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Public Improvement Revolving The COR Capital Project Fund — This capital project fund increased
<br />overall fund balance $152,520. The city received $696,000 in grant revenue from the State of Minnesota
<br />for the municipal center parking ramp expansion and Northstar Commuter Rail Station which attributed to
<br />the increase in fund balance.
<br />Armstrong / Bunker Street Improvement Fund — This Capital Project Fund reported a zero fund balance.
<br />This fund is used to account for all costs associated with the construction of public improvements related
<br />to the Ainistrong Blvd and Bunker Blvd project which was completed and closed in 2012.
<br />Sunwood Drive Realignment — This Capital Project Fund reported a $1,074,576 fund balance. This fund is
<br />used to account for all costs associated with the realignment of Sunwood Drive to better accommodate
<br />development parcels located within the COR and prepare for the future Armstrong Blvd interchange. The
<br />city received $1,700,000 in funding from the county to offset the cost related to the Armstrong Blvd
<br />interchange as this is a county road.
<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 net
<br />position balance of $78,330,600 at December 31, 2012. The financial activities of these funds have been
<br />summarized in previous charts within this discussion.
<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 reflect the ongoing expansion
<br />and provision of services to the various service areas of the utilities.
<br />Capital Assets — The City's investment in capital assets (net of accumulated depreciation) for its governmental
<br />and business -type activities as of December 31, 2012 are as follows:
<br />Governmental Business -Type
<br />Activities Activities
<br />Totals
<br />2412 2_411 2412 2_411 2412 2_411
<br />Land $ 6,772,024 $ 6,772,024 $ 868,513 $ 868,513 $ 7,640,537 $ 7,640,537
<br />Construction in progress 5,083,805 4,153,721 373,055 123,781 5,456,860 4,277,502
<br />Buildings and structures 25,748,275 25,763,775 6,058,847 6,058,847 31,807,122 31,822,622
<br />Improvements other than buildings 7,338,905 7,346,628 11,596,024 11,445,595 18,934,929 18,792,223
<br />Office equipment 683,468 691,719 - - 683,468 691,719
<br />Motor vehicles 3,804,697 3,766,466 - - 3,804,697 3,766,466
<br />Machinery and equipment 4,712,773 4,694,542 540,275 540,275 5,253,048 5,234,817
<br />Infrastructure 27,640,699 25,412,900 - - 27,640,699 25,412,900
<br />Water and sewer lines - - 45,346,485 45,346,485 45,346,485 45,346,485
<br />81,784,646 78,601,775 64,783,199 64,383,496 146,567,845 142,985,271
<br />Less accumulated depreciation 17,145,824 14,707,454 13,939,331 12,635,404 31,085,155 27,342,858
<br />Total capital assets, net of depreciation $ 64,638,822 $ 63,894,321 $ 50,843,868 $ 51,748,092 $ 115,482,690 $ 115,642,413
<br />Depreciation expense $ 2,606,322 $ 2,519,597 $ 1,303,928 $ 1,297,690 $ 3,910,250 $ 3,817,287
<br />The City's investment in capital assets for its governmental and business -type activities as of December 31,
<br />2012 amounts to over $115 million (net of accumulated depreciation).
<br />The governmental activities show an increase of approximately $744,500 in capital assets. This increase is
<br />attributable to greater construction in progress resulting from the nearly completed municipal center parking
<br />ramp expansion and public improvement road projects. Depreciation for business -type activities surpassed
<br />current year additions causing a reduction in business -type capital assets. Additional details of capital asset
<br />activity for the year can be found in Note 4 of the notes to basic financial statements.
<br />Long -Term Liabilities — The Debt Service Funds account for the accumulation of resources to finance all of
<br />the City's general obligation bonds. The revenue sources for these funds include annual tax levies and special
<br />assessments. At year-end, major debt service fund balance was $959,891 and non -major debt service fund
<br />balance was $4,658,740 for a total of $5,618,631 in fund balance for these funds.
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