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CITY OF LAKE ELMO, MINNESOTA
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2023
<br />
<br />
<br />50
<br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued)
<br />
<br />2.B. LEASE RECEIVABLES (Continued)
<br />
<br />During the year ended December 31, 2023, the City recognized revenues from leasing activities under the arrangements above
<br />within governmental activities in the amount of $157,353.
<br />
<br />2.C. CAPITAL ASSETS
<br />
<br />Capital asset activity for the year ended December 31, 2023 is as follows:
<br />
<br />
<br />
<br />Balance at Balance at
<br />01/01/23 Additions Disposals Transfers 12/31/23
<br />Governmental Activities
<br />Capital Assets not Being
<br />Depreciated
<br />Land 3,453,979$ -$ -$ -$ 3,453,979$
<br />Construction In Progress 15,400,699 11,011,594 (281,802) (7,515,734) 18,614,757
<br />Total Capital Assets not Being
<br />Depreciated 18,854,678 11,011,594 (281,802) (7,515,734) 22,068,736
<br />Capital Assets Being Depreciated
<br />Buildings 4,330,670 - - - 4,330,670
<br />Other Improvements 2,780,348 - - 841,131 3,621,479
<br />Machinery and Equipment 9,202,576 618,707 (44,167) 726,787 10,503,903
<br />Infrastructure 54,585,691 8,314,180 - 5,527,334 68,427,205
<br />Total Capital Assets Being
<br />Depreciated 70,899,285 8,932,887 (44,167) 7,095,252 86,883,257
<br />Less: Accumulated Depreciation
<br />Buildings (1,426,200) (90,165) - - (1,516,365)
<br />Other Improvements (1,432,624) (96,820) - - (1,529,444)
<br />Machinery and Equipment (3,099,851) (524,255) 44,167 - (3,579,939)
<br />Infrastructure (11,996,074) (2,676,965) - - (14,673,039)
<br />Total Accumulated Depreciation (17,954,749) (3,388,205) 44,167 - (21,298,787)
<br />Total Capital Assets Being
<br />Depreciated, Net 52,944,536 5,544,682 - 7,095,252 65,584,470
<br />Capital Assets, Net 71,799,214$ 16,556,276$ (281,802)$ (420,482)$ 87,653,206$
<br />Depreciation is charged to governmental activities as follows:
<br />General Government 11,911$
<br />Public Safety 168,454
<br />Public Works 3,091,536
<br />Parks and Recreation 116,304
<br />Total Depreciation Expense 3,388,205$
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