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CITY OF RAMSEY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31,1997
<br />Note 4. CHANGES IN FIXED ASSETS
<br />A. hanges in General Fixed Assets
<br />Changes in the General Fixed Assets Account Group were as follows:
<br />Land
<br />Buildings and
<br />improvements
<br />Improvements other
<br />than buildings
<br />Office equipment
<br />Motor vehicles
<br />Machinery and
<br />equipment
<br />Balance
<br />1/1/97 Additions Deletions
<br />$ 396,597 $ - $ - $
<br />2,092,518 -
<br />631,918 10,220 -
<br />394,545 81,762 12,446
<br />1,287,071 47,644
<br />Balance
<br />12/31/97
<br />396,597
<br />2,092,518
<br />642,138
<br />463,861
<br />1,334,715
<br />862,815 105,661 10,832 957,644
<br />$ 5,665,464 $ 245,287 $ 23,278 $ 5,887,473
<br />B. Fn~ terorise Fund Fixed Assets
<br />Enterprise Fund fixed assets at December 31, 1997, were as follows:
<br />Buildings and structures $ 748,631
<br />Machinery and equipment 53,247
<br />Water and sewer lines 13,952,802
<br />Improvements other than buildings 158,993
<br /> 14,913,673
<br />Less accumulated depreciation 1,712,094
<br />Net Property and Equipment $ 13,201,579
<br />Note 5. LONGTERM OBLIGATIONS
<br />A. Clomponents of Long-Term Debt
<br />Debt service expenditures for the long-term portion of compensated absences are recorded in the General Fund
<br />and the Economic Development Authority Fund. All other long-term debt obligations are supported by ad
<br />valorem property taxes, tax increments and special assessments and are accounted for in the Debt Service Funds.
<br />The long-term debt obligations outstanding at year-end are summarized as follows:
<br />General Obligation -
<br />Tax increment bonds
<br />Special assessment bonds
<br />Compensated absences
<br />Maturities
<br />1998-2010
<br />1998-2001
<br />Rates
<br />3.10 - 8.35% $ 4,945,000
<br />3.50 - 6.40% 165,000
<br />182,291
<br />Balance
<br />12/31/97
<br />$ 5,292,291
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