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<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 /> <br />-10- <br />