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CITY OF LAKE ELMO, MINNESOTA
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2024
<br />
<br />
<br />51
<br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued)
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<br />2.C. CAPITAL ASSETS
<br />
<br />Capital asset activity for the year ended December 31, 2024 is as follows:
<br />
<br />Balance at Balance at
<br />01/01/24 Additions Disposals Transfers 12/31/24
<br />Governmental Activities
<br />Capital Assets not Being
<br />Depreciated or Amortized
<br />Land 3,453,979$ -$ -$ -$ 3,453,979$
<br />Construction In Progress 18,614,757 5,350,199 - (21,106,582) 2,858,374
<br />Total Capital Assets not Being
<br />Depreciated or Amortized 22,068,736 5,350,199 - (21,106,582) 6,312,353
<br />Capital Assets Being Depreciated
<br />and Amortized
<br />Buildings 4,330,670 - - 14,813,929 19,144,599
<br />Other Improvements 3,621,479 242,023 - 423,064 4,286,566
<br />Machinery and Equipment 10,503,903 887,770 (723,265) 50,056 10,718,464
<br />Infrastructure 68,427,205 14,841,351 - 5,819,533 89,088,089
<br />Total Capital Assets Being
<br />Depreciated and Amortized 86,883,257 15,971,144 (723,265) 21,106,582 123,237,718
<br />Less: Accumulated Depreciation
<br />Buildings (1,516,365) (90,166) - - (1,606,531)
<br />Other Improvements (1,529,444) (136,441) - 50,056 (1,615,829)
<br />Machinery and Equipment (3,579,939) (565,839) 716,812 (50,056) (3,479,022)
<br />Infrastructure (14,673,039) (3,369,040) - - (18,042,079)
<br />Total Accumulated Depreciation (21,298,787) (4,161,486) 716,812 - (24,743,461)
<br />Total Capital Assets Being
<br />Depreciated and Amortized, Net 65,584,470 11,809,658 (6,453) 21,106,582 98,494,257
<br />Capital Assets, Net 87,653,206$ 17,159,857$ (6,453)$ -$ 104,806,610$
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<br />Depreciation is charged to governmental activities as follows:
<br />General Government 18,899$
<br />Public Safety 205,720
<br />Public Works 3,785,497
<br />Parks and Recreation 151,370
<br />Total Depreciation Expense 4,161,486$
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