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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2014 <br /> <br /> <br /> <br />(26) <br /> <br />NOTE 2 DEPOSITS AND INVESTMENTS (CONTINUED) <br />Concentration of Credit Risk <br />The City places no limit on the amount that the City may invest in any one issuer. The <br />following is a list of investments which individually comprise more than 5% of the City’s <br />total investments: <br /> <br />Type Amount Percentage <br />Build America Bonds - Shoreview 150,224$ 20.94% <br />Negotiable Certificates of Deposit <br />GE Capital Bank CD 246,160 34.30% <br />Goldman Sachs Bank CD 140,566 19.59% <br /> <br />NOTE 3 CAPITAL ASSETS <br />Capital asset activity for the year ended December 31, 2014 was as follows: <br /> <br />Beginning Ending <br /> Balance Increases Decreases Balance <br />Governmental Activities <br />Capital Assets Being Depreciated: <br />Buildings 902,232$ -$ -$ 902,232$ <br />Office Equipment 13,190 662 (957) 12,895 <br />Infrastructure 712,788 - - 712,788 <br />Total Capital Assets Being Depreciated 1,628,210 662 (957) 1,627,915 <br />Accumulated Depreciation: <br />Buildings (132,086) (22,497) - (154,583) <br />Office Equipment (8,459) (1,242) 957 (8,744) <br />Infrastructure (352,132) (38,437) - (390,569) <br />Total Accumulated Depreciation (492,677) (62,176) 957 (553,896) <br />Net Capital Assets - Capital Activities 1,135,533$ (61,514)$ -$ 1,074,019$ <br />Depreciation expense was charged to the governmental functions as follows: <br /> <br />General Government 23,739$ <br />Public Works 38,437 <br />Total Depreciation - Governmental Activities 62,176$ <br />Beginning Ending <br /> Balance Increases Decreases Balance <br />Sewer Utility <br />Capital Assets Being Depreciated: <br />Infrastructure 617,539$ -$ -$ 617,539$ <br />Less: Accumulated Depreciation (111,887) (12,456) - (124,343) <br />Net Capital Assets - Sewer Utility 505,652$ (12,456)$ -$ 493,196$