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CITY OF LAKE ELMO, MINNESOTA
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2024
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<br />52
<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 />Balance at Balance at
<br />01/01/24 Additions Disposals Transfers 12/31/24
<br />Business-Type Activities
<br />Capital Assets not Being
<br />Depreciated or Amortized
<br />Land 3,668,869$ -$ -$ -$ 3,668,869$
<br />Construction In Progress 11,204,477 3,999,413 - (14,592,197) 611,693
<br />Total Capital Assets not Being
<br />Depreciated or Amortized 14,873,346 3,999,413 - (14,592,197) 4,280,562
<br />Capital Assets Being Depreciated
<br />and Amortized
<br />Machinery and Equipment 413,699 700,937 - - 1,114,636
<br />Infrastructure 106,520,024 10,837,955 - 14,592,197 131,950,176
<br />IT Subscription - 92,653 - - 92,653
<br />Total Capital Assets Being
<br />Depreciated and Amortized 106,933,723 11,631,545 - 14,592,197 133,157,465
<br />Less: Accumulated Depreciation
<br />Machinery and Equipment (330,042) (18,848) - - (348,890)
<br />Infrastructure (22,094,527) (4,901,933) - - (26,996,460)
<br />Less: Accumulated Amortization
<br />IT Subscription - (9,113) - - (9,113)
<br />Total Accumulated Depreciation
<br />and Amortization (22,424,569) (4,929,894) - - (27,354,463)
<br />Total Capital Assets Being
<br />Depreciated and Amortized, Net 84,509,154 6,701,651 - 14,592,197 105,803,002
<br />Capital Assets, Net 99,382,500$ 10,701,064$ -$ -$ 110,083,564$
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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 bot h
<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.
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