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CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2019
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<br />
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<br />(24)
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<br />NOTE 2 DEPOSITS AND INVESTMENTS (CONTINUED)
<br />B. Investments (Continued)
<br />Fair Value Measurements (Continued)
<br />The levels of investments at December 31, 2019 are as follows:
<br />
<br />Investment Type Level 1 Level 2 Level 3 Total
<br />Negotiable Certificates of Deposit with Maturities
<br /> at Purchase of Greater Than 1 Year -$ 584,252$ -$ 584,252$
<br />Investments Measured at Amortized Cost 8,222
<br />Total 592,474$
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<br />NOTE 3 CAPITAL ASSETS
<br />Capital asset activity for the year ended December 31, 2019 was as follows:
<br />
<br />Beginning Ending
<br /> Balance Increases Decreases Transfers Balance
<br />Governmental Activities
<br />Capital Assets Not Being Depreciated:
<br />Land -$ 2,500$ -$ -$ 2,500$
<br />Construction in Progress 561,531 58,890 - (620,421) -
<br />Capital Assets Being Depreciated:
<br />Buildings 902,232 - - - 902,232
<br />Office Equipment 12,895 5,493 (488) - 17,900
<br />Infrastructure 1,094,536 - 469,192 1,563,728
<br />Total Capital Assets Being Depreciated 2,009,663 5,493 (488) 469,192 2,483,860
<br />Total Capital Assets 2,571,194 66,883 (488) (151,229) 2,486,360
<br />Accumulated Depreciation:
<br />Buildings (244,571) (22,497) - - (267,068)
<br />Office Equipment (12,785) (608) 488 - (12,905)
<br />Infrastructure (552,341) (50,964) - - (603,305)
<br />Total Accumulated Depreciation (809,697) (74,069) 488 - (883,278)
<br />Net Capital Assets - Capital Activities 1,761,497$ (7,186)$ -$ (151,229)$ 1,603,082$
<br />Depreciation expense was charged to the governmental functions as follows:
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<br />General Government 23,105$
<br />Public Works 50,964
<br />Total Depreciation - Governmental Activities 74,069$
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