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Sunwood Drive/Rhinestone Street - This Capital Project Fund, created in 2004 to track the street
<br />improvement costs in the Ramsey Town Center project area, showed a negative fund balance of $936,853
<br />that will be funded through future bond proceeds and other financing sources.
<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 $44,945,298 at December 31, 2004. 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, 2004 are as follows:
<br />
<br />Governmental Business-Type
<br />Activities Activities Totals
<br />
<br />Land $ 1,206,182 $ 100,000 $ 1,306,182
<br />Buildings and structures 3,767,836 2,509,688 6,277,524
<br />Improvements other than buildings 920,934 6,089,084 7,010,018
<br />Office equipment 217,914 - 217,914
<br />Motor vehicles 2,975,213 - 2,975,213
<br />Machinery and equipment 1,945,028 161,957 2,106,985
<br />Infrastructure 2,437,742 - 2,437,742
<br />Water and sewer lines - 27,963,825 27,963,825
<br />Construction in progress 6,644,733 54,941 6,699,674
<br />
<br />Less accumulated depreciation
<br />
<br />Total capital assets, net of depreciation
<br />
<br />Depreciation expense
<br />
<br /> 20,115,582 36,879,495 56,995,077
<br /> 3,826,006 5,215,275 9,041,281
<br />
<br />$ 16,289,576 $ 31,664,220 $ 47,953,796
<br />$ 606,607 $ 748,212 $ 1,354,819
<br />
<br />The City's investment in capital assets for its governmental and business-type activities as of
<br />December 31, 2004 amounts to $47.9 million (net of accumulated depreciation).
<br />
<br />Major capital asset events completed during 2004 included the following:
<br />
<br />· Developer funded streets were added at a total cost of $2.4 million.
<br />· Various furniture and equipment was written off due to a change in capitalization policy. The
<br /> write-off for the year ended December 31, 2004 was $704,000 for governmental activities.
<br />· Water, sewer, and storm mains were added to the business-type activities in the amount of $5.9
<br /> million.
<br />
<br />As noted in the above chart, the City has substantial construction in progress. Of this amount, $5.3
<br />million is attributed to street and bridge construction within the Ramsey Town Center Project area. We
<br />anticipate that all construction activities will be completed by the end of 2006.
<br />
<br />Additional details of capital asset activity for the year can be found in the notes to basic financial
<br />statements.
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