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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2022
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<br />(52)
<br />NOTE 5 LEASE RECEIVABLES (CONTINUED)
<br />Total future minimum lease payments to be received under lease agreements are as
<br />follows:
<br />
<br />Year Ending December 31, Principal Interest
<br />2023 42,403$ 49,729$
<br />2024 47,552 48,265
<br />2025 53,022 46,628
<br />2026 58,828 44,808
<br />2027 64,987 42,794
<br />2028-2032 431,036 176,095
<br />2033-2037 649,616 89,052
<br />Thereafter 209,584 6,333
<br />Total 1,557,028$ 503,704$
<br />Long-Term Lease Receivable
<br />
<br />Changes in the lease receivables for the year are as follows:
<br />
<br />Balance Balance Principal Due
<br />12/31/2021 Additions Retirements 12/31/2022 Within One Year
<br />Long-Term Receivables
<br />Cell Tower Lease T-Mobile 584,186$ -$ 16,178$ 568,008$ 18,130$
<br />Cell Tower Lease AT&T 1,010,400 - 21,380 989,020 24,273
<br />Total 1,594,586$ -$ 37,558$ 1,557,028$ 42,403$
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<br />NOTE 6 CAPITAL ASSETS
<br />A. Changes in Capital Assets Used in Governmental Activities
<br />Capital asset activity for the year ended December 31, 2022 was as follows:
<br />
<br />Beginning Ending
<br />Balance Increases Decreases Transfers Balance
<br />Governmental Activities:
<br />Capital Assets, Not Being Depreciated:
<br />Land 3,620,111$ -$ -$ -$ 3,620,111$
<br />Construction in Progress 172,438 591,617 - (92,571) 671,484
<br />Total Capital Assets, Not Being Depreciated 3,792,549 591,617 - (92,571) 4,291,595
<br />Capital Assets, Being Depreciated:
<br />Buildings and Building Improvements 7,665,497 10,760 - - 7,676,257
<br />Other Improvements 1,251,714 538,776 - 8,403 1,798,893
<br />Machinery and Equipment 5,998,103 130,493 (73,557) - 6,055,039
<br />Streets 45,026,775 1,725,607 - 84,168 46,836,550
<br />Total Capital Assets, Being Depreciated 59,942,089 2,405,636 (73,557) 92,571 62,366,739
<br />Accumulated Depreciation for:
<br />Buildings and Building Improvements (2,917,835) (198,003) - - (3,115,838)
<br />Other Improvements (303,227) (46,061) - - (349,288)
<br />Machinery and Equipment (3,109,002) (301,579) 73,557 - (3,337,024)
<br />Streets (27,426,175) (1,423,951) - - (28,850,126)
<br />Total Accumulated Depreciation (33,756,239) (1,969,594) 73,557 - (35,652,276)
<br />Total Capital Assets, Being Depreciated, Net 26,185,850 436,042 - - 26,714,463
<br />Governmental Activities Capital Assets, Net 29,978,399$ 1,027,659$ -$ -$ 31,006,058$
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