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Capital Asset and DebtAdministration
<br />Capital Assets
<br />. The City’s investment in capital assets for its governmental and business-type activities as of
<br />December31,2010, amounts to $23,304,279(net of accumulated depreciation). This investment in capital assets includes land,
<br />structures, improvements, machinery and equipment, park facilities, roads, highways and bridges.
<br />Major capital asset events during the current fiscal year included the following:
<br />Purchase of a new skid loader.
<br />Trail easements
<br />Completion of CSAH 14 – Anoka County project
<br />Additional information on the City’s capital assets can be found in Note 3D start on page 59 of this report.
<br />Capital Assets Net of Depreciation
<br />Governmental ActivitiesBusiness-type Activities
<br />IncreaseIncrease
<br />20102009(Decrease)20102009(Decrease)
<br />Land$3,308,023$3,253,120$54,903$196,255$186,000$10,255
<br />Buildings1,009,5621,046,852(37,290)389,850398,130(8,280)
<br />Construction in progress4,038,1694,469,754(431,585)---
<br />Infrastructure7,374,4406,635,508738,9326,498,8976,793,611(294,714)
<br />Machinery and equipment388,076423,881(35,805)101,007125,148(24,141)
<br />Total$16,118,270$15,829,115$289,155$7,186,009$7,502,889$(316,880)
<br />Long-term debt
<br />. At the end of the current fiscal year, the City had total bonded debt outstanding of $10,809,439. While all of
<br />the City’s bonds have revenue streams, they are all backed by the full faith andcredit of the City. The decrease was mainly due to
<br />the crossover refunding bond payment of $2,565,000 and other scheduled principal payments.
<br />Outstanding Debt
<br />Governmental ActivitiesBusiness-type Activities
<br />IncreaseIncrease
<br />20102009(Decrease)20102009(Decrease)
<br />General obligation bonds$10,809,439$13,691,543$(2,882,104)$-$-$-
<br />Compensated absences payable43,14733,8599,28813,89711,9671,930
<br />Other postemployment benefits payable-14,768(14,768)-4,664(4,664)
<br />Total$10,852,586$13,740,170$(2,887,584)$13,897$16,631$(2,734)
<br />Minnesota statutes limit the amount of net general obligation debt a City may issue to 3 percent ofthe market value of taxable
<br />property within the City. Net debt is debt payable solely from ad valorem taxes. The taxable market value totals $342,844,400,
<br />which calculatesto a debt margin of $10,285,332. Debt financed partially or entirely by special assessments is not applied against
<br />the City’s debt limit, nor is debt financed by proprietary fund revenues. Currently the City has $609,439of general obligation
<br />debt outstanding leaving a debt margin of $9,675,893.
<br />
<br />Additional information on the City’slong-term debt can be found in Note 3F start on page 61 of this report.
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