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<br />
<br />City of Little Canada, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2023
<br />
<br />Note 3: Detailed Notes on All Funds (Continued)
<br />
<br />C. Capital Assets
<br />
<br />Capital asset activity for the year ended December 31, 2023 was as follows:
<br />
<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 671,484 3,438,014 (377,480) 3,732,018
<br />Total Capital Assets not
<br />Being Depreciated 4,291,595 3,438,014 (377,480) 7,352,129
<br />Capital Assets Being Depreciated
<br />Buildings and buildings improvements 7,676,257 537,348 - 8,213,605
<br />Other Improvements 1,798,893 910,740 - 2,709,633
<br />Machinery and equipment 6,055,039 280,095 (342,487) 5,992,647
<br />Streets 46,836,550 1,076,118 - 47,912,668
<br />Total Capital Assets
<br />Being Depreciated 62,366,739 2,804,301 (342,487) 64,828,553
<br />Less Accumulated Depreciation for
<br />Buildings and buildings improvements (3,115,838) (198,540) - (3,314,378)
<br />Other Improvements (349,288) (67,949) - (417,237)
<br />Machinery and equipment (3,337,024) (307,837) 301,757 (3,343,102)
<br />Streets (28,850,128) (1,396,017) - (30,246,145)
<br />Total Accumulated
<br />Depreciation (35,652,278) (1,970,343) 301,757 (37,320,862)
<br />Total Capital Assets
<br />Being Depreciated, Net 26,714,461 833,958 (40,730) 27,507,691
<br />Governmental Activities
<br />Capital Assets, Net 31,006,056$ 4,271,972$ (418,210)$ 34,859,820$
<br /> Depreciation expense was charged to functions/programs of the governmental activities as follows:
<br />
<br />Governmental Activities
<br />General government 200,009$
<br />Public safety 146,953
<br />Public works 1,525,065
<br />Parks and recreation 98,316
<br />Total Depreciation Expense - Governmental Activities 1,970,343$
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