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CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
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<br />(24)
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<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 />Government Money Market Mutual Funds 165,254$ 22.72%
<br />Negotiable Certificates of Deposit
<br />Santander Bank CD 175,000 24.06%
<br />GE Capital Bank CD 246,012 33.83%
<br />Goldman Sachs Bank CD 141,013 19.39%
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<br />NOTE 3 CAPITAL ASSETS
<br />Capital asset activity for the year ended December 31, 2015 was as follows:
<br />
<br />Beginning Ending
<br />Balance Increases Decreases Balance
<br />Governmental Activities
<br />Capital Assets Not Being Depreciated:
<br />Construction in Progress -$ 94,367$ -$ 94,367$
<br />Capital Assets Being Depreciated:
<br />Buildings 902,232 - - 902,232
<br />Office Equipment 12,895 - - 12,895
<br />Infrastructure 712,788 - - 712,788
<br />Total Capital Assets Being Depreciated 1,627,915 - - 1,627,915
<br />Accumulated Depreciation:
<br />Buildings (154,583) (22,947) - (177,530)
<br />Office Equipment (8,744) (1,242) - (9,986)
<br />Infrastructure (390,569) (38,437) - (429,006)
<br />Total Accumulated Depreciation (553,896) (62,626) - (616,522)
<br />Net Capital Assets - Capital Activities 1,074,019$ 31,741$ -$ 1,105,760$
<br />Depreciation expense was charged to the governmental functions as follows:
<br />
<br />General Government 24,189$
<br />Public Works 38,437
<br />Total Depreciation - Governmental Activities 62,626$
<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 (124,343) (12,457) - (136,800)
<br />Net Capital Assets - Sewer Utility 493,196$ (12,457)$ -$ 480,739$
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