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CITY OF LAKE ELMO, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />DECEMBER 31, 2023
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<br />23
<br />CAPITAL ASSET AND DEBT ADMINISTRATION
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<br />Capital Assets
<br />At the end of 2023, the City had a net investment of $187,035,706 in a broad range of capital assets, including land, buildings,
<br />improvements, machinery and equipment, roads, and water, sewer, and storm sewer infrastructure. This amount represents a
<br />net increase of $25,160,335 (15.54 percent) from last year. More detailed information about the City’s capital assets is
<br />presented in Note 2.C. to the financial statements.
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<br />Significant capital asset activity from throughout the year consisted of the following:
<br />• Developer contributions of infrastructure exceeded $14.9 million in total.
<br />• Costs incurred during the year for the City Hall and Fire Station project exceeded $5.7 million.
<br />• Costs incurred for various water utility projects exceeded $4.8 million.
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<br />Debt
<br />At year-end, the City had $62,093,296 in gross debt versus $61,209,616 last year (an increase of 1.44 percent), as shown in
<br />Table 5. See additional information regarding these issuances in Note 2.D. to the financial statements.
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<br />Table 4
<br />Capital Assets Net of Depreciation
<br />Governmental
<br />Activities Activities Totals
<br />2023 2022 2023 2022 2023 2022
<br />Land 3,453,979$ 3,453,979$ 3,668,869$ 3,668,869$ 7,122,848$ 7,122,848$
<br />Construction In Progress 18,614,757 15,400,699 11,204,477 15,221,987 29,819,234 30,622,686
<br />Buildings 2,814,305 2,904,470 - - 2,814,305 2,904,470
<br />Other Improvements 2,092,035 1,347,725 - - 2,092,035 1,347,725
<br />Machinery and Equipment 6,923,964 6,102,725 83,657 110,168 7,007,621 6,212,893
<br />Infrastructure 53,754,166 42,589,616 84,425,497 71,075,133 138,179,663 113,664,749
<br />Totals 87,653,206$ 71,799,214$ 99,382,500$ 90,076,157$ 187,035,706$ 161,875,371$
<br />Business-Type
<br />Table 5
<br />Outstanding Debt at Year-End
<br />Governmental
<br />Activities Activities Totals
<br />2023 2022 2023 2022 2023 2022
<br />G.O. Improvement Bonds 29,860,000$ 28,830,000$ 28,115,000$ 28,440,000$ 57,975,000$ 57,270,000$
<br />G.O. Equipment Certificates 555,000 655,000 - - 555,000 655,000
<br />G.O. Tax Abatement Bonds 1,010,000 1,010,000 - - 1,010,000 1,010,000
<br />Unamortized Bond Premium 1,321,965 1,110,679 1,082,925 1,030,720 2,404,890 2,141,399
<br />Compensated Absences 110,115 93,109 38,291 40,108 148,406 133,217
<br />Totals 32,857,080$ 31,698,788$ 29,236,216$ 29,510,828$ 62,093,296$ 61,209,616$
<br />Business-Type
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