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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2021
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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, 2021 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 181,002 142,447 (151,011) 172,438
<br />Total capital assets, not being depreciated 3,801,113 142,447 (151,011) 3,792,549
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<br />Capital assets, being depreciated:
<br />Buildings and improvements 7,575,246 90,251 - 7,665,497
<br />Machinery and equipment 5,596,843 608,749 (207,489) 5,998,103
<br />Other improvements 1,155,289 96,425 - 1,251,714
<br /> Streets 44,232,691 853,209 (59,125) 45,026,775
<br />Total capital assets being depreciated 58,560,069 1,648,634 (266,614) 59,942,089
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<br />Less accumulated depreciation for:
<br />Buildings and improvements (2,723,443) (194,392) - (2,917,835)
<br />Machinery and equipment (2,998,961) (280,022) 169,981 (3,109,002)
<br />Other improvements (254,344) (48,883) - (303,227)
<br />Streets (25,967,010) (1,518,290) 59,125 (27,426,175)
<br /> Total accumulated depreciation (31,943,758) (2,041,587) 229,106 (33,756,239)
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<br />Total capital assets, being depreciated, net 26,616,311 (392,953) (37,508) 26,185,850
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<br />Governmental activities capital assets, net $ 30,417,424
<br /> $(250,506) $(188,519)
<br /> $ 29,978,399
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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, 2021 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
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<br />Capital assets, being depreciated:
<br />Machinery and equipment 1,161,878 23,207 - 1,185,085
<br />Distribution and collection system 18,789,733 34,607 - 18,824,340
<br />Total capital assets being depreciated 19,951,611 57,814 - 20,009,425
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<br />Less accumulated depreciation for:
<br />Machinery and equipment (459,371) (57,837) - (517,208)
<br />Distribution and collection system (11,602,034) (354,691) - (11,956,725)
<br /> Total accumulated depreciation (12,061,405) (412,528) - (12,473,933)
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<br />Total capital assets, being depreciated, net 7,890,206 (354,714) - 7,535,492
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<br />Business-type activities capital assets, net $ 7,993,507 $(354,714) $ - $ 7,638,793
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