5,596,843
<br />Other improvements 960,729 194,560 - 1,155,289
<br /> Streets 40,585,984 5,969,200 (2,322,493) 44,232,691
<br />Total capital assets being depreciated 54,807,864 6,295,573 (2,543,368) 58,560,069
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<br />Less accumulated depreciation for:
<br />Buildings and improvements (2,529,051) (194,392) - (2,723,443)
<br />Machinery and equipment (2,962,153) (256,474) 219,666 (2,998,961)
<br />Other improvements (213,244) (41,100) - (254,344)
<br />Streets (26,744,888) (1,488,376) 2,266,254 (25,967,010)
<br /> Total accumulated depreciation (32,449,336) (1,980,342) 2,485,920 (31,943,758)
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<br />Total capital assets, being depreciated, net 22,358,528 4,315,231 (57,448) 26,616,311
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<br />Governmental activities capital assets, net $ 28,865,500 $4,496,233 $(2,944,309)
<br /> $ 30,417,424
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<br />B. Changes in Capital Assets Used in Business-Type Activities
<br />Capital asset activity for the year ended December 31, 2020 was as follows:
<br /> Beginning Ending
<br /> Balance Increases Decreases Balance
<br />Business-Type Activities:
<br />Capital assets, not being depreciated:
<br />Permanent easements $103,301 $ - $ -
<br /> $103,301
<br />Construction in progress 6,065 - (6,065) -
<br />Total capital assets, not being depreciated 109,366 - (6,065) 103,301
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<br />Capital assets, being depreciated:
<br />Machinery and equipment 1,141,516 26,478 (6,116) 1,161,878
<br />Distribution and collection system 18,616,332 173,401 - 18,789,733
<br />Total capital assets being depreciated 19,757,848 199,879 (6,116) 19,951,611
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<br />Less accumulated depreciation for:
<br />Machinery and equipment (405,635) (54,960) (1,224) (459,371)
<br />Distribution and collection system (11,243,259) (358,775) - (11,602,034)
<br /> Total accumulated depreciation (11,648,894) (413,735) (1,224) (12,061,405)
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<br />Total capital assets, being depreciated, net 8,108,954 (213,856) (4,892) 7,890,206
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<br />Business-type activities capital assets, net $ 8,218,320 $(213,856) $ (10,957) $ 7,993,507
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