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CITY OF LAKE ELMO, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />DECEMBER 31, 2024
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<br />23
<br />CAPITAL ASSET AND DEBT ADMINISTRATION
<br />
<br />Capital Assets
<br />At the end of 2024, the City had a net investment of $214,890,174 in a broad range of capital assets, including land, buildings,
<br />improvements, machinery and equipment, IT subscriptions, roads, and water, sewer, and storm sewer infrastructure. This
<br />amount represents a net increase of $27,854,468 (14.89 percent) from last year. More detailed information about the City’s
<br />capital assets is presented in Note 2.C. to the financial statements.
<br />
<br />Significant capital asset activity from throughout the year included the following:
<br />• Developer contributions of infrastructure exceeded $25.6 million in total.
<br />• Costs incurred during the year for the Stillwater Blvd. (CSAH 14) Trunk Watermain Improvements project exceeded
<br />$2.6 million.
<br />• Costs incurred during the year for the 2024 Street & Utility Improvements project exceeded $2.3 million.
<br />• Costs incurred during the year for the Hudson Blvd. Improvements project exceeded $1.9 million.
<br />
<br />2024 2023 2024 2023 2024 2023
<br />Land 3,453,979$ 3,453,979$ 3,668,869$ 3,668,869$ 7,122,848$ 7,122,848$
<br />Construction In Progress 2,858,374 18,614,757 611,693 11,204,477 3,470,067 29,819,234
<br />Buildings 17,538,068 2,814,305 - - 17,538,068 2,814,305
<br />Other Improvements 2,092,035 2,092,035 - - 2,092,035 2,092,035
<br />Machinery and Equipment 7,239,442 6,923,964 765,746 83,657 8,005,188 7,007,621
<br />Infrastructure 71,624,712 53,754,166 104,953,716 84,425,497 176,578,428 138,179,663
<br />IT Subscription - - 83,540 - 83,540 -
<br />Totals 104,806,610$ 87,653,206$ 110,083,564$ 99,382,500$ 214,890,174$ 187,035,706$
<br />Table 4
<br />Capital Assets Net of Depreciation and Amortization
<br />Governmental
<br /> Activities
<br />Business-Type
<br /> Activities Totals
<br />
<br />Debt
<br />At year-end, the City had $62,066,968 in gross debt versus $62,093,296 last year (a decrease of 0.04 percent), as shown in
<br />Table 5. See additional information regarding these issuances in Note 2.D. to the financial statements.
<br />
<br />2024 2023 2024 2023 2024 2023
<br />G.O. Improvement Bonds 31,535,000$ 29,860,000$ 26,270,000$ 28,115,000$ 57,805,000$ 57,975,000$
<br />G.O. Equipment Certificates 450,000 555,000 - - 450,000 555,000
<br />G.O. Tax Abatement Bonds 930,000 1,010,000 - - 930,000 1,010,000
<br />Unamortized Bond Premium 1,534,390 1,321,965 1,016,299 1,082,925 2,550,689 2,404,890
<br />Subscription Liabilities - - 88,418 - 88,418 -
<br />Compensated Absences 191,197 110,115 51,664 38,291 242,861 148,406
<br />Totals 34,640,587$ 32,857,080$ 27,426,381$ 29,236,216$ 62,066,968$ 62,093,296$
<br />Table 5
<br />Outstanding Debt at Year-End
<br />Governmental
<br /> Activities
<br />Business-Type
<br /> Activities Totals
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