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Annual Financial Report 12/31/1985
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Annual Financial Report 12/31/1985
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Annual Financial Report
Date
12/31/1985
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1985 <br />Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) <br />FIXED ASSETS - PROPRIETARY FUNDS <br />Fixed assets of the proprietary funds (Water and Sewer) are stated at cost, <br />estimated cost, or in the case of contributions, at fair market value at the <br />time received. Depreciation has been provided using the straight -line method <br />over the estimated useful lives of assets, as follows: <br />Assets <br />Purchased assets: <br />Water and sewer <br />Depreciable Lives <br />5 -25 years <br />Contributed assets: <br />Water and sewer 20 -50 years <br />Totals <br />Depreciation <br />1985 1984 <br />$ 984 $ 838 <br />22,530 21,004 <br />$ 23,514 $ 21,842 <br />Fixed assets of the water and sewer utility operations include the water <br />distribution system and sewage collection system. These systems have been <br />wholly (or substantially) financed by non - operating funds (special assessments, <br />general taxes, Federal and State grants, and other sources) and contributed to <br />the sewer and water operating funds. City policy is to finance these assets by <br />the sources indicated rather than by user charges. Accordingly, the water and <br />sewer user rates are not established at levels sufficient to cover depreciation <br />on these assets. <br />Depreciation on these assets is shown in the operating statements; however, the <br />depreciation is eventually transferred against the contribution account rather <br />than retained earnings in accordance with generally accepted accounting prin- <br />ciples. Consequently, the contribution account reflects the net book value of <br />contributed assets rather than the original cost of such assets. <br />A summary of proprietary fund assets at December 31, 1985 is as follows: <br />Well <br />Buildings <br />Machinery <br />Water and <br />$ 18,500 <br />and structures 48,690 <br />and equipment 15,561 <br />sewer lines 973,802 <br />Total 1,056,553 <br />Less: Accumulated depreciation (189,090) <br />Net fixed assets <br />$ 867,463 <br />
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