<br />RALF Fund - This Capital Project Fund was created to record all transactions related to the Revolving
<br />Acquisition Loan Fund (RALF) program which is used to acquire properties on Highway 10. The fund
<br />reported a negative fund balance at year end in the amount of ($228,134).
<br />
<br />Municipal Center Fund - This Capital Project Fund was created in 2005 to record all costs related to
<br />the construction of the municipal center. The year end fund balance of $320,803 represents the proceeds
<br />that remain after an original bond proceeds amount of $15,577,828 and will be used to offset future debt
<br />service on the Municipal Center.
<br />
<br />RTC Streetscape Fund - This Capital Project Fund was created to account for all costs related to
<br />streetscape improvements in the Ramsey Town Center area.
<br />
<br />Proprietary Funds - The City's Proprietary Funds provide the same type of information found in the
<br />government-wide financial statements, but in more detail. The City's Enterprise Funds had a combined
<br />net asset balance of $70,099,932 at December 31,2007. The financial activities of these funds have been
<br />summarized in previous charts within this discussion.
<br />
<br />The Enterprise Funds consist of the Water Utility Fund, Sewer Utility Fund, Street Light Utility Fund,
<br />Recycling Utility Fund, and Storm Water Utility Fund. The growth in the assets, indicated in the above
<br />paragraph, reflect the ongoing expansion and provision of services to the various service areas of the
<br />utilities.
<br />
<br />Capital Assets - The City's investment in capital assets (net of accumulated depreciation) for its
<br />governmental and business-type .activities as of December 31,2007 are as follows:
<br /> Governmental Business-Type
<br /> Activities Activities Totals
<br /> 2007 2006 2007 2006 2007 2006
<br />Land $ 3,446,349 $ 3,446,182 $ 100,000 $ 100,000 $ 3,546,349 $ 3,546,182
<br />Buildings and structures 25,159,675 12,001,938 . 2,509,688 2,509,688 27,669,363 14,511,626
<br />Improvements other than buildings 3,326,451 2,443,418 9,497,064 8,223,052 12,823,515 10,666,470
<br />Office equipment 709,044 829,590 709,044 829,590
<br />Motor vehicles 3,311,998 2,997,975 3,311,998 2,997,975
<br />Machinery and equipment 4,877,192 2,487,046 210,563 183,131 5,087,755 2,670,177
<br />Infrastructure 15,492,788 7,631,335 15,492,788 7,631,335
<br />Water and sewer lines 35,496,946 34,333,110 35,496,946 34,333,110
<br />Construction in progress 4,458,221 25,401,914 9,298,436 8,944,312 13,756,657 34,346,226
<br /> 60,781,718 57,239,398 57,112,697 54,293,293 117,894,415 111,532,691
<br />Less accumulated depreciation 6,693,451 5,211,050 7,939,639 6,958,871 14,633,090 12,169,921
<br />Total capital assets, net of depreciation $ 54,088,267 $ 52,028,348 $ 49,173,058 $ 47,334,422 $ 103,261,325 $ 99,362,770
<br />Depreciation expense $ 1,907,854 $ 1,146,563 $ 976,388 $ 923,326 $ 2,884,242 $ 2,069,889
<br />
<br />The City's investment in capital assets for its governmental and business-type activities as of
<br />December 31, 2007 amounts to $103.3 million (net of accumulated depreciation).
<br />
<br />Construction in progress decreased significantly due to the final completion of the municipal center
<br />building and Sunwood Drive street. The cost of the municipal building and its accessories were over $16
<br />million. The cost of Sunwood Drive street was $5.4 million. Developer funded water, sewer, and storm
<br />mains were added to the business-type activities in the amount of $1.2 million.
<br />
<br />Additional details of capital asset activity for the year can be found in Note 4 of the notes to basic
<br />financial statements.
<br />
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