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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 <br />NOTE 2 ā¯‘EPOSITS AND INVESTMENTS (CONTINUED) <br />B. investments (Continued) <br />Credit Risk <br />Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation <br />to the holder of the investment. This is measured by the assignment of a rating by a <br />nationally recognized statistical rating organization. The City's investment policy doesn't <br />specifically address credit risk. The Wells Fargo Advantage. Prime Investment Money <br />Market Mutual Fund is not rated. <br />Concentration of Credit Risk <br />The City places no limit on the amount that the City may invest in any one issuer. <br />NOTE 3 CAPITAL ASSETS <br />Capital asset activity for the year ended December 31, 2008 was as follows: <br />Beginning Ending <br />Balance Increases Decreases Balance <br />Governmental. Activities: <br />Capital Assets Not Being Depreciated: <br />Construction in Progress $ 814,132 $ $ (814,132) $ <br />Capital Assets Being Depreciated: <br />Buildings - 898;708 898,708 <br />Office Equipment 1,250. 11,940 - 13.190 <br />Infrastructure: 699,782 - . 699,782 <br />Total Capital Assets Being Depreciated 701,032 910;648 - 1,611,680 <br />Total Capita! Assets 1,515,164. 910,648 (814,132) 1,6.11,680 <br />Accumulated Depreciation: <br />Buildings - (19;659) (19,659) <br />Office Equipment (219) (1,277) (1,496) <br />Infrastructure. (149,757) (30,695) - (180,452) <br />Total Accumulated Depreciation (149,976) (51,631) (201,607) <br />Net Capital Assets - Capita! Activities $ 1:,365,188 $ 859,017 $ (814,132) $1,410,073 <br />Depreciation expense was charged to the governmental functions as follows: <br />General Government <br />Public Works <br />Total Depreciation - Governmental Activities <br />$ 20,936 <br />30,695 <br />$ 51,631 <br />(23) <br />