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CITY OF LAKE ELMO, MINNESOTA
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2023
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<br />51
<br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued)
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<br />2.C. CAPITAL ASSETS (Continued)
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<br />2.D. NONCURRENT LIABILITIES
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<br />The reporting entity’s long-term debt is segregated between the amounts to be repaid from governmental activities and amounts
<br />to be repaid from business-type activities.
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<br />Debt Detail
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<br />General Obligation Bonds and Certificates
<br />The City of Lake Elmo issues general obligation bonds and certificates to finance the acquisition and construction of major
<br />capital facilities and infrastructure throughout the City. General obligation bonds and certificates have been issued for both
<br />activities pertaining to governmental and business-type operations. All bonds are direct obligations of the City and pledge the
<br />full faith and credit of the City.
<br />Balance at Balance at
<br />01/01/23 Additions Disposals Transfers 12/31/23
<br />Business-Type Activities
<br />Capital Assets not Being
<br />Depreciated
<br />Land 3,668,869$ -$ -$ -$ 3,668,869$
<br />Construction In Progress 15,221,987 6,218,737 - (10,236,247) 11,204,477
<br />Total Capital Assets not Being
<br />Depreciated 18,890,856 6,218,737 - (10,236,247) 14,873,346
<br />Capital Assets Being Depreciated
<br />Machinery and Equipment 413,699 - - - 413,699
<br />Infrastructure 89,134,681 6,728,614 - 10,656,729 106,520,024
<br />Total Capital Assets Being
<br />Depreciated 89,548,380 6,728,614 - 10,656,729 106,933,723
<br />Less: Accumulated Depreciation
<br />Machinery and Equipment (303,531) (26,511) - - (330,042)
<br />Infrastructure (18,059,548) (4,034,979) - - (22,094,527)
<br />Total Accumulated Depreciation (18,363,079) (4,061,490) - - (22,424,569)
<br />Total Capital Assets Being
<br />Depreciated, Net 71,185,301 2,667,124 - 10,656,729 84,509,154
<br />Capital Assets, Net 90,076,157$ 8,885,861$ -$ 420,482$ 99,382,500$
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